Bowen Hanes & Co. Inc. Raises Holdings in Energy Transfer LP $ET

Key Points

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Bowen Hanes & Co. Inc. lifted its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 27.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 700,000 shares of the pipeline company's stock after buying an additional 150,000 shares during the quarter. Bowen Hanes & Co. Inc.'s holdings in Energy Transfer were worth $13,013,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Brighton Jones LLC raised its holdings in Energy Transfer by 93.4% during the 4th quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company's stock worth $481,000 after purchasing an additional 11,844 shares during the last quarter. Guggenheim Capital LLC grew its position in shares of Energy Transfer by 5.4% in the 4th quarter. Guggenheim Capital LLC now owns 54,141 shares of the pipeline company's stock valued at $1,061,000 after purchasing an additional 2,797 shares during the period. Curi RMB Capital LLC grew its position in shares of Energy Transfer by 3.8% in the 4th quarter. Curi RMB Capital LLC now owns 46,634 shares of the pipeline company's stock valued at $914,000 after purchasing an additional 1,704 shares during the period. MML Investors Services LLC boosted its position in Energy Transfer by 13.7% during the 4th quarter. MML Investors Services LLC now owns 125,086 shares of the pipeline company's stock worth $2,450,000 after acquiring an additional 15,102 shares during the last quarter. Finally, Tradition Wealth Management LLC raised its stake in shares of Energy Transfer by 5.8% during the 4th quarter. Tradition Wealth Management LLC now owns 29,573 shares of the pipeline company's stock worth $579,000 after purchasing an additional 1,611 shares in the last quarter. 38.22% of the stock is owned by institutional investors.

Energy Transfer Stock Up 0.4%

Shares of NYSE:ET traded up $0.0650 during mid-day trading on Friday, hitting $17.5250. 16,798,725 shares of the company traded hands, compared to its average volume of 15,553,841. The stock has a market cap of $60.16 billion, a P/E ratio of 13.59, a P/E/G ratio of 0.90 and a beta of 0.83. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The stock has a 50-day moving average price of $17.69 and a two-hundred day moving average price of $17.93.

Energy Transfer (NYSE:ET - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business had revenue of $19.24 billion for the quarter, compared to analysts' expectations of $24.07 billion. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The business's revenue was down 7.2% on a year-over-year basis. On average, equities research analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date was Friday, August 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio is presently 102.33%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ET. TD Cowen started coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating and a $22.00 price objective on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $23.00 price objective (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. JPMorgan Chase & Co. reduced their target price on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Mizuho increased their target price on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Finally, Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They set a "buy" rating on the stock. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.75.

Insiders Place Their Bets

In other Energy Transfer news, Director Kelcy L. Warren bought 1,350,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the purchase, the director directly owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Richard Perry sold 1,369 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $18.48, for a total value of $25,299.12. Following the completion of the transaction, the director owned 24,523 shares in the company, valued at $453,185.04. This represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.28% of the company's stock.

Energy Transfer Profile

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.