Leavell Investment Management Inc. purchased a new stake in shares of Energy Transfer LP (NYSE:ET – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,229 shares of the pipeline company’s stock, valued at approximately $405,000.
Other hedge funds also recently added to or reduced their stakes in the company. Princeton Global Asset Management LLC raised its stake in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 650 shares during the last quarter. LRI Investments LLC purchased a new position in Energy Transfer in the 1st quarter worth about $29,000. HWG Holdings LP bought a new position in Energy Transfer during the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC boosted its holdings in shares of Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 750 shares during the last quarter. Finally, EdgeRock Capital LLC bought a new stake in shares of Energy Transfer in the second quarter worth approximately $42,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
ET has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. UBS Group raised their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Bank of America began coverage on Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $20.00.
Insiders Place Their Bets
In other news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares in the company, valued at $9,270,188.48. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.28% of the company’s stock.
Energy Transfer Trading Down 0.6 %
NYSE:ET opened at $17.30 on Monday. Energy Transfer LP has a one year low of $13.01 and a one year high of $17.71. The business has a fifty day moving average price of $16.30 and a 200-day moving average price of $16.05. The firm has a market capitalization of $59.20 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 0.53 and a beta of 1.66. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92.
Energy Transfer (NYSE:ET – Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $21.59 billion. Energy Transfer had a return on equity of 12.64% and a net margin of 5.90%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 earnings per share. Sell-side analysts forecast that Energy Transfer LP will post 1.35 EPS for the current year.
Energy Transfer Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a yield of 7.46%. The ex-dividend date is Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.12%.
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.
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