Granite Bay Wealth Management LLC Takes $1.60 Million Position in Energy Transfer LP (NYSE:ET)

Granite Bay Wealth Management LLC bought a new position in shares of Energy Transfer LP (NYSE:ET) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 101,600 shares of the pipeline company’s stock, valued at approximately $1,598,000.

Several other hedge funds have also recently bought and sold shares of the business. LRI Investments LLC purchased a new position in shares of Energy Transfer in the 1st quarter valued at $29,000. HWG Holdings LP acquired a new position in shares of Energy Transfer during the second quarter worth about $33,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Energy Transfer in the fourth quarter worth about $34,000. Adirondack Trust Co. acquired a new stake in shares of Energy Transfer in the fourth quarter valued at about $42,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Energy Transfer during the 2nd quarter valued at about $42,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Buying and Selling

In other Energy Transfer news, CEO Thomas E. Long bought 20,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the acquisition, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Thomas E. Long bought 20,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the purchase, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kelcy L. Warren purchased 3,000,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the transaction, the director now directly owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. The disclosure for this purchase can be found here. Insiders have bought 3,040,000 shares of company stock worth $47,667,200 over the last ninety days. 3.28% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ET. Morgan Stanley upped their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Mizuho raised their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. UBS Group boosted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. raised their target price on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.14.

Energy Transfer Price Performance

Shares of ET stock opened at $16.05 on Tuesday. The firm has a fifty day moving average of $16.03 and a two-hundred day moving average of $15.88. The firm has a market cap of $54.07 billion, a P/E ratio of 14.72, a P/E/G ratio of 0.50 and a beta of 1.66. Energy Transfer LP has a 1-year low of $12.90 and a 1-year high of $16.50. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The firm had revenue of $20.73 billion during the quarter, compared to analyst estimates of $22.01 billion. During the same quarter last year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, research analysts anticipate that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were given a dividend of $0.32 per share. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 7.98%. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio is currently 117.43%.

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.