Energy Transfer (NYSE:ET) Trading 1.6% Higher Following Insider Buying Activity

Energy Transfer LP (NYSE:ET)’s share price traded up 1.6% on Friday after an insider bought additional shares in the company. The company traded as high as $17.72 and last traded at $17.75. 3,812,537 shares were traded during mid-day trading, a decline of 75% from the average session volume of 15,468,945 shares. The stock had previously closed at $17.46.

Specifically, 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. Also, Director Kelcy L. Warren bought 650,000 shares of the stock in a transaction on Tuesday, August 19th. The shares were acquired at an average cost of $17.30 per share, with a total value of $11,245,000.00. Following the acquisition, the director directly owned 67,828,477 shares in the company, valued at approximately $1,173,432,652.10. This trade represents a 0.97% increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Energy Transfer from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, May 19th. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 price target (up from $21.00) on shares of Energy Transfer in a research 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. Mizuho lifted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 20th. Finally, Cowen assumed coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating on the stock. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Energy Transfer Stock Up 0.4%

The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The firm’s 50-day simple moving average is $17.67 and its 200 day simple moving average is $17.91. The stock has a market capitalization of $60.16 billion, a P/E ratio of 13.59, a PEG ratio of 0.92 and a beta of 0.83.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business had revenue of $19.24 billion for the quarter, compared to analyst estimates of $24.07 billion. During the same period in the previous year, the firm earned $0.35 EPS. The firm’s revenue was down 7.2% compared to the same quarter last year. As a group, research analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a dividend of $0.33 per share. 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. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.5%. Energy Transfer’s payout ratio is currently 102.33%.

Hedge Funds Weigh In On Energy Transfer

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. United Advisor Group LLC increased its position in Energy Transfer by 3.0% in the 4th quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company’s stock valued at $363,000 after acquiring an additional 534 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in Energy Transfer by 1.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 39,845 shares of the pipeline company’s stock worth $723,000 after purchasing an additional 565 shares during the period. Indiana Trust & Investment Management Co lifted its stake in shares of Energy Transfer by 5.1% in the first quarter. Indiana Trust & Investment Management Co now owns 11,796 shares of the pipeline company’s stock valued at $219,000 after buying an additional 576 shares in the last quarter. Beam Wealth Advisors Inc. lifted its stake in shares of Energy Transfer by 1.5% in the first quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company’s stock valued at $742,000 after buying an additional 585 shares in the last quarter. Finally, Morton Capital Management LLC CA lifted its stake in shares of Energy Transfer by 1.3% in the first quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company’s stock valued at $862,000 after buying an additional 593 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

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.