Meadowbrook Wealth Management LLC Purchases Shares of 23,500 Energy Transfer LP $ET

Meadowbrook Wealth Management LLC purchased a new position in Energy Transfer LP (NYSE:ET) in the second quarter, HoldingsChannel.com reports. The firm purchased 23,500 shares of the pipeline company’s stock, valued at approximately $448,000.

Several other institutional investors have also recently made changes to their positions in ET. Arrow Investment Advisors LLC increased its holdings in Energy Transfer by 4.9% in the 2nd quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company’s stock worth $208,000 after acquiring an additional 505 shares in the last quarter. Argent Trust Co raised its stake in Energy Transfer by 2.1% during the 2nd quarter. Argent Trust Co now owns 26,035 shares of the pipeline company’s stock worth $498,000 after acquiring an additional 529 shares during the period. State of Wyoming lifted its holdings in Energy Transfer by 2.5% during the second quarter. State of Wyoming now owns 22,822 shares of the pipeline company’s stock valued at $436,000 after purchasing an additional 548 shares in the last quarter. Keybank National Association OH lifted its holdings in Energy Transfer by 0.3% during the first quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company’s stock valued at $4,231,000 after purchasing an additional 556 shares in the last quarter. Finally, Cascade Financial Partners LLC boosted its position in shares of Energy Transfer by 0.8% in the second quarter. Cascade Financial Partners LLC now owns 72,645 shares of the pipeline company’s stock worth $1,389,000 after purchasing an additional 560 shares during the period. Institutional investors own 38.22% of the company’s stock.

Analysts Set New Price Targets

ET has been the topic of a number of analyst reports. UBS Group restated a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. JPMorgan Chase & Co. raised their price target on Energy Transfer from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Friday. Citigroup restated a “buy” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research report on Friday, August 7th. Weiss Ratings cut Energy Transfer from a “buy (b+)” rating to a “buy (b)” rating in a research report on Tuesday, August 25th. Finally, Barclays reissued an “overweight” rating and set a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.17.

Energy Transfer Stock Up 0.4%

Shares of ET stock opened at $21.52 on Friday. The company’s fifty day simple moving average is $20.46 and its two-hundred day simple moving average is $19.64. Energy Transfer LP has a 52 week low of $16.18 and a 52 week high of $21.77. The stock has a market cap of $74.10 billion, a P/E ratio of 14.64, a PEG ratio of 0.73 and a beta of 0.57. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.45.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The company had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Energy Transfer’s revenue was up 78.4% on a year-over-year basis. Analysts predict that Energy Transfer LP will post 1.7 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were paid a $0.34 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.36 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer’s payout ratio is currently 92.52%.

Insider Activity

In other news, Director Kelcy L. Warren acquired 647,968 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was acquired at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the purchase, the director directly owned 147,901,879 shares in the company, valued at approximately $3,144,393,947.54. This trade represents a 0.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Perry bought 12,359 shares of the company’s stock in a transaction on Friday, August 7th. The shares were acquired at an average price of $20.23 per share, with a total value of $250,022.57. Following the transaction, the director directly owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 1,012,359 shares of company stock valued at $21,513,543 in the last 90 days. Company insiders own 3.28% of the company’s stock.

Energy Transfer Company Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.