Energy Transfer LP $ET Shares Acquired by Corient Private Wealth LP

Key Points

• Corient Private Wealth increased its Energy Transfer stake by 7.8% in the second quarter, bringing its holdings to 1.87 million shares worth approximately $35.7 million. Institutional investors collectively own 38.22% of the company.
• Energy Transfer reported quarterly EPS of $0.59, exceeding estimates of $0.38, while revenue rose 78.4% year over year to $34.33 billion.
• Company insiders bought more than 1 million shares worth $21.5 million over the past 90 days, and analysts maintain a “Moderate Buy” consensus with an average price target of $24.08. The company’s quarterly dividend is $0.34 per share, representing a 6.4% yield.

Corient Private Wealth LP lifted its position in Energy Transfer LP (NYSE:ET - Free Report) by 7.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,868,875 shares of the pipeline company's stock after purchasing an additional 135,275 shares during the quarter. Corient Private Wealth LP owned approximately 0.05% of Energy Transfer worth $35,733,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Basepoint Wealth LLC purchased a new position in shares of Energy Transfer during the fourth quarter worth approximately $25,000. Osbon Capital Management LLC acquired a new position in Energy Transfer in the 2nd quarter valued at about $25,000. Gables Capital Management Inc. raised its stake in Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors purchased a new stake in Energy Transfer during the 4th quarter valued at approximately $32,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Energy Transfer during the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

Insiders Place Their Bets

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

Energy Transfer Stock Performance

Shares of ET stock opened at $21.38 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. The stock has a 50 day simple moving average of $20.17 and a 200-day simple moving average of $19.51. The company has a market cap of $73.61 billion, a price-to-earnings ratio of 14.54, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55. Energy Transfer LP has a 12-month low of $16.18 and a 12-month high of $21.64.

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 for the quarter, beating analysts' consensus estimates of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The firm had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The company's revenue for the quarter was up 78.4% compared to the same quarter last year. On average, equities analysts forecast that Energy Transfer LP will post 1.66 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 6.4%. The ex-dividend date was Friday, August 7th. This is an increase from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's payout ratio is presently 92.52%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Scotiabank reissued an "outperform" rating on shares of Energy Transfer in a report on Tuesday, May 12th. Zacks Research downgraded Energy Transfer from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Weiss Ratings lowered shares of Energy Transfer from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday. Wall Street Zen raised shares of Energy Transfer from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, TD Cowen reissued a "buy" rating and issued a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.08.

Energy Transfer 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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