TrinityPoint Wealth LLC Makes New $392,000 Investment in Energy Transfer LP (NYSE:ET)

TrinityPoint Wealth LLC acquired a new stake in Energy Transfer LP (NYSE:ET) in the third quarter, Holdings Channel reports. The fund acquired 24,422 shares of the pipeline company’s stock, valued at approximately $392,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Empowered Funds LLC grew its position in Energy Transfer by 15.0% during the third quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock worth $5,567,000 after buying an additional 45,172 shares in the last quarter. Berkley W R Corp grew its holdings in shares of Energy Transfer by 11.6% during the 1st quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock worth $83,912,000 after purchasing an additional 555,445 shares in the last quarter. GFS Advisors LLC increased its position in shares of Energy Transfer by 19,380.5% in the third quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock worth $963,000 after purchasing an additional 59,692 shares during the period. Cetera Investment Advisers raised its stake in Energy Transfer by 491.3% in the first quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock valued at $20,297,000 after purchasing an additional 1,072,144 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in Energy Transfer by 1,491.0% during the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock worth $67,020,000 after purchasing an additional 3,913,266 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Bank of America initiated coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price for the company. Royal Bank of Canada upped their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, UBS Group boosted their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and an average target price of $20.00.

Energy Transfer Stock Up 1.6 %

Shares of ET opened at $17.58 on Tuesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.92 and a current ratio of 1.08. Energy Transfer LP has a 52 week low of $13.11 and a 52 week high of $17.71. The stock has a market capitalization of $60.18 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 0.53 and a beta of 1.66. The stock has a fifty day moving average of $16.45 and a 200-day moving average of $16.11.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The firm had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. During the same period last year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. As a group, sell-side analysts anticipate that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 7.34%. The ex-dividend date is Friday, November 8th. Energy Transfer’s payout ratio is currently 94.85%.

Insider Transactions at Energy Transfer

In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost of $15.68 per share, with a total value of $313,600.00. Following the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at approximately $9,270,188.48. This trade represents a 3.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.28% of the stock is owned by company insiders.

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.