Cannon Advisors Inc. Takes Position in Energy Transfer LP $ET

Cannon Advisors Inc. bought a new position in shares of Energy Transfer LP (NYSE:ET) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,900 shares of the pipeline company’s stock, valued at approximately $554,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of ET. Ryan Investment Management Inc. bought a new position in shares of Energy Transfer during the 2nd quarter valued at about $31,000. CNB Bank lifted its position in shares of Energy Transfer by 111.1% in the second quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock worth $34,000 after buying an additional 1,000 shares in the last quarter. HHM Wealth Advisors LLC lifted its position in shares of Energy Transfer by 54.4% in the second quarter. HHM Wealth Advisors LLC now owns 2,270 shares of the pipeline company’s stock worth $41,000 after buying an additional 800 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in Energy Transfer during the second quarter valued at approximately $44,000. Finally, FSC Wealth Advisors LLC purchased a new position in Energy Transfer during the 2nd quarter valued at approximately $50,000. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Stock Up 0.4%

NYSE ET opened at $16.97 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.41 and a debt-to-equity ratio of 1.50. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The firm has a market capitalization of $58.25 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 0.89 and a beta of 0.66. The company has a fifty day moving average of $16.58 and a two-hundred day moving average of $17.09.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.06). Energy Transfer had a net margin of 5.66% and a return on equity of 10.71%. The firm had revenue of $19.95 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same period in the prior year, the company posted $0.32 EPS. The company’s revenue was down 3.9% compared to the same quarter last year. On average, analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 19th. Stockholders of record on Friday, November 7th were paid a dividend of $0.3325 per share. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.33 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date of this dividend was Friday, November 7th. Energy Transfer’s payout ratio is currently 106.40%.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,000,000 shares of Energy Transfer stock in a transaction dated Wednesday, November 19th. The shares were purchased at an average cost of $16.95 per share, for a total transaction of $16,950,000.00. Following the completion of the acquisition, the director owned 104,577,803 shares in the company, valued at $1,772,593,760.85. This represents a 0.97% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ET. Morgan Stanley decreased their price objective on Energy Transfer from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, December 2nd. Barclays reissued an “overweight” rating and issued a $25.00 target price on shares of Energy Transfer in a report on Wednesday, October 15th. Scotiabank decreased their price target on shares of Energy Transfer from $23.00 to $21.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. UBS Group reiterated a “buy” rating on shares of Energy Transfer in a research report on Wednesday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Energy Transfer in a report on Wednesday, December 24th. Thirteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.75.

Energy Transfer Company Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.