Sovereign Financial Group Inc. Purchases 2,214 Shares of Energy Transfer LP $ET

Sovereign Financial Group Inc. raised its position in shares of Energy Transfer LP (NYSE:ET) by 21.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,779 shares of the pipeline company’s stock after acquiring an additional 2,214 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Energy Transfer were worth $232,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Indiana Trust & Investment Management Co boosted its position in shares of Energy Transfer by 5.1% during the 1st quarter. Indiana Trust & Investment Management Co now owns 11,796 shares of the pipeline company’s stock worth $219,000 after purchasing an additional 576 shares in the last quarter. Beam Wealth Advisors Inc. boosted its position in shares of Energy Transfer by 1.5% during the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company’s stock worth $742,000 after purchasing an additional 585 shares in the last quarter. Morton Capital Management LLC CA boosted its position in shares of Energy Transfer by 1.3% during the 1st quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company’s stock worth $862,000 after purchasing an additional 593 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Energy Transfer by 7.2% during the 2nd quarter. MCF Advisors LLC now owns 9,195 shares of the pipeline company’s stock worth $167,000 after purchasing an additional 616 shares in the last quarter. Finally, Chicago Capital LLC boosted its position in shares of Energy Transfer by 2.6% during the 2nd quarter. Chicago Capital LLC now owns 24,056 shares of the pipeline company’s stock worth $436,000 after purchasing an additional 618 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Trading Down 1.9%

NYSE:ET opened at $16.30 on Monday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The firm has a market cap of $55.95 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.96 and a beta of 0.78. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The firm has a 50-day moving average price of $17.34 and a two-hundred day moving average price of $17.45.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. On average, equities analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were paid a $0.33 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, August 8th. This represents a $1.32 annualized dividend and a yield of 8.1%. Energy Transfer’s dividend payout ratio (DPR) is 102.33%.

Wall Street Analysts Forecast Growth

ET has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Scotiabank initiated coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price target on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating on the stock. Finally, TD Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating and a $22.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Insider Buying and Selling

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was bought at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the purchase, the director directly owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.28% of the company’s stock.

Energy Transfer Company 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.