Griffin Asset Management Inc. Raises Position in Energy Transfer LP $ET

Griffin Asset Management Inc. increased its holdings in Energy Transfer LP (NYSE:ET) by 2.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 87,289 shares of the pipeline company’s stock after buying an additional 1,980 shares during the period. Griffin Asset Management Inc.’s holdings in Energy Transfer were worth $1,583,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Energy Transfer by 1.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 39,845 shares of the pipeline company’s stock worth $723,000 after buying an additional 565 shares during the period. Indiana Trust & Investment Management Co grew its stake in shares of Energy Transfer by 5.1% in the first quarter. Indiana Trust & Investment Management Co now owns 11,796 shares of the pipeline company’s stock worth $219,000 after purchasing an additional 576 shares during the last quarter. Beam Wealth Advisors Inc. grew its stake in shares of Energy Transfer by 1.5% in the first quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company’s stock worth $742,000 after purchasing an additional 585 shares during the last quarter. Morton Capital Management LLC CA grew its stake in shares of Energy Transfer by 1.3% in the first quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company’s stock worth $862,000 after purchasing an additional 593 shares during the last quarter. Finally, MCF Advisors LLC grew its stake in shares of Energy Transfer by 7.2% in the second quarter. MCF Advisors LLC now owns 9,195 shares of the pipeline company’s stock worth $167,000 after purchasing an additional 616 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kelcy L. Warren acquired 1,350,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the acquisition, the director directly 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 3.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on ET. 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 note on Tuesday, August 26th. Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Scotiabank initiated coverage on Energy Transfer in a research note on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Finally, TD Cowen initiated coverage on Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating and a $22.00 price objective on the stock. Fourteen analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.50.

Energy Transfer Stock Performance

Shares of ET opened at $16.30 on Monday. 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 business’s 50 day moving average price is $17.34 and its 200-day moving average price is $17.45. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The stock has a market cap of $55.95 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.96 and a beta of 0.78.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm had revenue of $19.24 billion for the quarter, compared to analysts’ expectations of $24.07 billion. During the same period in the previous year, the firm posted $0.35 EPS. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. 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 was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date was Friday, August 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio (DPR) is presently 102.33%.

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.