Envestnet Asset Management Inc. Acquires 97,144 Shares of Energy Transfer LP $ET

Envestnet Asset Management Inc. boosted its stake in Energy Transfer LP (NYSE:ET) by 10.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,012,353 shares of the pipeline company’s stock after acquiring an additional 97,144 shares during the period. Envestnet Asset Management Inc.’s holdings in Energy Transfer were worth $17,372,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. CNB Bank increased its position in shares of Energy Transfer by 111.1% during the second quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock valued at $34,000 after buying an additional 1,000 shares during the period. HHM Wealth Advisors LLC lifted its holdings in 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 during the period. Core Alternative Capital bought a new stake in Energy Transfer during the 3rd quarter valued at approximately $46,000. FSC Wealth Advisors LLC purchased a new position in shares of Energy Transfer during the 2nd quarter worth approximately $50,000. Finally, Golden State Wealth Management LLC grew its holdings in shares of Energy Transfer by 38.9% during the 3rd quarter. Golden State Wealth Management LLC now owns 2,918 shares of the pipeline company’s stock worth $50,000 after acquiring an additional 817 shares during the period. 38.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ET has been the topic of several research reports. Morgan Stanley dropped their price target on Energy Transfer from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 2nd. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a report on Friday, January 16th. Barclays restated an “overweight” rating and set a $22.00 target price (down previously from $25.00) on shares of Energy Transfer in a report on Monday, January 12th. UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a research report on Wednesday, January 7th. Finally, Jefferies Financial Group set a $17.00 price target on shares of Energy Transfer and gave the company a “hold” rating in a research report on Tuesday, October 28th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.36.

Energy Transfer Stock Performance

Shares of ET opened at $18.77 on Monday. The business has a 50-day simple moving average of $17.21 and a two-hundred day simple moving average of $17.13. 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 $20.51. The stock has a market cap of $64.43 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 0.97 and a beta of 0.66.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Friday, February 6th will be given a dividend of $0.335 per share. The ex-dividend date is Friday, February 6th. This represents a $1.34 annualized dividend and a dividend yield of 7.1%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is currently 107.20%.

Insider Activity

In related news, Director Kelcy L. Warren purchased 1,000,000 shares of Energy Transfer stock in a transaction dated Wednesday, November 19th. The stock was purchased at an average cost of $16.95 per share, with a total value of $16,950,000.00. Following the transaction, the director owned 104,577,803 shares in the company, valued at approximately $1,772,593,760.85. The trade was a 0.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

About Energy Transfer

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.