Cornerstone Wealth Group LLC Invests $210,000 in Energy Transfer LP $ET

Cornerstone Wealth Group LLC purchased a new stake in shares of Energy Transfer LP (NYSE:ET) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 11,582 shares of the pipeline company’s stock, valued at approximately $210,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in ET. Ryan Investment Management Inc. bought a new position in Energy Transfer during the 2nd quarter worth about $31,000. Vision Financial Markets LLC purchased a new stake in shares of Energy Transfer in the 1st quarter worth approximately $33,000. HWG Holdings LP bought a new position in shares of Energy Transfer during the first quarter valued at approximately $38,000. Stone House Investment Management LLC purchased a new position in Energy Transfer during the first quarter valued at approximately $38,000. Finally, N.E.W. Advisory Services LLC bought a new position in Energy Transfer in the first quarter worth approximately $40,000. 38.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ET has been the topic of several recent research reports. Cowen assumed coverage on Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating on the stock. Barclays reaffirmed an “overweight” rating and set a $25.00 price objective on shares of Energy Transfer in a research report on Wednesday. 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. Scotiabank initiated coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price target for the company. Finally, Morgan Stanley cut their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Fourteen analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.46.

Insider Buying and Selling

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were acquired at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the purchase, the director owned 69,178,477 shares in the company, valued at $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Stock Performance

ET opened at $16.89 on Thursday. The company has a market cap of $57.96 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 0.97 and a beta of 0.78. 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 moving average price is $17.27 and its 200-day moving average price is $17.42. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $21.45.

Energy Transfer (NYSE:ET) last released its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The company had revenue of $19.24 billion for the quarter, compared to the consensus estimate of $24.07 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. Energy Transfer’s revenue was down 7.2% compared to the same quarter last year. As a group, equities analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a $0.33 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, August 8th. This represents a $1.32 dividend on an annualized basis and a yield of 7.8%. Energy Transfer’s dividend payout ratio (DPR) is 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.