Smithbridge Asset Management Inc. DE Grows Stock Position in Energy Transfer LP $ET

Smithbridge Asset Management Inc. DE boosted its stake in Energy Transfer LP (NYSE:ET) by 4.4% in the second quarter, Holdings Channel reports. The fund owned 19,572 shares of the pipeline company’s stock after buying an additional 819 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Energy Transfer were worth $355,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Aire Advisors LLC boosted its holdings in Energy Transfer by 6.7% in the 2nd quarter. Aire Advisors LLC now owns 29,934 shares of the pipeline company’s stock worth $543,000 after acquiring an additional 1,882 shares during the period. Turtle Creek Wealth Advisors LLC boosted its holdings in Energy Transfer by 9.5% in the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 703,587 shares of the pipeline company’s stock worth $12,756,000 after acquiring an additional 61,218 shares during the period. Uptick Partners LLC purchased a new position in Energy Transfer in the 2nd quarter worth approximately $192,000. Rosenberg Matthew Hamilton boosted its holdings in Energy Transfer by 114.4% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 6,540 shares of the pipeline company’s stock worth $119,000 after acquiring an additional 3,490 shares during the period. Finally, Mutual Advisors LLC boosted its holdings in Energy Transfer by 3.8% in the 2nd quarter. Mutual Advisors LLC now owns 219,695 shares of the pipeline company’s stock worth $3,893,000 after acquiring an additional 7,941 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Activity

In other 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 cost 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 approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Stock Performance

ET stock opened at $16.67 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. The firm has a market cap of $57.22 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.00 and a beta of 0.78. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The stock’s 50 day simple moving average is $17.25 and its 200 day simple moving average is $17.41.

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

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.32 annualized dividend and a dividend yield of 7.9%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is currently 102.33%.

Analysts Set New Price Targets

ET has been the subject of a number of analyst reports. Barclays restated an “overweight” rating and issued a $25.00 price target on shares of Energy Transfer in a report on Wednesday. Morgan Stanley cut their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating on the stock. TD Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Energy Transfer 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.