Payden & Rygel Invests $10.03 Million in Energy Transfer LP (NYSE:ET)

Payden & Rygel purchased a new stake in Energy Transfer LP (NYSE:ET) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 789,690 shares of the pipeline company’s stock, valued at approximately $10,029,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Tucker Asset Management LLC acquired a new position in shares of Energy Transfer during the first quarter worth approximately $25,000. VitalStone Financial LLC lifted its holdings in Energy Transfer by 100.0% during the 1st quarter. VitalStone Financial LLC now owns 3,000 shares of the pipeline company’s stock worth $25,000 after buying an additional 1,500 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Energy Transfer in the 1st quarter valued at $25,000. Capital Advisors Ltd. LLC acquired a new stake in shares of Energy Transfer in the 2nd quarter valued at $26,000. Finally, Wolff Wiese Magana LLC raised its position in shares of Energy Transfer by 133.3% during the second quarter. Wolff Wiese Magana LLC now owns 2,170 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 1,240 shares during the last quarter. Institutional investors and hedge funds own 33.79% of the company’s stock.

Insider Transactions at Energy Transfer

In other news, Chairman Kelcy L. Warren purchased 1,150,000 shares of the company’s stock in a transaction on Monday, August 21st. The shares were purchased at an average cost of $13.00 per share, with a total value of $14,950,000.00. Following the completion of the transaction, the chairman now owns 64,578,477 shares of the company’s stock, valued at approximately $839,520,201. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Energy Transfer news, Chairman Kelcy L. Warren acquired 1,000,000 shares of the business’s stock in a transaction dated Monday, November 6th. The stock was bought at an average cost of $13.53 per share, with a total value of $13,530,000.00. Following the completion of the transaction, the chairman now directly owns 65,578,477 shares in the company, valued at approximately $887,276,793.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Kelcy L. Warren bought 1,150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $14,950,000.00. Following the completion of the acquisition, the chairman now directly owns 64,578,477 shares in the company, valued at approximately $839,520,201. The disclosure for this purchase can be found here. Insiders have bought a total of 2,267,500 shares of company stock valued at $30,081,475 over the last three months. 3.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ET. The Goldman Sachs Group started coverage on Energy Transfer in a research report on Thursday, October 5th. They issued a “neutral” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on shares of Energy Transfer from $17.00 to $18.00 in a research report on Tuesday, October 10th. Finally, Pickering Energy Partners began coverage on shares of Energy Transfer in a report on Tuesday, October 3rd. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $16.50.

Energy Transfer Trading Up 2.6 %

Shares of NYSE:ET traded up $0.34 during mid-day trading on Friday, reaching $13.52. The stock had a trading volume of 15,026,003 shares, compared to its average volume of 12,052,033. The firm has a 50 day simple moving average of $13.60 and a two-hundred day simple moving average of $13.14. Energy Transfer LP has a twelve month low of $11.37 and a twelve month high of $14.15. The firm has a market cap of $42.52 billion, a PE ratio of 12.75 and a beta of 1.66. The company has a current ratio of 1.05, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, October 30th will be issued a $0.313 dividend. The ex-dividend date is Friday, October 27th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.31. This represents a $1.25 annualized dividend and a yield of 9.26%. Energy Transfer’s dividend payout ratio (DPR) is 117.92%.

Energy Transfer Profile

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.