Energy Transfer LP (NYSE:ET) Shares Purchased by US Bancorp DE

Key Points

• US Bancorp DE increased its stake in Energy Transfer LP by 56.7%, holding 772,821 shares valued at approximately $14.4 million after acquiring an additional 279,714 shares in the first quarter.
• Energy Transfer recently declared a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 7.4%, with a payout ratio of 99.24%.
• Analysts have issued mixed price targets for Energy Transfer, with recent notes suggesting a price range between $21.00 and $23.00, while assigning an overall rating of "Moderate Buy" for the stock.

US Bancorp DE boosted its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 56.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 772,821 shares of the pipeline company's stock after buying an additional 279,714 shares during the quarter. US Bancorp DE's holdings in Energy Transfer were worth $14,367,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Wedbush Securities Inc. grew its stake in shares of Energy Transfer by 44.2% during the 4th quarter. Wedbush Securities Inc. now owns 135,281 shares of the pipeline company's stock valued at $2,650,000 after purchasing an additional 41,438 shares during the period. Greenland Capital Management LP bought a new stake in shares of Energy Transfer during the 4th quarter valued at about $2,253,000. Bank of Montreal Can grew its stake in shares of Energy Transfer by 12,090.8% during the 4th quarter. Bank of Montreal Can now owns 12,455,613 shares of the pipeline company's stock valued at $244,005,000 after purchasing an additional 12,353,441 shares during the period. Strong Tower Advisory Services bought a new stake in shares of Energy Transfer during the 1st quarter valued at about $2,604,000. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Energy Transfer by 5.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,702,380 shares of the pipeline company's stock valued at $72,530,000 after acquiring an additional 204,779 shares during the period. Hedge funds and other institutional investors own 38.22% of the company's stock.

Analysts Set New Price Targets

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

Insider Activity

In related news, Director James Richard Perry sold 1,369 shares of Energy Transfer stock in a transaction that occurred 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 completion of the transaction, the director directly owned 24,523 shares in the company, valued at approximately $453,185.04. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.28% of the stock is currently owned by insiders.

Energy Transfer Stock Down 0.8%

Shares of Energy Transfer stock traded down $0.15 during trading on Tuesday, hitting $17.65. 3,185,707 shares of the stock traded hands, compared to its average volume of 15,455,088. The firm has a market cap of $60.55 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 0.92 and a beta of 0.83. The company has a current ratio of 1.12, a quick ratio of 0.92 and a debt-to-equity ratio of 1.41. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $21.45. The stock's fifty day simple moving average is $17.79 and its 200 day simple moving average is $18.18.

Energy Transfer (NYSE:ET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Energy Transfer had a return on equity of 11.47% and a net margin of 5.88%. The company had revenue of $21.02 billion for the quarter, compared to the consensus estimate of $22.28 billion. During the same quarter last year, the company earned $0.32 earnings per share. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, August 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a dividend yield of 7.5%. Energy Transfer's dividend payout ratio (DPR) is 100.00%.

Energy Transfer Company 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.