Pallas Capital Advisors LLC Takes Position in Energy Transfer LP (NYSE:ET)

Pallas Capital Advisors LLC bought a new position in shares of Energy Transfer LP (NYSE:ET) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,012 shares of the pipeline company’s stock, valued at approximately $197,000.

A number of other institutional investors have also modified their holdings of the business. Norden Group LLC purchased a new stake in Energy Transfer during the 1st quarter valued at approximately $384,000. Private Advisor Group LLC lifted its holdings in shares of Energy Transfer by 18.5% during the first quarter. Private Advisor Group LLC now owns 495,391 shares of the pipeline company’s stock worth $7,793,000 after purchasing an additional 77,444 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of Energy Transfer by 8.6% during the first quarter. Sequoia Financial Advisors LLC now owns 35,531 shares of the pipeline company’s stock worth $559,000 after purchasing an additional 2,804 shares during the period. Mission Wealth Management LP grew its position in Energy Transfer by 54.9% in the 1st quarter. Mission Wealth Management LP now owns 29,053 shares of the pipeline company’s stock valued at $457,000 after buying an additional 10,294 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Energy Transfer by 4.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 499,752 shares of the pipeline company’s stock valued at $7,861,000 after buying an additional 20,786 shares during the period. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Price Performance

ET stock opened at $16.43 on Friday. The firm has a 50 day moving average of $16.19 and a 200-day moving average of $15.99. The company has a market cap of $56.21 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.50 and a beta of 1.66. 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 12-month low of $13.01 and a 12-month high of $16.64.

Energy Transfer (NYSE:ET) last issued 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). The firm had revenue of $20.73 billion for the quarter, compared to analyst estimates of $22.01 billion. Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 earnings per share. As a group, equities analysts expect that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be paid a $0.3225 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a yield of 7.85%. Energy Transfer’s payout ratio is 107.56%.

Analysts Set New Price Targets

Several analysts have recently commented on ET shares. 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 research note on Wednesday, September 18th. Bank of America initiated coverage on Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada increased their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren purchased 3,000,000 shares of Energy Transfer stock in a transaction 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 acquisition, the director now directly owns 123,385,650 shares of the company’s stock, valued at approximately $1,934,686,992. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the purchase, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. This trade represents a 0.00 % increase in their position. 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 the firm’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $15.68 per share, for a total transaction 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 ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 3,040,000 shares of company stock worth $47,667,200. 3.28% of the stock is owned by corporate insiders.

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.