Summit Asset Management LLC Invests $243,000 in Energy Transfer LP (NYSE:ET)

Summit Asset Management LLC acquired a new stake in Energy Transfer LP (NYSE:ET) in the 3rd quarter, Holdings Channel reports. The firm acquired 15,115 shares of the pipeline company’s stock, valued at approximately $243,000.

Other hedge funds also recently modified their holdings of the company. Princeton Global Asset Management LLC increased its stake in Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. increased its stake in Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares in the last quarter. LRI Investments LLC bought a new stake in Energy Transfer during the 1st quarter valued at $29,000. HWG Holdings LP bought a new stake in Energy Transfer during the 2nd quarter valued at $33,000. Finally, Sugarloaf Wealth Management LLC boosted its holdings in Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after acquiring an additional 750 shares during the last quarter. Institutional investors own 38.22% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on ET shares. Royal Bank of Canada lifted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Bank of America initiated coverage on Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target for the company. Finally, UBS Group raised their price target on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $20.00.

Insider Activity

In other Energy Transfer news, EVP Gregory G. Mcilwain purchased 20,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

NYSE ET opened at $17.09 on Thursday. Energy Transfer LP has a one year low of $13.11 and a one year high of $17.71. The stock has a 50-day moving average of $16.35 and a 200 day moving average of $16.07. The company has a market capitalization of $58.51 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.52 and a beta of 1.66. 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 (NYSE:ET) last released its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $20.77 billion during the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. Energy Transfer’s revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. On average, sell-side analysts forecast that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be given a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 7.55%. Energy Transfer’s payout ratio is currently 94.85%.

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.