Parsons Capital Management Inc. RI Boosts Stock Holdings in Energy Transfer LP $ET

Parsons Capital Management Inc. RI raised its position in Energy Transfer LP (NYSE:ET) by 4.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 815,646 shares of the pipeline company’s stock after buying an additional 33,500 shares during the period. Energy Transfer comprises 0.9% of Parsons Capital Management Inc. RI’s investment portfolio, making the stock its 21st biggest position. Parsons Capital Management Inc. RI’s holdings in Energy Transfer were worth $14,788,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ET. Brighton Jones LLC grew its position in shares of Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock valued at $481,000 after purchasing an additional 11,844 shares during the period. AdvisorNet Financial Inc raised its position in shares of Energy Transfer by 481.9% in the first quarter. AdvisorNet Financial Inc now owns 2,665 shares of the pipeline company’s stock valued at $50,000 after buying an additional 2,207 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Energy Transfer by 1,139.3% in the first quarter. GAMMA Investing LLC now owns 18,590 shares of the pipeline company’s stock worth $346,000 after buying an additional 17,090 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Energy Transfer in the 1st quarter worth approximately $385,000. Finally, NBC Securities Inc. boosted its stake in Energy Transfer by 98,840.0% during the first quarter. NBC Securities Inc. now owns 59,364 shares of the pipeline company’s stock worth $1,103,000 after buying an additional 59,304 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren bought 1,350,000 shares of the stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the transaction, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Performance

NYSE:ET opened at $17.00 on Thursday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The firm has a market capitalization of $58.34 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.78. The business’s fifty day moving average price is $17.51 and its 200 day moving average price is $17.57.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.32. The firm had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 7.8%. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio (DPR) is presently 102.33%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ET shares. Morgan Stanley cut their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, August 26th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Scotiabank initiated coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price objective on the stock. TD Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They set a “buy” rating and a $22.00 target price for the company. Finally, Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating for the company. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

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.