Journey Strategic Wealth LLC Makes New $192,000 Investment in Energy Transfer LP (NYSE:ET)

Journey Strategic Wealth LLC bought a new position in shares of Energy Transfer LP (NYSE:ET) in the 1st quarter, Holdings Channel reports. The institutional investor bought 10,326 shares of the pipeline company’s stock, valued at approximately $192,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Wedbush Securities Inc. increased its holdings in shares of Energy Transfer by 44.2% during the fourth quarter. Wedbush Securities Inc. now owns 135,281 shares of the pipeline company’s stock worth $2,650,000 after buying an additional 41,438 shares in the last quarter. Greenland Capital Management LP acquired a new stake in Energy Transfer during the 4th quarter worth approximately $2,253,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Energy Transfer during the 4th quarter worth approximately $597,000. Bank of Montreal Can boosted its position in Energy Transfer by 12,090.8% during the 4th quarter. Bank of Montreal Can now owns 12,455,613 shares of the pipeline company’s stock worth $244,005,000 after buying an additional 12,353,441 shares during the period. Finally, Strong Tower Advisory Services acquired a new stake in Energy Transfer during the 1st quarter worth approximately $2,604,000. 38.22% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of Energy Transfer stock in a transaction on Friday, June 13th. The shares were sold at an average price of $18.48, for a total value of $25,299.12. Following the completion of the sale, the director directly owned 24,523 shares of the company’s stock, valued at approximately $453,185.04. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Price Performance

ET stock opened at $17.73 on Friday. The firm has a market cap of $60.83 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 0.92 and a beta of 0.79. The company has a quick ratio of 0.92, a current ratio of 1.12 and a debt-to-equity ratio of 1.41. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The company’s fifty day simple moving average is $17.79 and its 200 day simple moving average is $18.28.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The business had revenue of $21.02 billion for the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. Energy Transfer’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.32 annualized dividend and a dividend yield of 7.45%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 100.00%.

Analyst Ratings Changes

ET has been the topic of several recent research reports. Wells Fargo & Company cut their target price on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 7th. Cowen started coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating on the stock. TD Cowen assumed coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating and a $22.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on Energy Transfer from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, May 19th. Finally, Mizuho increased their price target on Energy Transfer from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Energy Transfer presently has a consensus rating of “Moderate Buy” and an average price target of $22.58.

Energy Transfer Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.