Energy Transfer LP $ET Shares Acquired by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors LLC increased its holdings in Energy Transfer LP by 30.9% during the second quarter, acquiring an additional 51,676 shares and raising its total to $3,964,000 in value.
• Analysts have a consensus rating of "Moderate Buy" for Energy Transfer with a price target averaging $22.50, indicating confidence in the stock's growth potential.
• Energy Transfer recently declared a quarterly dividend of $0.33 per share, which translates to an 8.0% yield, marking an increase from its previous dividend.

Concurrent Investment Advisors LLC grew its position in Energy Transfer LP (NYSE:ET - Free Report) by 30.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 218,658 shares of the pipeline company's stock after purchasing an additional 51,676 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Energy Transfer were worth $3,964,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Avion Wealth raised its holdings in shares of Energy Transfer by 3.8% in the 2nd quarter. Avion Wealth now owns 55,882 shares of the pipeline company's stock valued at $1,038,000 after purchasing an additional 2,022 shares in the last quarter. Trust Co. of Toledo NA OH acquired a new stake in shares of Energy Transfer in the 2nd quarter valued at $1,767,000. Inspire Investing LLC acquired a new stake in shares of Energy Transfer in the 2nd quarter valued at $2,692,000. SLT Holdings LLC acquired a new stake in shares of Energy Transfer in the 2nd quarter valued at $403,000. Finally, Strong Tower Advisory Services raised its holdings in shares of Energy Transfer by 10.1% in the 2nd quarter. Strong Tower Advisory Services now owns 154,188 shares of the pipeline company's stock valued at $2,795,000 after purchasing an additional 14,095 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ET has been the topic of several research analyst reports. Scotiabank initiated coverage on shares of Energy Transfer in a research note on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 price target on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $23.00 price target (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. TD Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating and a $22.00 price target on the stock. Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating on the stock. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Fourteen research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Energy Transfer Trading Up 1.4%

Shares of Energy Transfer stock opened at $16.52 on Tuesday. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The company has a market capitalization of $56.69 billion, a P/E ratio of 12.80, a PEG ratio of 0.96 and a beta of 0.78. The company's fifty day moving average is $17.31 and its two-hundred day moving average is $17.43.

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

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's payout ratio is 102.33%.

Insider Transactions at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of the stock in a transaction on Wednesday, August 20th. The shares were bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares of the company's stock, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.

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