Energy Transfer LP $ET Shares Bought by M&T Bank Corp

M&T Bank Corp lifted its holdings in shares of Energy Transfer LP (NYSE:ET) by 16.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 464,936 shares of the pipeline company’s stock after buying an additional 65,570 shares during the period. M&T Bank Corp’s holdings in Energy Transfer were worth $8,429,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ET. Tortoise Capital Advisors L.L.C. boosted its position in Energy Transfer by 2.6% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 38,205,495 shares of the pipeline company’s stock worth $710,240,000 after acquiring an additional 951,656 shares during the period. Energy Income Partners LLC raised its stake in shares of Energy Transfer by 12.0% during the first quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company’s stock valued at $429,802,000 after purchasing an additional 2,471,401 shares in the last quarter. Chickasaw Capital Management LLC raised its stake in shares of Energy Transfer by 3.2% during the second quarter. Chickasaw Capital Management LLC now owns 16,158,771 shares of the pipeline company’s stock valued at $292,959,000 after purchasing an additional 502,240 shares in the last quarter. BROOKFIELD Corp ON lifted its holdings in Energy Transfer by 6.4% in the first quarter. BROOKFIELD Corp ON now owns 14,626,020 shares of the pipeline company’s stock worth $271,898,000 after purchasing an additional 875,634 shares during the period. Finally, Cooperman Leon G grew its position in Energy Transfer by 2.7% in the 1st quarter. Cooperman Leon G now owns 13,000,000 shares of the pipeline company’s stock valued at $241,670,000 after buying an additional 340,000 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Energy Transfer

In other news, Director Kelcy L. Warren bought 1,000,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The stock was bought at an average cost of $16.95 per share, for a total transaction of $16,950,000.00. Following the completion of the acquisition, the director directly owned 104,577,803 shares in the company, valued at $1,772,593,760.85. This represents a 0.97% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

NYSE ET opened at $16.71 on Thursday. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The business’s fifty day moving average is $16.76 and its two-hundred day moving average is $17.35. The stock has a market capitalization of $57.35 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.01 and a beta of 0.65. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.14 and a current ratio of 1.41.

Energy Transfer (NYSE:ET) last issued its earnings results on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.06). The company had revenue of $19.95 billion during the quarter, compared to analyst estimates of $21.84 billion. Energy Transfer had a return on equity of 10.71% and a net margin of 5.66%.The business’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, research analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 19th. Shareholders of record on Friday, November 7th were issued a dividend of $0.3325 per share. This represents a $1.33 annualized dividend and a yield of 8.0%. The ex-dividend date was Friday, November 7th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is presently 106.40%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Morgan Stanley dropped their price target on shares of Energy Transfer from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Tuesday. Scotiabank lowered their price objective on shares of Energy Transfer from $23.00 to $21.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. UBS Group reiterated a “buy” rating and set a $22.00 price target on shares of Energy Transfer in a research report on Wednesday, October 15th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 price objective (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Energy Transfer presently has an average rating of “Moderate Buy” and a consensus target price of $21.62.

Energy Transfer Profile

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.