Sovereign Financial Group Inc. Buys 2,214 Shares of Energy Transfer LP $ET

Sovereign Financial Group Inc. increased its stake in Energy Transfer LP (NYSE:ET) by 21.0% during the second quarter, HoldingsChannel reports. The firm owned 12,779 shares of the pipeline company’s stock after acquiring an additional 2,214 shares during the period. Sovereign Financial Group Inc.’s holdings in Energy Transfer were worth $232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of ET. Ryan Investment Management Inc. purchased a new position in shares of Energy Transfer in the second quarter worth about $31,000. Vision Financial Markets LLC purchased a new position in Energy Transfer in the 1st quarter valued at approximately $33,000. HWG Holdings LP purchased a new position in Energy Transfer in the 1st quarter valued at approximately $38,000. Stone House Investment Management LLC purchased a new position in Energy Transfer in the 1st quarter valued at approximately $38,000. Finally, N.E.W. Advisory Services LLC purchased a new position in Energy Transfer in the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Activity

In related news, Director Kelcy L. Warren acquired 1,350,000 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the acquisition, the director owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Stock Down 1.9%

Shares of NYSE:ET opened at $16.30 on Monday. The firm has a fifty day moving average price of $17.34 and a two-hundred day moving average price of $17.45. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The company has a market cap of $55.95 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.96 and a beta of 0.78.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The firm had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. During the same period last year, the firm earned $0.35 EPS. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. Analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.1%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is presently 102.33%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ET shares. TD Cowen started coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating and a $22.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, August 26th. Cowen started coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating for the company. Wells Fargo & Company reiterated an “overweight” rating and issued a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Fourteen analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Energy Transfer has an average rating of “Moderate Buy” and a consensus 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.