Pinnacle Wealth Planning Services Inc. trimmed its stake in Energy Transfer LP (NYSEAMERICAN:ET – Free Report) by 20.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,717,458 shares of the pipeline company’s stock after selling 429,507 shares during the quarter. Energy Transfer makes up about 3.3% of Pinnacle Wealth Planning Services Inc.’s investment portfolio, making the stock its 4th largest holding. Pinnacle Wealth Planning Services Inc.’s holdings in Energy Transfer were worth $33,954,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Summit Securities Group LLC increased its position in Energy Transfer by 179.0% in the 1st quarter. Summit Securities Group LLC now owns 162,100 shares of the pipeline company’s stock valued at $3,129,000 after acquiring an additional 104,000 shares during the period. Sanctuary Advisors LLC boosted its position in Energy Transfer by 15.8% during the 1st quarter. Sanctuary Advisors LLC now owns 1,888,661 shares of the pipeline company’s stock worth $36,451,000 after acquiring an additional 257,954 shares during the period. Mizuho Markets Americas LLC acquired a new position in Energy Transfer during the 1st quarter worth $61,760,000. Independent Financial Group LLC bought a new position in shares of Energy Transfer in the first quarter worth $2,170,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Energy Transfer by 8.6% in the second quarter. Envestnet Asset Management Inc. now owns 1,244,157 shares of the pipeline company’s stock worth $23,788,000 after purchasing an additional 98,624 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.
Energy Transfer Stock Up 1.5%
NYSEAMERICAN:ET opened at $20.71 on Thursday. The business’s 50-day moving average price is $20.78 and its 200 day moving average price is $19.61. Energy Transfer LP has a 52-week low of $16.18 and a 52-week high of $21.84.
Energy Transfer (NYSEAMERICAN:ET – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.21. The company had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. During the same period in the prior year, the company posted $0.32 EPS. Energy Transfer’s quarterly revenue was up 78.4% on a year-over-year basis. On average, equities analysts expect that Energy Transfer LP will post 1.73 EPS for the current fiscal year.
Energy Transfer Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Friday, November 6th will be given a $0.3425 dividend. This represents a $1.37 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date is Friday, November 6th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on ET. Jefferies Financial Group reissued a “buy” rating on shares of Energy Transfer in a report on Wednesday, August 5th. Barclays reaffirmed an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a report on Wednesday, August 5th. Mizuho set a $26.00 target price on shares of Energy Transfer in a research report on Tuesday, October 13th. Truist Financial raised their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Citigroup restated a “buy” rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.60.
Get Our Latest Stock Analysis on Energy Transfer
Insiders Place Their Bets
In other news, Director Kelcy Warren acquired 647,968 shares of Energy Transfer stock in a transaction that occurred on Wednesday, August 19th. The stock was purchased at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the transaction, the director owned 147,901,879 shares in the company, valued at approximately $3,144,393,947.54. This trade represents a 0.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James Perry purchased 12,359 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $20.23 per share, with a total value of $250,022.57. Following the purchase, the director owned 208,046 shares in the company, valued at $4,208,770.58. This represents a 6.32% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 1,012,359 shares of company stock valued at $21,513,543 in the last three months. Company insiders own 3.28% of the company’s stock.
About Energy Transfer
Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.
The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.
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