Truist Financial Corp Lowers Holdings in Energy Transfer LP (NYSE:ET)

Truist Financial Corp lessened its holdings in Energy Transfer LP (NYSE:ET) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 944,460 shares of the pipeline company’s stock after selling 18,444 shares during the period. Truist Financial Corp’s holdings in Energy Transfer were worth $15,319,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Berkley W R Corp grew its stake in Energy Transfer by 11.6% during the 1st quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock worth $83,912,000 after purchasing an additional 555,445 shares in the last quarter. NBC Securities Inc. increased its stake in shares of Energy Transfer by 4.3% during the first quarter. NBC Securities Inc. now owns 56,366 shares of the pipeline company’s stock worth $886,000 after buying an additional 2,326 shares during the period. Cetera Investment Advisers raised its holdings in Energy Transfer by 491.3% in the first quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock valued at $20,297,000 after acquiring an additional 1,072,144 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Energy Transfer by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 549,971 shares of the pipeline company’s stock worth $8,651,000 after acquiring an additional 15,097 shares during the last quarter. Finally, Nicolet Advisory Services LLC grew its holdings in Energy Transfer by 48.8% during the 1st quarter. Nicolet Advisory Services LLC now owns 17,464 shares of the pipeline company’s stock worth $275,000 after acquiring an additional 5,730 shares in the last quarter. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, CEO Thomas E. Long acquired 20,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was purchased at an average price 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 of the company’s stock, valued at $67,562,909.12. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Thomas E. Long purchased 20,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the acquisition, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelcy L. Warren acquired 3,000,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the acquisition, the director now owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 3,040,000 shares of company stock valued at $47,667,200. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Price Performance

Shares of NYSE:ET opened at $16.30 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 one year low of $12.90 and a one year high of $16.50. The company has a 50-day simple moving average of $16.03 and a 200-day simple moving average of $15.89. The stock has a market capitalization of $54.91 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last released its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The company had revenue of $20.73 billion during the quarter, compared to analyst estimates of $22.01 billion. During the same period in the previous year, the firm posted $0.25 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts predict that Energy Transfer LP will post 1.35 EPS for the current 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 given a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.28 dividend on an annualized basis and a yield of 7.86%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is presently 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.