Meadowbrook Wealth Management LLC Takes $448,000 Position in Energy Transfer LP $ET

Meadowbrook Wealth Management LLC purchased a new stake in shares of Energy Transfer LP (NYSE:ET) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 23,500 shares of the pipeline company’s stock, valued at approximately $448,000.

A number of other institutional investors have also added to or reduced their stakes in ET. Brighton Jones LLC grew its position in shares of Energy Transfer by 93.4% in the 4th quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after buying an additional 11,844 shares during the period. AQR Capital Management LLC lifted its position in Energy Transfer by 62.8% during the 1st quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company’s stock valued at $391,000 after acquiring an additional 8,118 shares during the period. Geode Capital Management LLC lifted its position in Energy Transfer by 6.2% during the 2nd quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company’s stock valued at $2,455,000 after acquiring an additional 7,901 shares during the period. Russell Investments Group Ltd. boosted its stake in Energy Transfer by 436.5% during the second quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company’s stock worth $76,000 after acquiring an additional 3,400 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its stake in Energy Transfer by 5.6% during the second quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company’s stock worth $923,000 after acquiring an additional 2,700 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ET. Truist Financial upped their price objective on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings cut shares of Energy Transfer from a “buy (b+)” rating to a “buy (b)” rating in a research note on Tuesday, August 25th. Zacks Research downgraded shares of Energy Transfer from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Barclays restated an “overweight” rating and set a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. Finally, Citigroup reaffirmed a “buy” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.17.

Insider Activity

In other Energy Transfer news, Director Kelcy L. Warren acquired 647,968 shares of the stock in a transaction dated Wednesday, August 19th. The shares were purchased at an average price of $21.26 per share, for a total transaction of $13,775,799.68. Following the purchase, the director directly owned 147,901,879 shares of the company’s stock, valued at approximately $3,144,393,947.54. This trade represents a 0.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Perry acquired 12,359 shares of the stock in a transaction dated Friday, August 7th. The stock was acquired at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the purchase, the director directly owned 208,046 shares in the company, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 1,012,359 shares of company stock worth $21,513,543 over the last three months. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Up 0.4%

Shares of Energy Transfer stock opened at $21.52 on Friday. Energy Transfer LP has a twelve month low of $16.18 and a twelve month high of $21.77. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.45. The company’s 50 day moving average is $20.46 and its 200 day moving average is $19.64. The company has a market cap of $74.10 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 0.73 and a beta of 0.57.

Energy Transfer (NYSE:ET) last announced its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. The business had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The company’s quarterly revenue was up 78.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. Research analysts anticipate that Energy Transfer LP will post 1.7 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were issued a $0.34 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.36 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer’s dividend payout ratio is currently 92.52%.

Energy Transfer Company Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.