Covenant Asset Management LLC Purchases 1,507 Shares of Energy Transfer LP $ET

Covenant Asset Management LLC increased its position in shares of Energy Transfer LP (NYSE:ET) by 4.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,233 shares of the pipeline company’s stock after purchasing an additional 1,507 shares during the quarter. Covenant Asset Management LLC’s holdings in Energy Transfer were worth $603,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Brighton Jones LLC increased its holdings in shares of Energy Transfer by 93.4% during the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after buying an additional 11,844 shares in the last quarter. AdvisorNet Financial Inc grew its position in Energy Transfer by 481.9% during the 1st quarter. AdvisorNet Financial Inc now owns 2,665 shares of the pipeline company’s stock worth $50,000 after acquiring an additional 2,207 shares during the last quarter. GAMMA Investing LLC increased its holdings in Energy Transfer by 1,139.3% during the 1st quarter. GAMMA Investing LLC now owns 18,590 shares of the pipeline company’s stock valued at $346,000 after purchasing an additional 17,090 shares in the last quarter. Parallel Advisors LLC raised its position in Energy Transfer by 71.0% in the 1st quarter. Parallel Advisors LLC now owns 34,182 shares of the pipeline company’s stock valued at $635,000 after purchasing an additional 14,192 shares during the last quarter. Finally, Rothschild Investment LLC raised its position in Energy Transfer by 26.7% in the 1st quarter. Rothschild Investment LLC now owns 15,912 shares of the pipeline company’s stock valued at $296,000 after purchasing an additional 3,350 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren bought 1,350,000 shares of the stock in a transaction on 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 acquisition, the director owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

Energy Transfer stock opened at $17.46 on Monday. The business’s 50-day simple moving average is $17.52 and its 200 day simple moving average is $17.59. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The stock has a market cap of $59.93 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 1.03 and a beta of 0.85. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45.

Energy Transfer (NYSE:ET) last released its 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 company had revenue of $19.24 billion for the quarter, compared to the consensus estimate of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The company’s 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 EPS. As a group, research analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were paid a $0.33 dividend. 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. This represents a $1.32 dividend on an annualized basis and a yield of 7.6%. Energy Transfer’s payout ratio is 102.33%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ET. Wells Fargo & Company restated an “overweight” rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. TD Cowen assumed coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating and a $22.00 price target on the stock. Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a “buy” rating on the stock. Scotiabank began 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 for the company. Finally, Morgan Stanley reduced 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 report on Tuesday, August 26th. Thirteen research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.50.

Energy Transfer Company 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.