Harbour Investments Inc. Grows Stock Holdings in Energy Transfer LP (NYSE:ET)

Key Points

• Harbour Investments Inc. increased its holdings in Energy Transfer LP by 24.3% during the first quarter, now owning 149,978 shares worth approximately $2.79 million.
• Several analysts have adjusted their price targets for Energy Transfer, with the average target now at $22.58, while the stock is currently trading at around $18.03.
• Energy Transfer recently declared a quarterly dividend of $0.33 per share, yielding 7.3%, which is an increase from its previous dividend.

Harbour Investments Inc. grew its stake in Energy Transfer LP (NYSE:ET - Free Report) by 24.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 149,978 shares of the pipeline company's stock after purchasing an additional 29,346 shares during the quarter. Harbour Investments Inc.'s holdings in Energy Transfer were worth $2,788,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ET. Capital A Wealth Management LLC acquired a new stake in Energy Transfer during the fourth quarter worth about $26,000. Fourth Dimension Wealth LLC bought a new position in Energy Transfer in the 4th quarter worth about $29,000. HWG Holdings LP bought a new position in Energy Transfer in the 1st quarter worth about $38,000. N.E.W. Advisory Services LLC bought a new position in Energy Transfer in the 1st quarter worth about $40,000. Finally, Vermillion Wealth Management Inc. bought a new position in Energy Transfer in the 4th quarter worth about $46,000. Institutional investors and hedge funds own 38.22% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ET shares. JPMorgan Chase & Co. decreased their price objective on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, May 19th. TD Cowen started coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. Wells Fargo & Company reduced their target price on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Cowen started coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Finally, Mizuho raised their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.58.

Insider Activity

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $18.48, for a total transaction of $25,299.12. Following the transaction, the director owned 24,523 shares of the company's stock, valued at approximately $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.28% of the company's stock.

Energy Transfer Price Performance

ET traded down $0.24 during midday trading on Friday, reaching $17.80. 16,558,657 shares of the company's stock were exchanged, compared to its average volume of 11,686,092. The company has a quick ratio of 0.92, a current ratio of 1.12 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $61.09 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79. The business has a 50-day simple moving average of $17.79 and a two-hundred day simple moving average of $18.23. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $21.02 billion during the quarter, compared to analysts' expectations of $22.28 billion. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The business's quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.32 EPS. As a group, research analysts predict that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.4%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 8th. Energy Transfer's payout ratio is 100.00%.

About Energy Transfer

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.