Old North State Trust LLC Raises Stock Holdings in Energy Transfer LP (NYSE:ET)

Old North State Trust LLC boosted its stake in Energy Transfer LP (NYSE:ET) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,946 shares of the pipeline company’s stock after acquiring an additional 1,399 shares during the period. Old North State Trust LLC’s holdings in Energy Transfer were worth $307,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. HWG Holdings LP bought a new stake in Energy Transfer during the 2nd quarter valued at $33,000. EP Wealth Advisors LLC increased its stake in Energy Transfer by 3.3% in the second quarter. EP Wealth Advisors LLC now owns 40,794 shares of the pipeline company’s stock valued at $662,000 after acquiring an additional 1,315 shares during the last quarter. Invst LLC raised its holdings in shares of Energy Transfer by 26.4% during the 2nd quarter. Invst LLC now owns 17,647 shares of the pipeline company’s stock valued at $289,000 after buying an additional 3,683 shares in the last quarter. Sunbelt Securities Inc. lifted its holdings in shares of Energy Transfer by 2.2% in the 2nd quarter. Sunbelt Securities Inc. now owns 274,095 shares of the pipeline company’s stock worth $4,446,000 after acquiring an additional 5,820 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Energy Transfer by 5.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 148,807 shares of the pipeline company’s stock valued at $2,414,000 after purchasing an additional 7,430 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Performance

Shares of ET stock opened at $16.07 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The company has a 50 day moving average price of $16.04 and a 200-day moving average price of $15.87. Energy Transfer LP has a 52 week low of $12.90 and a 52 week high of $16.50. The firm has a market capitalization of $54.16 billion, a PE ratio of 14.74, a P/E/G ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. Energy Transfer’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 earnings per share. As a group, equities research analysts expect that Energy Transfer LP will post 1.35 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 7.97%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio (DPR) is presently 117.43%.

Analyst Ratings Changes

A number of brokerages have issued reports on ET. UBS Group raised their price target 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. JPMorgan Chase & Co. increased their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Mizuho boosted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, Morgan Stanley boosted their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Energy Transfer currently has a consensus rating of “Moderate Buy” and an average price target of $19.14.

Insider Buying and Selling at Energy Transfer

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