Pinnacle Associates Ltd. decreased its position in Energy Transfer LP (NYSE:ET – Get Rating) by 3.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,815 shares of the pipeline company’s stock after selling 2,250 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Energy Transfer were worth $616,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its holdings in shares of Energy Transfer by 8.8% during the second quarter. Janney Montgomery Scott LLC now owns 340,257 shares of the pipeline company’s stock worth $3,518,000 after purchasing an additional 27,377 shares during the last quarter. Private Advisor Group LLC grew its holdings in Energy Transfer by 44.4% in the 2nd quarter. Private Advisor Group LLC now owns 345,892 shares of the pipeline company’s stock valued at $3,452,000 after buying an additional 106,288 shares during the period. HBW Advisory Services LLC acquired a new position in shares of Energy Transfer during the 3rd quarter valued at about $113,000. Truist Financial Corp lifted its holdings in shares of Energy Transfer by 2.1% during the 2nd quarter. Truist Financial Corp now owns 816,120 shares of the pipeline company’s stock worth $8,145,000 after acquiring an additional 16,939 shares during the period. Finally, Visionary Wealth Advisors boosted its position in shares of Energy Transfer by 35.8% in the second quarter. Visionary Wealth Advisors now owns 25,475 shares of the pipeline company’s stock worth $254,000 after acquiring an additional 6,715 shares during the last quarter. 37.81% of the stock is currently owned by hedge funds and other institutional investors.
Energy Transfer Stock Performance
NYSE:ET opened at $12.67 on Tuesday. Energy Transfer LP has a twelve month low of $8.75 and a twelve month high of $12.95. The firm has a market capitalization of $39.13 billion, a price-to-earnings ratio of 9.46 and a beta of 1.75. The company has a current ratio of 1.08, a quick ratio of 0.86 and a debt-to-equity ratio of 1.37. The firm’s fifty day simple moving average is $12.07 and its 200 day simple moving average is $11.61.
Energy Transfer Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, November 21st. Stockholders of record on Friday, November 4th were paid a $0.265 dividend. The ex-dividend date was Thursday, November 3rd. This is an increase from Energy Transfer’s previous quarterly dividend of $0.23. This represents a $1.06 annualized dividend and a dividend yield of 8.37%. Energy Transfer’s dividend payout ratio is 79.11%.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on ET. Citigroup initiated coverage on shares of Energy Transfer in a research report on Thursday, December 8th. They set a “buy” rating and a $16.00 price target for the company. Morgan Stanley increased their target price on Energy Transfer from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Monday, January 9th. Finally, Mizuho lifted their target price on Energy Transfer from $15.00 to $17.00 and gave the company a “buy” rating in a report on Friday, November 4th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $15.83.
Insider Buying and Selling
In other Energy Transfer news, Director Richard D. Brannon bought 80,000 shares of the company’s stock in a transaction dated Thursday, December 15th. The shares were acquired at an average cost of $11.55 per share, with a total value of $924,000.00. Following the completion of the transaction, the director now owns 580,000 shares in the company, valued at $6,699,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Richard D. Brannon purchased 80,000 shares of the firm’s stock in a transaction dated Thursday, December 15th. The stock was acquired at an average price of $11.55 per share, with a total value of $924,000.00. Following the completion of the transaction, the director now owns 580,000 shares of the company’s stock, valued at $6,699,000. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Kelcy L. Warren purchased 155,000 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The stock was bought at an average cost of $12.38 per share, for a total transaction of $1,918,900.00. Following the completion of the acquisition, the chairman now directly owns 52,733,477 shares of the company’s stock, valued at $652,840,445.26. The disclosure for this purchase can be found here. Insiders have bought 740,000 shares of company stock valued at $9,082,900 in the last quarter. Company insiders own 3.28% of the company’s stock.
Energy Transfer Company Profile
Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline.
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