Fulton Bank N.A. Grows Stake in Energy Transfer LP (NYSE:ET)

Fulton Bank N.A. raised its position in shares of Energy Transfer LP (NYSE:ET) by 26.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,172 shares of the pipeline company’s stock after acquiring an additional 6,735 shares during the period. Fulton Bank N.A.’s holdings in Energy Transfer were worth $516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Evercore Wealth Management LLC bought a new position in Energy Transfer in the 4th quarter worth about $159,000. XML Financial LLC lifted its stake in shares of Energy Transfer by 2.9% during the 4th quarter. XML Financial LLC now owns 42,262 shares of the pipeline company’s stock worth $583,000 after purchasing an additional 1,179 shares during the last quarter. Icon Wealth Advisors LLC purchased a new stake in shares of Energy Transfer during the fourth quarter valued at about $2,322,000. BOKF NA boosted its stake in Energy Transfer by 0.5% in the fourth quarter. BOKF NA now owns 642,538 shares of the pipeline company’s stock valued at $8,867,000 after acquiring an additional 3,252 shares in the last quarter. Finally, Tortoise Index Solutions LLC grew its stake in Energy Transfer by 11.4% during the 4th quarter. Tortoise Index Solutions LLC now owns 1,567,042 shares of the pipeline company’s stock worth $21,625,000 after buying an additional 160,341 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Gregory G. Mcilwain purchased 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $15.68 per share, with a total value of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares of the company’s stock, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Kelcy L. Warren bought 3,000,000 shares of the 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 purchase, the director now directly owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Gregory G. Mcilwain bought 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price 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. This trade represents a 0.00 % increase in their position. 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 quarter. 3.28% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. UBS Group boosted their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Mizuho increased 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $20.00.

Energy Transfer Trading Down 0.4 %

Shares of ET stock opened at $16.16 on Wednesday. Energy Transfer LP has a fifty-two week low of $12.90 and a fifty-two week high of $16.50. The firm has a market capitalization of $54.46 billion, a P/E ratio of 14.83, a PEG ratio of 0.50 and a beta of 1.66. The stock’s fifty day moving average is $16.03 and its two-hundred day moving average is $15.90. 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 (NYSE:ET) last posted its quarterly 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 analysts’ expectations of $22.01 billion. During the same quarter last year, the company earned $0.25 earnings per share. Energy Transfer’s revenue for the quarter was up 13.1% on a year-over-year basis. Research analysts expect 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. Stockholders of record on Friday, August 9th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.92%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) 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.