Blackhill Capital Inc. Purchases 400,000 Shares of Energy Transfer LP $ET

Key Points

• Blackhill Capital increased its Energy Transfer stake by 33.3% in the second quarter, purchasing 400,000 shares to reach 1.6 million shares valued at approximately $30.6 million.
• Energy Transfer insiders bought more than 1 million shares worth $21.5 million over the past 90 days, while institutional investors and hedge funds collectively own 38.22% of the stock.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and a $24.08 price target. The company also reported quarterly EPS of $0.59, above estimates, and pays a $0.34 quarterly dividend yielding about 6.4%.

Blackhill Capital Inc. grew its position in Energy Transfer LP (NYSE:ET - Free Report) by 33.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,600,000 shares of the pipeline company's stock after purchasing an additional 400,000 shares during the period. Energy Transfer makes up approximately 1.3% of Blackhill Capital Inc.'s investment portfolio, making the stock its 6th largest holding. Blackhill Capital Inc.'s holdings in Energy Transfer were worth $30,592,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of ET. Archer Investment Corp raised its position in Energy Transfer by 2,087.8% in the 2nd quarter. Archer Investment Corp now owns 17,502 shares of the pipeline company's stock valued at $335,000 after buying an additional 16,702 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in Energy Transfer by 4.9% during the 2nd quarter. Kingsview Wealth Management LLC now owns 199,171 shares of the pipeline company's stock worth $3,808,000 after acquiring an additional 9,254 shares during the last quarter. Beacon Pointe Advisors LLC boosted its position in Energy Transfer by 7.4% during the 2nd quarter. Beacon Pointe Advisors LLC now owns 2,065,797 shares of the pipeline company's stock worth $39,498,000 after acquiring an additional 142,821 shares during the last quarter. Asset Allocation Strategies LLC grew its stake in shares of Energy Transfer by 1.7% during the 2nd quarter. Asset Allocation Strategies LLC now owns 45,234 shares of the pipeline company's stock worth $865,000 after acquiring an additional 738 shares in the last quarter. Finally, Centaurus Financial Inc. grew its stake in shares of Energy Transfer by 173.7% during the 2nd quarter. Centaurus Financial Inc. now owns 40,727 shares of the pipeline company's stock worth $779,000 after acquiring an additional 25,847 shares in the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Energy Transfer

In related news, Director Kelcy L. Warren acquired 647,968 shares of Energy Transfer stock in a transaction on Wednesday, August 19th. The stock was purchased at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the transaction, the director directly owned 147,901,879 shares in the company, valued at $3,144,393,947.54. This trade represents a 0.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Richard Perry acquired 12,359 shares of the firm's stock in a transaction on Friday, August 7th. The stock was bought at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the completion of the acquisition, the director owned 208,046 shares of the company's stock, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 1,012,359 shares of company stock valued at $21,513,543 in the last ninety days. Insiders own 3.28% of the company's stock.

Analyst Ratings Changes

ET has been the topic of a number of research reports. Wall Street Zen raised shares of Energy Transfer from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Barclays reaffirmed an "overweight" rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. Raymond James Financial reiterated a "strong-buy" rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Truist Financial boosted their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, TD Cowen restated a "buy" rating and set a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.08.

Energy Transfer Stock Down 0.4%

Energy Transfer stock opened at $21.30 on Friday. 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 company's 50-day moving average is $20.22 and its 200-day moving average is $19.52. The firm has a market capitalization of $73.34 billion, a PE ratio of 14.49, a P/E/G ratio of 0.75 and a beta of 0.55. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $21.64.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.21. The business had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. Energy Transfer's revenue was up 78.4% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. Sell-side analysts anticipate that Energy Transfer LP will post 1.66 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.36 annualized dividend and a yield of 6.4%. This is a positive change from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's payout ratio is 92.52%.

Energy Transfer Company Profile

Energy Transfer NYSE: ET is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company's operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.

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