Energy Transfer LP (NYSE:ET – Get Rating) was the target of a large drop in short interest in the month of December. As of December 30th, there was short interest totalling 75,530,000 shares, a drop of 5.6% from the December 15th total of 80,050,000 shares. Based on an average daily trading volume, of 15,220,000 shares, the days-to-cover ratio is currently 5.0 days. Currently, 3.1% of the company’s shares are short sold.
Insiders Place Their Bets
In other news, Chairman Kelcy L. Warren bought 500,000 shares of the stock in a transaction dated Tuesday, November 22nd. The stock was bought at an average price of $12.36 per share, for a total transaction of $6,180,000.00. Following the purchase, the chairman now directly owns 54,278,477 shares in the company, valued at approximately $670,881,975.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Kelcy L. Warren acquired 500,000 shares of the business’s stock in a transaction on Tuesday, November 22nd. The stock was acquired at an average cost of $12.36 per share, with a total value of $6,180,000.00. Following the acquisition, the chairman now directly owns 54,278,477 shares in the company, valued at approximately $670,881,975.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Bradford D. Whitehurst bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 6th. The stock was acquired at an average cost of $12.00 per share, with a total value of $60,000.00. Following the completion of the acquisition, the chief financial officer now owns 1,048,305 shares of the company’s stock, valued at approximately $12,579,660. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 740,000 shares of company stock worth $9,082,900. 3.28% of the stock is currently owned by company insiders.
Institutional Trading of Energy Transfer
A number of hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC boosted its position in Energy Transfer by 8.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 340,257 shares of the pipeline company’s stock worth $3,518,000 after buying an additional 27,377 shares during the period. Private Advisor Group LLC raised its holdings in shares of Energy Transfer by 44.4% in the 2nd quarter. Private Advisor Group LLC now owns 345,892 shares of the pipeline company’s stock worth $3,452,000 after purchasing an additional 106,288 shares during the period. HBW Advisory Services LLC bought a new stake in Energy Transfer during the 3rd quarter valued at $113,000. Truist Financial Corp raised its holdings in shares of Energy Transfer by 2.1% in the 2nd quarter. Truist Financial Corp now owns 816,120 shares of the pipeline company’s stock valued at $8,145,000 after acquiring an additional 16,939 shares in the last quarter. Finally, Visionary Wealth Advisors raised its holdings in shares of Energy Transfer by 35.8% in the 2nd quarter. Visionary Wealth Advisors now owns 25,475 shares of the pipeline company’s stock valued at $254,000 after acquiring an additional 6,715 shares in the last quarter. Institutional investors and hedge funds own 37.81% of the company’s stock.
Energy Transfer Price Performance
Energy Transfer (NYSE:ET – Get Rating) last released its quarterly earnings data on Tuesday, November 1st. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Energy Transfer had a return on equity of 13.01% and a net margin of 5.02%. The firm had revenue of $22.94 billion during the quarter, compared to analyst estimates of $27.57 billion. On average, analysts anticipate that Energy Transfer will post 1.41 earnings per share for the current fiscal year.
Energy Transfer Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, November 21st. Shareholders of record on Friday, November 4th were paid a $0.265 dividend. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a $1.06 dividend on an annualized basis and a yield of 8.31%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.23. Energy Transfer’s dividend payout ratio (DPR) is currently 79.11%.
Wall Street Analyst Weigh In
ET has been the subject of a number of research analyst reports. Mizuho raised their price target on shares of Energy Transfer from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, November 4th. Barclays lifted their price objective on Energy Transfer from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Wednesday, January 18th. Morgan Stanley lifted their target price on Energy Transfer from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, January 9th. Finally, Citigroup assumed coverage on Energy Transfer in a report on Thursday, December 8th. They set a “buy” rating and a $16.00 price target for the company. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and a consensus target price of $16.00.
About Energy Transfer
Energy Transfer LP provides natural gas pipeline transportation and transmission services. It operates through the following segments: Intrastate Transportation and Storage, Interstate Transportation and Storage, Midstream, NGL and Refined Products Transportation and Services, Crude Oil Transportation and Services, Investment in Sunoco LP, Investment in USAC, and All Other.
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