Allspring Global Investments Holdings LLC Takes $212,000 Position in Energy Transfer LP (NYSE:ET)

Allspring Global Investments Holdings LLC acquired a new stake in shares of Energy Transfer LP (NYSE:ET) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,700 shares of the pipeline company’s stock, valued at approximately $212,000.

Several other large investors also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in Energy Transfer by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 79,889 shares of the pipeline company’s stock valued at $894,000 after buying an additional 3,501 shares in the last quarter. Cibc World Market Inc. lifted its stake in Energy Transfer by 0.6% during the first quarter. Cibc World Market Inc. now owns 424,932 shares of the pipeline company’s stock valued at $4,755,000 after buying an additional 2,403 shares in the last quarter. Blair William & Co. IL lifted its stake in Energy Transfer by 13.7% during the first quarter. Blair William & Co. IL now owns 260,824 shares of the pipeline company’s stock valued at $2,919,000 after buying an additional 31,407 shares in the last quarter. Cetera Investment Advisers lifted its stake in Energy Transfer by 7.3% during the first quarter. Cetera Investment Advisers now owns 159,249 shares of the pipeline company’s stock valued at $1,782,000 after buying an additional 10,856 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Energy Transfer by 43.0% during the first quarter. NewEdge Advisors LLC now owns 192,394 shares of the pipeline company’s stock valued at $2,153,000 after buying an additional 57,880 shares in the last quarter. Institutional investors own 33.79% of the company’s stock.

Energy Transfer Price Performance

Shares of ET opened at $13.14 on Monday. The firm has a market capitalization of $41.33 billion, a PE ratio of 12.40 and a beta of 1.66. The stock has a 50 day simple moving average of $13.64 and a 200 day simple moving average of $13.13. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.64 and a current ratio of 1.05. Energy Transfer LP has a 52-week low of $11.37 and a 52-week high of $14.15.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, October 30th will be paid a $0.313 dividend. The ex-dividend date of this dividend is Friday, October 27th. This represents a $1.25 dividend on an annualized basis and a yield of 9.53%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.31. Energy Transfer’s dividend payout ratio (DPR) is currently 117.92%.

Insider Buying and Selling at Energy Transfer

In related news, EVP Bradford D. Whitehurst bought 10,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average price of $13.00 per share, for a total transaction of $130,000.00. Following the purchase, the executive vice president now owns 1,313,055 shares in the company, valued at approximately $17,069,715. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Energy Transfer news, CEO Marshall S. Mccrea III purchased 50,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were acquired at an average cost of $13.79 per share, with a total value of $689,500.00. Following the completion of the transaction, the chief executive officer now owns 6,769,267 shares in the company, valued at $93,348,191.93. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bradford D. Whitehurst purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $130,000.00. Following the completion of the transaction, the executive vice president now owns 1,313,055 shares of the company’s stock, valued at approximately $17,069,715. The disclosure for this purchase can be found here. Insiders bought a total of 3,017,500 shares of company stock worth $39,778,975 over the last quarter. 3.28% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ET shares. Morgan Stanley reissued an “overweight” rating and issued a $17.00 price target on shares of Energy Transfer in a research report on Thursday, July 20th. Pickering Energy Partners initiated coverage on shares of Energy Transfer in a research report on Tuesday, October 3rd. They set an “outperform” rating on the stock. JPMorgan Chase & Co. increased their price target on Energy Transfer from $17.00 to $18.00 in a report on Tuesday, October 10th. Mizuho increased their price target on Energy Transfer from $17.00 to $18.00 in a report on Tuesday, July 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Energy Transfer in a research note on Thursday, October 5th. They issued a “neutral” rating and a $14.00 price objective on the stock. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Energy Transfer has a consensus rating of “Buy” and a consensus target price of $16.50.

About Energy Transfer

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 19,945 miles of interstate natural gas pipeline.