SpringVest Wealth Management LLC Buys Shares of 15,917 Energy Transfer LP $ET

SpringVest Wealth Management LLC bought a new stake in Energy Transfer LP (NYSE:ET) during the second quarter, Holdings Channel.com reports. The firm bought 15,917 shares of the pipeline company’s stock, valued at approximately $289,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Maryland State Retirement & Pension System boosted its position in Energy Transfer by 6.3% in the second quarter. Maryland State Retirement & Pension System now owns 2,783,399 shares of the pipeline company’s stock valued at $50,463,000 after buying an additional 164,563 shares in the last quarter. Morton Capital Management LLC CA boosted its position in Energy Transfer by 8.0% in the second quarter. Morton Capital Management LLC CA now owns 50,104 shares of the pipeline company’s stock valued at $908,000 after buying an additional 3,722 shares in the last quarter. Winthrop Advisory Group LLC boosted its position in Energy Transfer by 20.0% in the second quarter. Winthrop Advisory Group LLC now owns 14,985 shares of the pipeline company’s stock valued at $272,000 after buying an additional 2,500 shares in the last quarter. Citizens National Bank Trust Department lifted its holdings in shares of Energy Transfer by 25.0% during the second quarter. Citizens National Bank Trust Department now owns 5,000 shares of the pipeline company’s stock worth $91,000 after purchasing an additional 1,000 shares during the period. Finally, Tcfg Wealth Management LLC lifted its holdings in shares of Energy Transfer by 34.9% during the second quarter. Tcfg Wealth Management LLC now owns 28,833 shares of the pipeline company’s stock worth $523,000 after purchasing an additional 7,463 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was purchased at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the purchase, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

Shares of NYSE ET opened at $16.70 on Thursday. Energy Transfer LP has a twelve month low of $14.60 and a twelve month high of $21.45. The firm has a fifty day simple moving average of $17.39 and a 200 day simple moving average of $17.50. The company has a market capitalization of $57.33 billion, a PE ratio of 12.95, a P/E/G ratio of 0.98 and a beta of 0.78. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. During the same quarter last year, the firm earned $0.35 earnings per share. Energy Transfer’s quarterly revenue was down 7.2% on a year-over-year basis. On average, sell-side analysts forecast that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 7.9%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer’s payout ratio is presently 102.33%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ET. Wells Fargo & Company reiterated an “overweight” rating and set a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Scotiabank began coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price target on the stock. Morgan Stanley cut their price target on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, August 26th. TD Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a “buy” rating on the stock. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

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.