Eastern Bank Invests $109,000 in Energy Transfer LP (NYSE:ET)

Eastern Bank acquired a new stake in Energy Transfer LP (NYSE:ET) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 6,790 shares of the pipeline company’s stock, valued at approximately $109,000.

Several other hedge funds have also modified their holdings of ET. Global Assets Advisory LLC acquired a new stake in shares of Energy Transfer in the first quarter valued at $204,000. Brookstone Capital Management raised its stake in Energy Transfer by 3.2% in the first quarter. Brookstone Capital Management now owns 190,124 shares of the pipeline company’s stock valued at $2,991,000 after buying an additional 5,894 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Energy Transfer by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 549,971 shares of the pipeline company’s stock valued at $8,651,000 after buying an additional 15,097 shares in the last quarter. Toth Financial Advisory Corp raised its stake in Energy Transfer by 57.8% in the first quarter. Toth Financial Advisory Corp now owns 5,155 shares of the pipeline company’s stock valued at $81,000 after buying an additional 1,888 shares in the last quarter. Finally, Romano Brothers AND Company raised its stake in Energy Transfer by 46.7% in the first quarter. Romano Brothers AND Company now owns 32,482 shares of the pipeline company’s stock valued at $511,000 after buying an additional 10,343 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Gregory G. Mcilwain purchased 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price of $15.68 per share, with a total value 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. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Gregory G. Mcilwain purchased 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price of $15.68 per share, with a total value 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. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelcy L. Warren purchased 3,000,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $15.68 per share, for a total transaction of $47,040,000.00. Following the acquisition, the director now owns 123,385,650 shares of the company’s stock, valued at approximately $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. Insiders have purchased a total of 3,040,000 shares of company stock valued at $47,667,200 over the last quarter. 3.28% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on ET. Royal Bank of Canada raised 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, October 16th. UBS Group raised their price target on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Bank of America began coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and an average price target of $20.00.

Energy Transfer Stock Performance

Shares of ET stock opened at $16.46 on Friday. The stock’s 50-day moving average is $16.16 and its two-hundred day moving average is $15.96. The firm has a market cap of $55.47 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 0.50 and a beta of 1.66. Energy Transfer LP has a 1 year low of $12.90 and a 1 year high of $16.64. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.92 and a current ratio of 1.14.

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). 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 period in the previous year, the business posted $0.25 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts predict that Energy Transfer LP will post 1.35 earnings per share for the current year.

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.