Park Avenue Securities LLC Has $494,000 Stock Position in Energy Transfer LP $ET

Park Avenue Securities LLC lifted its holdings in shares of Energy Transfer LP (NYSE:ET) by 57.1% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,222 shares of the pipeline company’s stock after buying an additional 9,898 shares during the period. Park Avenue Securities LLC’s holdings in Energy Transfer were worth $494,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strong Tower Advisory Services acquired a new position in Energy Transfer in the 1st quarter worth about $2,604,000. Prevail Innovative Wealth Advisors LLC increased its holdings in Energy Transfer by 316.9% in the 1st 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 in the last quarter. Northern Trust Corp increased its holdings in Energy Transfer by 223.5% in the 1st 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 in the last quarter. Appaloosa LP increased its holdings in Energy Transfer by 0.9% in the 1st 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 in the last quarter. Finally, Mountain Lake Investment Management LLC acquired a new position in Energy Transfer in the 1st quarter worth about $782,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ET. Cowen began coverage on Energy Transfer in a report on Monday, July 7th. They issued a “buy” rating for the company. Morgan Stanley decreased their price target 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. Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Scotiabank began coverage on Energy Transfer in a research note on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price target for the company. Finally, TD Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating and a $22.00 price target for the company. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Energy Transfer currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Energy Transfer Stock Performance

Energy Transfer stock opened at $17.20 on Tuesday. 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 company has a market capitalization of $59.04 billion, a P/E ratio of 13.33, a PEG ratio of 1.03 and a beta of 0.85. The stock’s 50 day moving average is $17.52 and its 200 day moving average is $17.58. Energy Transfer LP has a twelve month low of $14.60 and a twelve month 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 (EPS) for the quarter, meeting the consensus estimate of $0.32. The business had revenue of $19.24 billion for the quarter, compared to analysts’ expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. On average, equities research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders 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. This represents a $1.32 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer’s payout ratio is 102.33%.

Insider Buying and Selling

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm’s stock in a transaction on Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director directly owned 69,178,477 shares in the company, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.28% of the stock is currently owned by corporate insiders.

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.