Evanson Asset Management LLC Invests $731,000 in Energy Transfer LP $ET

Key Points

• Evanson Asset Management LLC has invested approximately $731,000 in Energy Transfer LP by acquiring 40,315 shares during the second quarter.
• Energy Transfer has seen a significant increase in holdings from institutional investors, who currently own 38.22% of its stock, with Brighton Jones LLC growing its position by 93.4% in the fourth quarter.
• The company recently declared a quarterly dividend of $0.33 per share, resulting in a 7.7% dividend yield, despite a high payout ratio of 102.33%.

Evanson Asset Management LLC bought a new stake in Energy Transfer LP (NYSE:ET - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 40,315 shares of the pipeline company's stock, valued at approximately $731,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Energy Transfer by 93.4% during the 4th quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company's stock valued at $481,000 after acquiring an additional 11,844 shares during the period. Toronto Dominion Bank purchased a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $48,426,000. United Advisor Group LLC increased its position in shares of Energy Transfer by 3.0% in the fourth quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company's stock valued at $363,000 after buying an additional 534 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Energy Transfer during the 4th quarter worth approximately $54,000. Finally, Armis Advisers LLC purchased a new position in shares of Energy Transfer during the 4th quarter valued at approximately $267,000. Institutional investors and hedge funds own 38.22% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on ET shares. Wells Fargo & Company reissued an "overweight" rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Cowen started coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating on the stock. Scotiabank started coverage on shares of Energy Transfer in a research note on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 target price for the company. Morgan Stanley decreased their price target on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 26th. Finally, TD Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Energy Transfer has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Energy Transfer Stock Down 0.1%

Shares of NYSE ET opened at $17.12 on Wednesday. The stock has a market cap of $58.75 billion, a PE ratio of 13.27, a P/E/G ratio of 1.01 and a beta of 0.85. 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 company has a 50-day moving average of $17.52 and a 200 day moving average of $17.60.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results 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 period in the previous year, the firm posted $0.35 EPS. The business's revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 7.7%. The ex-dividend date of this dividend 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%.

Insider Activity

In other news, Director Kelcy L. Warren bought 1,350,000 shares of Energy Transfer 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 completion of the purchase, the director directly 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.