98,624 Energy Transfer LP $ET Shares Acquired by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Energy Transfer stake by 8.6%, acquiring 98,624 shares to own 1.24 million shares valued at approximately $23.8 million. Institutional investors collectively hold 38.22% of the company.
• Energy Transfer exceeded quarterly expectations, reporting $0.59 in EPS versus the $0.38 consensus and revenue of $34.33 billion, up 78.4% year over year. The partnership also raised its quarterly dividend to $0.34 per share, implying a 6.8% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $24.36 price target versus the stock’s $19.89 opening price. Company directors also purchased more than 1 million shares worth approximately $21.5 million over the past 90 days.

Envestnet Asset Management Inc. boosted its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 8.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,244,157 shares of the pipeline company's stock after acquiring an additional 98,624 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Energy Transfer were worth $23,788,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ET. Bullseye Investment Management LLC bought a new position in shares of Energy Transfer in the second quarter worth $42,000. Talon Private Wealth LLC raised its stake in shares of Energy Transfer by 1.7% during the second quarter. Talon Private Wealth LLC now owns 53,343 shares of the pipeline company's stock valued at $1,020,000 after purchasing an additional 888 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Energy Transfer by 6.1% in the second quarter. Sequoia Financial Advisors LLC now owns 78,368 shares of the pipeline company's stock worth $1,498,000 after purchasing an additional 4,491 shares during the period. Tidal Investments LLC lifted its holdings in Energy Transfer by 56.7% in the second quarter. Tidal Investments LLC now owns 1,611,509 shares of the pipeline company's stock worth $30,812,000 after purchasing an additional 583,196 shares during the period. Finally, M.E. Allison & CO. Inc. grew its position in Energy Transfer by 3.4% in the 2nd quarter. M.E. Allison & CO. Inc. now owns 25,535 shares of the pipeline company's stock valued at $488,000 after buying an additional 843 shares in the last quarter. Institutional investors own 38.22% of the company's stock.

Energy Transfer Stock Down 1.1%

ET stock opened at $19.89 on Wednesday. The firm has a market cap of $68.47 billion, a PE ratio of 13.53, a P/E/G ratio of 0.67 and a beta of 0.57. Energy Transfer LP has a 12 month low of $16.18 and a 12 month high of $21.84. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The firm has a 50 day simple moving average of $20.88 and a 200 day simple moving average of $19.91.

Energy Transfer (NYSE:ET - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.21. The firm had revenue of $34.33 billion for the quarter, compared to analyst estimates of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The firm's quarterly revenue was up 78.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 earnings per share. Equities research analysts forecast that Energy Transfer LP will post 1.73 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.8%. This is a boost from Energy Transfer's previous quarterly dividend of $0.3375. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer's payout ratio is presently 92.52%.

Analyst Ratings Changes

A number of analysts have commented on ET shares. Morgan Stanley boosted their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a report on Tuesday, July 21st. Capital One Financial initiated coverage on shares of Energy Transfer in a research note on Tuesday, September 22nd. They set an "overweight" rating and a $26.00 price objective on the stock. TD Cowen reissued a "buy" rating and set a $25.00 target price (up from $24.00) on shares of Energy Transfer in a report on Monday, August 10th. Finally, Stifel Nicolaus started coverage on Energy Transfer in a research report on Thursday, September 10th. They issued a "buy" rating and a $25.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.36.

Insiders Place Their Bets

In related news, Director James Perry purchased 12,359 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the transaction, the director directly owned 208,046 shares of the company's stock, valued at $4,208,770.58. This trade represents a 6.32% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kelcy Warren purchased 647,968 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average cost of $21.26 per share, for a total transaction of $13,775,799.68. Following the purchase, the director directly owned 147,901,879 shares in the company, valued at $3,144,393,947.54. This represents a 0.44% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 1,012,359 shares of company stock worth $21,513,543 over the last ninety days. 3.28% of the stock is owned by insiders.

Energy Transfer Profile

Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.

The company's operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.

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