HB Wealth Management LLC Takes Position in Energy Transfer LP $ET

Key Points

• HB Wealth Management acquired 215,505 Energy Transfer shares in the second quarter, worth approximately $3.6 million. Several other institutional investors also initiated positions, while institutions collectively own 38.22% of the company.
• Energy Transfer reported quarterly earnings of $0.59 per share, exceeding the $0.38 consensus estimate, while revenue surged 78.4% year over year to $34.33 billion.
• The company offers a $0.34 quarterly dividend, equivalent to a 6.3% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.17, and insiders purchased more than 1 million shares during the quarter.

HB Wealth Management LLC acquired a new position in shares of Energy Transfer LP (NYSE:ET - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 215,505 shares of the pipeline company's stock, valued at approximately $3,625,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Asset Allocation Strategies LLC bought a new position in Energy Transfer in the second quarter valued at $761,000. Fortitude Advisory Group L.L.C. bought a new stake in Energy Transfer during the second quarter worth about $492,000. Compass Financial Management LLC purchased a new position in shares of Energy Transfer in the 2nd quarter worth about $395,000. Markowski Investments bought a new position in shares of Energy Transfer during the 2nd quarter valued at about $178,000. Finally, SeedSafe Financial LLC bought a new position in shares of Energy Transfer during the 2nd quarter valued at about $461,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Price Performance

ET opened at $21.52 on Tuesday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The stock's 50 day simple moving average is $20.51 and its 200 day simple moving average is $19.66. The firm has a market cap of $74.10 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 0.73 and a beta of 0.57. Energy Transfer LP has a 1 year low of $16.18 and a 1 year high of $21.77.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.21. The firm had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The business's revenue was up 78.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, analysts predict that Energy Transfer LP will post 1.7 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Friday, August 7th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, August 7th. This represents a $1.36 dividend on an annualized basis and a yield of 6.3%. This is an increase from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's dividend payout ratio (DPR) is currently 92.52%.

Wall Street Analyst Weigh In

ET has been the subject of a number of recent research reports. Barclays restated an "overweight" rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Energy Transfer from $24.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday. Zacks Research lowered shares of Energy Transfer from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, July 21st. Finally, Morgan Stanley increased their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $24.17.

Insider Transactions at Energy Transfer

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

About Energy Transfer

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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