Holderness Investments Co. Raises Stake in Energy Transfer LP (NYSE:ET)

Holderness Investments Co. boosted its holdings in Energy Transfer LP (NYSE:ET) by 3.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 57,261 shares of the pipeline company’s stock after buying an additional 2,006 shares during the period. Holderness Investments Co.’s holdings in Energy Transfer were worth $929,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ET. LRI Investments LLC acquired a new position in shares of Energy Transfer during the 1st quarter valued at $29,000. Ables Iannone Moore & Associates Inc. acquired a new position in shares of Energy Transfer during the fourth quarter worth about $34,000. Hudson Edge Investment Partners Inc. purchased a new stake in shares of Energy Transfer in the second quarter worth about $42,000. EdgeRock Capital LLC acquired a new stake in shares of Energy Transfer in the second quarter valued at about $42,000. Finally, Adirondack Trust Co. purchased a new stake in shares of Energy Transfer during the 4th quarter valued at about $42,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ET shares. UBS Group upped their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday. 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. JPMorgan Chase & Co. boosted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Finally, Morgan Stanley 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 Monday, June 10th. One investment 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 has a consensus rating of “Moderate Buy” and a consensus target price of $19.14.

Energy Transfer Price Performance

ET opened at $16.20 on Friday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.92 and a current ratio of 1.14. Energy Transfer LP has a 1-year low of $12.90 and a 1-year high of $16.50. The company has a 50-day moving average of $16.06 and a 200-day moving average of $15.83. The company has a market capitalization of $54.59 billion, a P/E ratio of 14.86, a PEG ratio of 0.46 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $20.73 billion for the quarter, compared to analyst estimates of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. Equities analysts expect that Energy Transfer LP will post 1.4 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 7.90%. Energy Transfer’s dividend payout ratio (DPR) is 117.43%.

Insiders Place Their Bets

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of the company’s stock in a transaction on Friday, August 23rd. 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 executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was 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 executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 acquired a total of 3,040,000 shares of company stock valued at $47,667,200 over the last 90 days. 3.28% of the stock is owned by company 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.