Cornerstone Wealth Management LLC Has $693,000 Holdings in Energy Transfer LP (NYSE:ET)

Cornerstone Wealth Management LLC reduced its holdings in Energy Transfer LP (NYSE:ET) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,180 shares of the pipeline company’s stock after selling 1,301 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Energy Transfer were worth $693,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ET. LRI Investments LLC acquired a new position in Energy Transfer during the 1st quarter worth $29,000. HWG Holdings LP acquired a new position in Energy Transfer during the 2nd quarter worth $33,000. Sugarloaf Wealth Management LLC lifted its holdings in Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after buying an additional 750 shares in the last quarter. Hudson Edge Investment Partners Inc. acquired a new position in Energy Transfer during the 2nd quarter worth $42,000. Finally, EdgeRock Capital LLC acquired a new position in Energy Transfer during the 2nd quarter worth $42,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Price Performance

ET stock opened at $16.41 on Friday. The stock has a market cap of $55.30 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 0.50 and a beta of 1.66. The stock has a 50-day moving average price of $16.11 and a two-hundred day moving average price of $15.94. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. Energy Transfer LP has a 1 year low of $12.90 and a 1 year high of $16.64.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data 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). The company had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. Energy Transfer’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 EPS. Equities analysts forecast that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were issued 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 7.80%. Energy Transfer’s dividend payout ratio (DPR) is presently 117.43%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ET. UBS Group upped their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Bank of America assumed coverage on Energy Transfer in a research note on Thursday. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Royal Bank of Canada increased their price target on Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Energy Transfer presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Insider Activity

In other news, CEO Thomas E. Long bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Thomas E. Long bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kelcy L. Warren bought 3,000,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the purchase, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 3,040,000 shares of company stock worth $47,667,200 in the last quarter. Corporate insiders own 3.28% of the company’s stock.

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.