Griffin Asset Management Inc. Acquires 1,008 Shares of Energy Transfer LP (NYSE:ET)

Griffin Asset Management Inc. lifted its holdings in shares of Energy Transfer LP (NYSE:ET) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,221 shares of the pipeline company’s stock after purchasing an additional 1,008 shares during the period. Griffin Asset Management Inc.’s holdings in Energy Transfer were worth $1,592,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Rehmann Capital Advisory Group raised its stake in shares of Energy Transfer by 2.0% during the 1st quarter. Rehmann Capital Advisory Group now owns 32,080 shares of the pipeline company’s stock worth $505,000 after purchasing an additional 633 shares during the period. Veracity Capital LLC raised its stake in shares of Energy Transfer by 2.0% during the 2nd quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock worth $545,000 after purchasing an additional 659 shares during the period. Sfmg LLC raised its stake in shares of Energy Transfer by 2.2% during the 1st quarter. Sfmg LLC now owns 31,406 shares of the pipeline company’s stock worth $494,000 after purchasing an additional 674 shares during the period. Morton Capital Management LLC CA increased its holdings in Energy Transfer by 1.6% in the 2nd quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock worth $720,000 after acquiring an additional 699 shares during the last quarter. Finally, FinTrust Capital Advisors LLC increased its holdings in Energy Transfer by 3.6% in the 1st quarter. FinTrust Capital Advisors LLC now owns 20,201 shares of the pipeline company’s stock worth $318,000 after acquiring an additional 700 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ET. JPMorgan Chase & Co. lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. UBS Group lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Mizuho lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has an average rating of “Buy” and an average price target of $20.00.

Insider Transactions at Energy Transfer

In other Energy Transfer news, CEO Thomas E. Long acquired 20,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $15.68 per share, with a total value of $313,600.00. Following the completion of the acquisition, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Thomas E. Long bought 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the transaction, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kelcy L. Warren bought 3,000,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the transaction, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 3,040,000 shares of company stock valued at $47,667,200. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Stock Down 1.1 %

ET stock opened at $16.37 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $55.17 billion, a PE ratio of 15.02, a PEG ratio of 0.50 and a beta of 1.66. Energy Transfer LP has a twelve month low of $12.90 and a twelve month high of $16.64. The stock has a 50-day simple moving average of $16.07 and a two-hundred day simple moving average of $15.93.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The company had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. During the same period in the previous year, the firm earned $0.25 EPS. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities analysts predict that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were issued a dividend of $0.32 per share. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. This represents a $1.28 annualized dividend and a dividend yield of 7.82%. Energy Transfer’s payout ratio is presently 117.43%.

About Energy Transfer

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.