CNB Bank Has $34,000 Position in Energy Transfer LP $ET

CNB Bank raised its stake in Energy Transfer LP (NYSE:ET) by 111.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,900 shares of the pipeline company’s stock after buying an additional 1,000 shares during the period. CNB Bank’s holdings in Energy Transfer were worth $34,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ET. Brighton Jones LLC boosted its holdings in Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock valued at $481,000 after acquiring an additional 11,844 shares during the last quarter. Golden State Wealth Management LLC lifted its position in shares of Energy Transfer by 101.8% in the 1st quarter. Golden State Wealth Management LLC now owns 4,181 shares of the pipeline company’s stock worth $78,000 after purchasing an additional 2,109 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Energy Transfer by 3.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 49,852 shares of the pipeline company’s stock valued at $927,000 after purchasing an additional 1,558 shares during the last quarter. Transcend Capital Advisors LLC boosted its stake in shares of Energy Transfer by 22.7% in the 1st quarter. Transcend Capital Advisors LLC now owns 104,849 shares of the pipeline company’s stock valued at $1,949,000 after purchasing an additional 19,420 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its position in shares of Energy Transfer by 68.7% during the first quarter. Jaffetilchin Investment Partners LLC now owns 35,100 shares of the pipeline company’s stock worth $653,000 after buying an additional 14,299 shares during the period. 38.22% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,350,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares in the company, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Down 0.7%

ET stock opened at $16.74 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The stock’s 50 day simple moving average is $17.18 and its 200 day simple moving average is $17.41. The company has a market cap of $57.45 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.78.

Energy Transfer (NYSE:ET) last released its quarterly earnings data 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 return on equity of 11.08% and a net margin of 5.80%.The firm had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s quarterly revenue was down 7.2% on a year-over-year basis. On average, research analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on ET. Morgan Stanley dropped their target price 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. Cowen assumed coverage on Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Friday. Wells Fargo & Company reiterated an “overweight” rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Finally, Scotiabank started coverage on Energy Transfer in a report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price target on the stock. Thirteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

About Energy Transfer

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.