PNC Financial Services Group Inc. Grows Stock Holdings in Energy Transfer LP $ET

PNC Financial Services Group Inc. lifted its stake in shares of Energy Transfer LP (NYSE:ET) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 247,599 shares of the pipeline company’s stock after acquiring an additional 6,857 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Energy Transfer were worth $4,489,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Chelsea Counsel Co. increased its holdings in Energy Transfer by 370.3% in the 2nd quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock worth $1,705,000 after buying an additional 74,050 shares during the period. Ariston Services Group lifted its stake in Energy Transfer by 126.7% during the 2nd quarter. Ariston Services Group now owns 100,683 shares of the pipeline company’s stock valued at $1,825,000 after acquiring an additional 56,274 shares during the period. Highland Capital Management LLC purchased a new stake in shares of Energy Transfer in the 2nd quarter valued at $930,000. Northern Trust Corp increased its stake in shares of Energy Transfer by 223.5% in the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock worth $19,883,000 after acquiring an additional 738,885 shares during the period. Finally, Focus Partners Wealth raised its holdings in shares of Energy Transfer by 11.9% during the first quarter. Focus Partners Wealth now owns 275,698 shares of the pipeline company’s stock worth $5,125,000 after purchasing an additional 29,404 shares during the last quarter. Institutional investors own 38.22% of the company’s stock.

Insider Buying and Selling

In other news, Director Kelcy L. Warren bought 1,350,000 shares of Energy Transfer stock in a transaction on Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director directly owned 69,178,477 shares of the company’s stock, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

Energy Transfer stock opened at $16.96 on Tuesday. The stock has a market capitalization of $58.22 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.01 and a beta of 0.76. The company’s fifty day moving average price is $16.94 and its 200 day moving average price is $17.40. 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 1 year low of $14.60 and a 1 year high of $21.45.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.06). The company had revenue of $19.95 billion for the quarter, compared to analysts’ expectations of $21.84 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 earnings per share. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 19th. Investors of record on Friday, November 7th will be issued a $0.3325 dividend. This represents a $1.33 annualized dividend and a yield of 7.8%. The ex-dividend date is Friday, November 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is presently 106.40%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ET. Jefferies Financial Group set a $17.00 price target on Energy Transfer and gave the stock a “hold” rating in a research report on Tuesday, October 28th. Morgan Stanley dropped their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, August 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Energy Transfer in a report on Wednesday, October 8th. UBS Group restated a “buy” rating and issued a $22.00 price objective on shares of Energy Transfer in a research report on Wednesday, October 15th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Thirteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.08.

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.