Veritable L.P. Raises Stock Holdings in Energy Transfer LP (NYSE:ET)

Veritable L.P. boosted its holdings in Energy Transfer LP (NYSE:ETFree Report) by 2.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 177,458 shares of the pipeline company’s stock after acquiring an additional 4,156 shares during the period. Veritable L.P.’s holdings in Energy Transfer were worth $2,254,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Kingswood Wealth Advisors LLC purchased a new position in Energy Transfer in the 2nd quarter worth about $598,000. BNP Paribas Arbitrage SNC increased its position in shares of Energy Transfer by 12.2% during the 2nd quarter. BNP Paribas Arbitrage SNC now owns 9,420,338 shares of the pipeline company’s stock valued at $119,638,000 after purchasing an additional 1,023,606 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc. increased its position in shares of Energy Transfer by 106.5% during the 2nd quarter. Texas Capital Bank Wealth Management Services Inc. now owns 581,699 shares of the pipeline company’s stock valued at $7,388,000 after purchasing an additional 300,000 shares during the last quarter. Lido Advisors LLC increased its position in shares of Energy Transfer by 85.5% during the 2nd quarter. Lido Advisors LLC now owns 173,293 shares of the pipeline company’s stock valued at $2,201,000 after purchasing an additional 79,885 shares during the last quarter. Finally, Coastal Investment Advisors Inc. increased its position in shares of Energy Transfer by 67.5% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 37,506 shares of the pipeline company’s stock valued at $476,000 after purchasing an additional 15,114 shares during the last quarter. Hedge funds and other institutional investors own 33.79% of the company’s stock.

Energy Transfer Trading Up 0.2 %

Shares of NYSE:ET opened at $13.34 on Thursday. Energy Transfer LP has a 12-month low of $11.37 and a 12-month high of $14.15. The company has a current ratio of 1.05, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The company has a market cap of $41.94 billion, a PE ratio of 12.58 and a beta of 1.66. The stock has a 50 day moving average of $13.62 and a 200 day moving average of $13.14.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, October 30th will be paid a $0.313 dividend. This represents a $1.25 annualized dividend and a yield of 9.39%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, October 27th. Energy Transfer’s dividend payout ratio is presently 117.92%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ET shares. Pickering Energy Partners started coverage on shares of Energy Transfer in a research report on Tuesday, October 3rd. They set an “outperform” rating for the company. JPMorgan Chase & Co. upped their price target on shares of Energy Transfer from $17.00 to $18.00 in a research report on Tuesday, October 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $17.00 price target on shares of Energy Transfer in a research report on Thursday, July 20th. Finally, The Goldman Sachs Group initiated coverage on Energy Transfer in a research note on Thursday, October 5th. They set a “neutral” rating and a $14.00 price objective for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $16.50.

Get Our Latest Stock Analysis on ET

Insiders Place Their Bets

In other Energy Transfer news, EVP Thomas P. Mason purchased 7,500 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was acquired at an average cost of $13.33 per share, for a total transaction of $99,975.00. Following the purchase, the executive vice president now directly owns 1,707,720 shares of the company’s stock, valued at approximately $22,763,907.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Thomas P. Mason bought 7,500 shares of the stock in a transaction dated Tuesday, November 7th. The stock was purchased at an average cost of $13.33 per share, for a total transaction of $99,975.00. Following the transaction, the executive vice president now owns 1,707,720 shares of the company’s stock, valued at $22,763,907.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Marshall S. Mccrea III bought 50,000 shares of the stock in a transaction dated Friday, September 1st. The shares were purchased at an average price of $13.64 per share, with a total value of $682,000.00. Following the completion of the transaction, the chief executive officer now directly owns 6,719,267 shares in the company, valued at approximately $91,650,801.88. The disclosure for this purchase can be found here. Insiders acquired 2,267,500 shares of company stock worth $30,081,475 in the last three months. 3.28% of the stock is owned by company insiders.

About Energy Transfer

(Free Report)

Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,945 miles of interstate natural gas pipeline.

See Also

Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ETFree Report).

Institutional Ownership by Quarter for Energy Transfer (NYSE:ET)

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