Granite Bay Wealth Management LLC Purchases Shares of 101,600 Energy Transfer LP (NYSE:ET)

Granite Bay Wealth Management LLC acquired a new position in shares of Energy Transfer LP (NYSE:ET) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 101,600 shares of the pipeline company’s stock, valued at approximately $1,598,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ET. Rehmann Capital Advisory Group increased its holdings in shares of Energy Transfer by 2.0% in the first quarter. Rehmann Capital Advisory Group now owns 32,080 shares of the pipeline company’s stock valued at $505,000 after buying an additional 633 shares in the last quarter. Veracity Capital LLC lifted its holdings in shares of Energy Transfer by 2.0% during the second quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after purchasing an additional 659 shares during the last quarter. Sfmg LLC lifted its holdings in shares of Energy Transfer by 2.2% during the first quarter. Sfmg LLC now owns 31,406 shares of the pipeline company’s stock valued at $494,000 after purchasing an additional 674 shares during the last quarter. Morton Capital Management LLC CA boosted its position in shares of Energy Transfer by 1.6% in the 2nd quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock valued at $720,000 after purchasing an additional 699 shares during the period. Finally, FinTrust Capital Advisors LLC increased its stake in Energy Transfer by 3.6% in the 1st quarter. FinTrust Capital Advisors LLC now owns 20,201 shares of the pipeline company’s stock worth $318,000 after purchasing an additional 700 shares in the last quarter. 38.22% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of Energy Transfer stock in a transaction on Friday, August 23rd. The stock was purchased at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the purchase, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the acquisition, the executive vice president now directly owns 591,211 shares in the company, valued at $9,270,188.48. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kelcy L. Warren purchased 3,000,000 shares of Energy Transfer stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the transaction, the director now directly owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 3,040,000 shares of company stock worth $47,667,200. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Down 0.2 %

ET stock opened at $16.05 on Tuesday. The company has a 50 day moving average of $16.03 and a two-hundred day moving average of $15.88. The company has a market cap of $54.07 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 0.50 and a beta of 1.66. Energy Transfer LP has a 12-month low of $12.90 and a 12-month high of $16.50. 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 (NYSE:ET) last announced its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) 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 firm had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. During the same quarter in the prior year, the business posted $0.25 earnings per share. Energy Transfer’s revenue was up 13.1% on a year-over-year basis. On average, equities analysts anticipate that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared 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 a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. This represents a $1.28 annualized dividend and a dividend yield of 7.98%. Energy Transfer’s payout ratio is presently 117.43%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group raised their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Morgan Stanley raised their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Mizuho boosted their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. raised their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Energy Transfer presently has an average rating of “Moderate Buy” and a consensus price target of $19.14.

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.