Naviter Wealth LLC Buys 5,800 Shares of Energy Transfer LP $ET

Naviter Wealth LLC grew its stake in shares of Energy Transfer LP (NYSE:ET) by 36.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 21,500 shares of the pipeline company’s stock after acquiring an additional 5,800 shares during the period. Naviter Wealth LLC’s holdings in Energy Transfer were worth $390,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chelsea Counsel Co. increased its position in shares of Energy Transfer by 370.3% during the second quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock valued at $1,705,000 after buying an additional 74,050 shares during the period. Prevail Innovative Wealth Advisors LLC increased its position in shares of Energy Transfer by 316.9% in the first quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock worth $2,181,000 after purchasing an additional 89,173 shares during the last quarter. Highland Capital Management LLC bought a new position in shares of Energy Transfer in the second quarter worth approximately $930,000. Northern Trust Corp increased its position in shares of Energy Transfer by 223.5% in the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock worth $19,883,000 after purchasing an additional 738,885 shares during the last quarter. Finally, Appaloosa LP increased its position in shares of Energy Transfer by 0.9% in the first quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company’s stock worth $92,155,000 after purchasing an additional 42,500 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on ET shares. Wells Fargo & Company restated an “overweight” rating and issued a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Scotiabank started coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price objective on the stock. Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating on the stock. TD Cowen initiated coverage on Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating and a $22.00 target price for the company. Finally, 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. Fourteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Insider Buying and Selling at Energy Transfer

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

Energy Transfer Stock Up 0.1%

Shares of ET opened at $16.54 on Wednesday. The firm has a market cap of $56.76 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.97 and a beta of 0.78. The stock has a 50 day simple moving average of $17.29 and a two-hundred day simple moving average of $17.43. 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 1 year low of $14.60 and a 1 year high of $21.45.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. The firm had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 earnings per share. On average, 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 disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.0%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer’s payout ratio is currently 102.33%.

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.