Energy Transfer LP $ET Shares Bought by Thrive Wealth Management LLC

Thrive Wealth Management LLC boosted its stake in shares of Energy Transfer LP (NYSE:ET) by 2.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 47,034 shares of the pipeline company’s stock after purchasing an additional 1,000 shares during the period. Thrive Wealth Management LLC’s holdings in Energy Transfer were worth $853,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. United Advisor Group LLC grew its position in Energy Transfer by 3.0% during the 4th quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company’s stock worth $363,000 after purchasing an additional 534 shares during the period. Indiana Trust & Investment Management Co grew its position in Energy Transfer by 5.1% during the 1st quarter. Indiana Trust & Investment Management Co now owns 11,796 shares of the pipeline company’s stock worth $219,000 after purchasing an additional 576 shares during the period. Beam Wealth Advisors Inc. grew its position in Energy Transfer by 1.5% during the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company’s stock worth $742,000 after purchasing an additional 585 shares during the period. Morton Capital Management LLC CA grew its position in Energy Transfer by 1.3% during the 1st quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company’s stock worth $862,000 after purchasing an additional 593 shares during the period. Finally, Veracity Capital LLC boosted its stake in shares of Energy Transfer by 1.8% during the 2nd quarter. Veracity Capital LLC now owns 36,102 shares of the pipeline company’s stock worth $655,000 after acquiring an additional 646 shares in the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on ET. Morgan Stanley lowered their target price on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 26th. Cowen began coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Mizuho increased their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 20th. Finally, Scotiabank began coverage on shares of Energy Transfer in a research note on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 target price on the stock. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $22.54.

Energy Transfer Trading Up 0.2%

ET opened at $17.57 on Wednesday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. The company’s 50 day simple moving average is $17.55 and its two-hundred day simple moving average is $17.63. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The firm has a market capitalization of $60.31 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 1.00 and a beta of 0.85.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $19.24 billion for the quarter, compared to analyst estimates of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 EPS. Analysts expect that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is presently 102.33%.

Insider Activity at Energy Transfer

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of Energy Transfer stock in a transaction dated Wednesday, August 20th. The shares were purchased at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares in the company, valued at $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.28% of the company’s stock.

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.