Energy Transfer LP (NYSE:ET) is Old North State Wealth Management LLC’s 9th Largest Position

Old North State Wealth Management LLC boosted its stake in Energy Transfer LP (NYSE:ET) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 297,551 shares of the pipeline company’s stock after buying an additional 7,295 shares during the period. Energy Transfer accounts for approximately 2.7% of Old North State Wealth Management LLC’s portfolio, making the stock its 9th largest position. Old North State Wealth Management LLC’s holdings in Energy Transfer were worth $4,776,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ET. Norden Group LLC purchased a new stake in Energy Transfer in the first quarter worth about $384,000. Sequoia Financial Advisors LLC increased its stake in shares of Energy Transfer by 8.6% during the first quarter. Sequoia Financial Advisors LLC now owns 35,531 shares of the pipeline company’s stock valued at $559,000 after purchasing an additional 2,804 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Energy Transfer by 4.3% during the first quarter. Janney Montgomery Scott LLC now owns 499,752 shares of the pipeline company’s stock valued at $7,861,000 after purchasing an additional 20,786 shares in the last quarter. Mutual Advisors LLC increased its stake in shares of Energy Transfer by 9.6% during the first quarter. Mutual Advisors LLC now owns 161,076 shares of the pipeline company’s stock valued at $2,534,000 after purchasing an additional 14,133 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Energy Transfer during the first quarter valued at approximately $1,159,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ET. UBS Group raised their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America began coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 target price for the company. Finally, Royal Bank of Canada raised their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $20.00.

Insiders Place Their Bets

In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Kelcy L. Warren bought 3,000,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the transaction, the director now owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Gregory G. Mcilwain purchased 20,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now directly owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,040,000 shares of company stock valued at $47,667,200. Company insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

Shares of ET opened at $16.43 on Monday. The company has a market capitalization of $56.23 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 0.50 and a beta of 1.66. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The firm has a 50 day moving average of $16.19 and a 200 day moving average of $16.01. Energy Transfer LP has a twelve month low of $13.01 and a twelve month high of $16.64.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The company had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. During the same period last year, the firm posted $0.25 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be given a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 7.85%. The ex-dividend date is Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 108.40%.

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.