Cedar Wealth Management LLC Purchases Shares of 5,000 Energy Transfer LP (NYSE:ET)

Cedar Wealth Management LLC acquired a new stake in Energy Transfer LP (NYSE:ET) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the pipeline company’s stock, valued at approximately $81,000.

Several other institutional investors have also recently modified their holdings of the company. LRI Investments LLC acquired a new position in Energy Transfer during the first quarter valued at $29,000. Ables Iannone Moore & Associates Inc. acquired a new position in shares of Energy Transfer in the 4th quarter valued at about $34,000. Adirondack Trust Co. purchased a new stake in shares of Energy Transfer in the fourth quarter worth about $42,000. EdgeRock Capital LLC acquired a new stake in Energy Transfer during the second quarter worth about $42,000. Finally, Hudson Edge Investment Partners Inc. acquired a new stake in Energy Transfer during the second quarter worth about $42,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Trading Up 0.3 %

Shares of Energy Transfer stock opened at $16.17 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. Energy Transfer LP has a twelve month low of $12.90 and a twelve month high of $16.50. The firm has a market capitalization of $54.48 billion, a PE ratio of 14.83, a P/E/G ratio of 0.46 and a beta of 1.66. The firm’s 50-day moving average price is $16.06 and its 200 day moving average price is $15.81.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $22.01 billion. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts predict that Energy Transfer LP will post 1.4 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm 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. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a yield of 7.92%. Energy Transfer’s payout ratio is presently 117.43%.

Analysts Set New Price Targets

Several research firms recently commented on ET. UBS Group raised their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday. Mizuho raised their target price on Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lifted their price target on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Finally, Morgan Stanley increased their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Energy Transfer presently has a consensus rating of “Moderate Buy” and an average target price of $19.14.

Insider Activity at Energy Transfer

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

Energy Transfer 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.