CNB Bank Buys 1,000 Shares of Energy Transfer LP $ET

CNB Bank boosted its stake in shares of Energy Transfer LP (NYSE:ET) by 111.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,900 shares of the pipeline company’s stock after acquiring an additional 1,000 shares during the period. CNB Bank’s holdings in Energy Transfer were worth $34,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ET. Ryan Investment Management Inc. acquired a new stake in shares of Energy Transfer during the 2nd quarter worth $31,000. Vision Financial Markets LLC bought a new stake in Energy Transfer during the first quarter worth about $33,000. Stone House Investment Management LLC acquired a new stake in Energy Transfer during the first quarter worth about $38,000. N.E.W. Advisory Services LLC bought a new position in Energy Transfer in the 1st quarter valued at about $40,000. Finally, Crowley Wealth Management Inc. acquired a new position in shares of Energy Transfer in the 2nd quarter valued at approximately $44,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Stock Down 0.7%

Shares of ET opened at $16.74 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The stock has a market capitalization of $57.45 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.00 and a beta of 0.78. The stock has a fifty day moving average of $17.18 and a 200-day moving average of $17.41.

Energy Transfer (NYSE:ET) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $19.24 billion during the quarter, compared to analysts’ expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 EPS. As a group, sell-side analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Insider Activity

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the acquisition, the director directly owned 69,178,477 shares in the company, valued at $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ET shares. Barclays reiterated an “overweight” rating and set a $25.00 price target on shares of Energy Transfer in a research report on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a report on Friday. Morgan Stanley lowered their price target on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, August 26th. Scotiabank began coverage on Energy Transfer in a research report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price objective for the company. Finally, UBS Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Energy Transfer in a research note on Wednesday, October 15th. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.67.

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.