Oppenheimer Asset Management Inc. Boosts Stake in Energy Transfer LP (NYSE:ET)

Oppenheimer Asset Management Inc. increased its position in shares of Energy Transfer LP (NYSE:ET) by 0.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 174,002 shares of the pipeline company’s stock after buying an additional 1,020 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Energy Transfer were worth $2,822,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ET. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Energy Transfer by 12.7% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock valued at $594,769,000 after buying an additional 4,141,715 shares during the last quarter. Clearbridge Investments LLC raised its stake in Energy Transfer by 18.5% during the 4th quarter. Clearbridge Investments LLC now owns 25,423,547 shares of the pipeline company’s stock valued at $350,845,000 after acquiring an additional 3,976,676 shares during the last quarter. First Reserve GP XIII Ltd acquired a new stake in Energy Transfer during the 4th quarter worth approximately $322,097,000. Natixis grew its stake in shares of Energy Transfer by 20.0% in the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock valued at $283,463,000 after purchasing an additional 2,999,300 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Energy Transfer by 6.9% in the fourth quarter. Westwood Holdings Group Inc. now owns 16,785,510 shares of the pipeline company’s stock valued at $231,640,000 after purchasing an additional 1,085,240 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Stock Performance

Shares of ET opened at $16.17 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. Energy Transfer LP has a 52-week low of $12.90 and a 52-week high of $16.50. The company has a 50-day simple moving average of $16.06 and a 200-day simple moving average of $15.80. The company has a market capitalization of $55.34 billion, a PE ratio of 14.83, a P/E/G ratio of 0.46 and a beta of 1.66.

Energy Transfer (NYSE:ET) last issued its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The company had revenue of $20.73 billion for the quarter, compared to analyst estimates of $22.01 billion. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. Equities research analysts predict that Energy Transfer LP will post 1.4 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were paid a $0.32 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 7.92%. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio (DPR) is presently 117.43%.

Wall Street Analyst Weigh In

ET has been the subject of several recent research reports. Morgan Stanley increased their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Mizuho lifted their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. increased their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.29.

Insider Buying and Selling

In other news, CEO Thomas E. Long purchased 20,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the transaction, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other Energy Transfer news, CEO Thomas E. Long acquired 20,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $15.68 per share, with a total value of $313,600.00. Following the purchase, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelcy L. Warren acquired 3,000,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the transaction, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 3,040,000 shares of company stock valued at $47,667,200. 3.28% of the stock is owned by insiders.

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.