Plan Group Financial LLC Grows Holdings in Energy Transfer LP (NYSE:ET)

Plan Group Financial LLC raised its position in Energy Transfer LP (NYSE:ET) by 205.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,071 shares of the pipeline company’s stock after purchasing an additional 106,921 shares during the period. Energy Transfer comprises about 1.1% of Plan Group Financial LLC’s investment portfolio, making the stock its 25th largest position. Plan Group Financial LLC’s holdings in Energy Transfer were worth $2,957,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ET. Greenland Capital Management LP purchased a new position in shares of Energy Transfer during the 4th quarter worth about $2,253,000. Bank of Montreal Can lifted its holdings in shares of 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 acquiring an additional 12,353,441 shares during the period. Strong Tower Advisory Services purchased a new position in shares of Energy Transfer during the 1st quarter worth about $2,604,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Energy Transfer by 5.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,702,380 shares of the pipeline company’s stock worth $72,530,000 after acquiring an additional 204,779 shares during the period. Finally, Prevail Innovative Wealth Advisors LLC lifted its holdings in shares of Energy Transfer by 316.9% during the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock worth $2,181,000 after acquiring an additional 89,173 shares during the period. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Energy Transfer Stock Down 0.1%

Shares of NYSE:ET opened at $17.78 on Tuesday. 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 52-week low of $14.60 and a 52-week high of $21.45. The company has a 50 day moving average of $17.79 and a two-hundred day moving average of $18.18. The company has a market capitalization of $61.02 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 0.92 and a beta of 0.83.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data 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. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The company had revenue of $21.02 billion during the quarter, compared to the consensus estimate of $22.28 billion. During the same quarter last year, the company earned $0.32 earnings per share. Energy Transfer’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.4%. Energy Transfer’s dividend payout ratio is 100.00%.

Insider Buying and Selling at Energy Transfer

In other news, Director James Richard Perry sold 1,369 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $18.48, for a total transaction of $25,299.12. Following the completion of the sale, the director owned 24,523 shares of the company’s stock, valued at approximately $453,185.04. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.28% of the company’s stock.

About Energy Transfer

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.