Wedbush Securities Inc. Invests $1.24 Million in Energy Transfer LP Unit (NYSE:ET)
Wedbush Securities Inc. purchased a new position in Energy Transfer LP Unit (NYSE:ET) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 88,365 shares of the pipeline company’s stock, valued at approximately $1,244,000.
A number of other large investors have also recently bought and sold shares of ET. Tortoise Capital Advisors L.L.C. purchased a new stake in Energy Transfer LP Unit during the first quarter valued at approximately $1,417,810,000. OppenheimerFunds Inc. acquired a new position in Energy Transfer LP Unit during the 1st quarter valued at approximately $938,384,000. Alps Advisors Inc. acquired a new position in Energy Transfer LP Unit during the 1st quarter valued at approximately $928,701,000. Kayne Anderson Capital Advisors LP acquired a new position in Energy Transfer LP Unit during the 1st quarter valued at approximately $660,951,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Energy Transfer LP Unit during the 1st quarter valued at approximately $624,075,000. 57.41% of the stock is owned by institutional investors.
A number of brokerages have issued reports on ET. Zacks Investment Research lowered shares of Energy Transfer LP Unit from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Citigroup upped their price target on shares of Energy Transfer LP Unit from $16.00 to $19.50 and gave the company a “buy” rating in a research note on Wednesday, May 8th. ValuEngine upgraded shares of Energy Transfer LP Unit from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 17th. Wells Fargo & Co upped their price target on shares of Energy Transfer LP Unit from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Finally, Raymond James reiterated an “average” rating and issued a $19.00 price objective on shares of Energy Transfer LP Unit in a research note on Friday, June 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $19.61.
Energy Transfer LP Unit (NYSE:ET) last released its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). The business had revenue of $13.88 billion during the quarter, compared to analyst estimates of $14.49 billion. Energy Transfer LP Unit had a return on equity of 9.18% and a net margin of 4.99%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts predict that Energy Transfer LP Unit will post 1.42 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Tuesday, August 6th will be paid a $0.305 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 9.34%. Energy Transfer LP Unit’s payout ratio is currently 106.09%.
In other news, Director Michael K. Grimm purchased 3,888 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average price of $14.14 per share, for a total transaction of $54,976.32. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas P. Mason sold 75,000 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $13.97, for a total transaction of $1,047,750.00. The disclosure for this sale can be found here. 3.28% of the stock is owned by corporate insiders.
About Energy Transfer LP Unit
Energy Transfer LP provides energy-related services in the United States and China. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and approximately 12,200 miles of interstate natural gas pipelines. It sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.
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