Summit Financial LLC Has $3.19 Million Position in Energy Transfer LP (NYSE:ET)

Summit Financial LLC raised its stake in shares of Energy Transfer LP (NYSE:ET) by 12.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 196,357 shares of the pipeline company’s stock after buying an additional 22,164 shares during the period. Summit Financial LLC’s holdings in Energy Transfer were worth $3,185,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Berkley W R Corp boosted its holdings in Energy Transfer by 11.6% in the first quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock worth $83,912,000 after purchasing an additional 555,445 shares in the last quarter. NBC Securities Inc. lifted its position in Energy Transfer by 4.3% during the 1st quarter. NBC Securities Inc. now owns 56,366 shares of the pipeline company’s stock worth $886,000 after acquiring an additional 2,326 shares during the last quarter. US Bancorp DE boosted its holdings in Energy Transfer by 95.8% during the fourth quarter. US Bancorp DE now owns 145,894 shares of the pipeline company’s stock valued at $2,013,000 after acquiring an additional 71,386 shares during the period. Savant Capital LLC increased its stake in shares of Energy Transfer by 19.7% in the fourth quarter. Savant Capital LLC now owns 26,335 shares of the pipeline company’s stock worth $363,000 after purchasing an additional 4,340 shares during the period. Finally, Cetera Investment Advisers lifted its position in shares of Energy Transfer by 491.3% during the 1st quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock worth $20,297,000 after purchasing an additional 1,072,144 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ET. Mizuho upped their price target on Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Morgan Stanley raised their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Stifel Nicolaus upped their price objective on shares of Energy Transfer from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. lifted their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. Finally, UBS Group upped their price target on Energy Transfer from $23.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and an average price target of $19.29.

Insider Buying and Selling at Energy Transfer

In related news, CEO Thomas E. Long purchased 20,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the transaction, the chief executive officer now directly owns 4,308,859 shares in the company, valued at $67,562,909.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Kelcy L. Warren bought 3,000,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the purchase, the director now owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Thomas E. Long bought 20,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 3,040,000 shares of company stock worth $47,667,200. 3.28% of the stock is currently owned by insiders.

Energy Transfer Price Performance

ET traded up $0.14 during midday trading on Friday, reaching $16.10. 7,872,503 shares of the company’s stock were exchanged, compared to its average volume of 18,481,058. The firm has a market capitalization of $55.10 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 0.47 and a beta of 1.66. The business has a 50-day simple moving average of $16.10 and a two-hundred day simple moving average of $15.69. Energy Transfer LP has a one year low of $12.90 and a one year high of $16.50. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $20.73 billion for the quarter, compared to analyst estimates of $22.01 billion. Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 EPS. As a group, research analysts predict that Energy Transfer LP will post 1.4 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 7.95%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio (DPR) is currently 117.43%.

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.