Northeast Financial Consultants Inc Has $2.42 Million Position in Energy Transfer LP (NYSE:ET)

Northeast Financial Consultants Inc raised its holdings in Energy Transfer LP (NYSE:ET) by 2.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 149,058 shares of the pipeline company’s stock after acquiring an additional 3,131 shares during the quarter. Northeast Financial Consultants Inc’s holdings in Energy Transfer were worth $2,418,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. First Reserve GP XIII Ltd bought a new position in shares of Energy Transfer in the 4th quarter valued at approximately $322,097,000. Tortoise Capital Advisors L.L.C. raised its position in shares of Energy Transfer by 12.7% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock valued at $594,769,000 after purchasing an additional 4,141,715 shares during the period. Natixis raised its position in shares of Energy Transfer by 20.0% in the first quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock valued at $283,463,000 after purchasing an additional 2,999,300 shares during the period. Payden & Rygel Investment Group acquired a new stake in shares of Energy Transfer in the first quarter worth $20,164,000. Finally, Merewether Investment Management LP boosted its holdings in shares of Energy Transfer by 22.3% during the 2nd quarter. Merewether Investment Management LP now owns 6,591,793 shares of the pipeline company’s stock worth $106,919,000 after buying an additional 1,200,501 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Stock Performance

ET opened at $16.07 on Friday. The stock’s 50 day simple moving average is $16.04 and its 200-day simple moving average is $15.86. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. The stock has a market cap of $54.16 billion, a PE ratio of 14.74, 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.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results 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 business had revenue of $20.73 billion during the quarter, compared to the consensus estimate 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 period last year, the firm earned $0.25 EPS. Sell-side analysts forecast that Energy Transfer LP will post 1.35 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 7.97%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. Energy Transfer’s payout ratio is presently 117.43%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, Director Kelcy L. Warren purchased 3,000,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the purchase, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kelcy L. Warren purchased 3,000,000 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, with a total value of $47,040,000.00. Following the acquisition, the director now directly owns 123,385,650 shares of the company’s stock, valued at approximately $1,934,686,992. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gregory G. Mcilwain acquired 20,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were purchased at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the purchase, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at approximately $9,270,188.48. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 3,040,000 shares of company stock worth $47,667,200. Company insiders own 3.28% of the company’s stock.

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.