Naviter Wealth LLC Has $390,000 Position in Energy Transfer LP $ET

Naviter Wealth LLC boosted its holdings in Energy Transfer LP (NYSE:ET) by 36.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,500 shares of the pipeline company’s stock after purchasing an additional 5,800 shares during the quarter. Naviter Wealth LLC’s holdings in Energy Transfer were worth $390,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Alpine Woods Capital Investors LLC bought a new position in Energy Transfer during the 2nd quarter valued at $215,000. Cornerstone Wealth Group LLC bought a new position in Energy Transfer during the 2nd quarter valued at $210,000. Community Bank N.A. lifted its stake in Energy Transfer by 88.2% during the 2nd quarter. Community Bank N.A. now owns 3,200 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 1,500 shares in the last quarter. Verdence Capital Advisors LLC lifted its stake in Energy Transfer by 7.2% during the 2nd quarter. Verdence Capital Advisors LLC now owns 14,958 shares of the pipeline company’s stock valued at $271,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in Energy Transfer by 9.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 54,725 shares of the pipeline company’s stock valued at $992,000 after acquiring an additional 4,873 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The shares were purchased at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the transaction, the director directly owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 3.28% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ET. TD Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating and a $22.00 price objective on the stock. Wells Fargo & Company reiterated an “overweight” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Scotiabank assumed coverage on Energy Transfer in a research note on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 target price on the stock. Finally, Morgan Stanley lowered their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 26th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Energy Transfer currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Energy Transfer Price Performance

NYSE ET opened at $16.54 on Wednesday. The company has a market cap of $56.76 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.97 and a beta of 0.78. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The firm’s 50-day simple moving average is $17.29 and its two-hundred day simple moving average is $17.43.

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. The business had revenue of $19.24 billion for the quarter, compared to the consensus estimate of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The company’s revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share. Research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 8.0%. This is a boost 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 currently 102.33%.

Energy Transfer 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.