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HighTower Trust Services LTA Lowers Stock Holdings in Energy Transfer LP (NYSE:ET)

Financial News Live · Oct 2, 2022 08:51

HighTower Trust Services LTA trimmed its stake in Energy Transfer LP (NYSE:ET – Get Rating) by 81.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,731 shares of the pipeline company's stock after selling 181,952 shares during the period. HighTower Trust Services LTA's holdings in Energy Transfer were worth $4,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Blackstone Inc. lifted its position in shares of Energy Transfer by 7.7% in the 1st quarter. Blackstone Inc. now owns 184,681,477 shares of the pipeline company's stock worth $2,066,585,000 after purchasing an additional 13,128,425 shares during the period. RR Advisors LLC lifted its position in shares of Energy Transfer by 74.0% in the 1st quarter. RR Advisors LLC now owns 8,154,000 shares of the pipeline company's stock worth $91,238,000 after purchasing an additional 3,469,000 shares during the period. Beach Investment Counsel Inc. PA purchased a new stake in shares of Energy Transfer in the 1st quarter worth approximately $31,865,000. Chiron Investment Management LLC purchased a new stake in shares of Energy Transfer in the 1st quarter worth approximately $27,423,000. Finally, Bank of Montreal Can lifted its position in shares of Energy Transfer by 20.4% in the 1st quarter. Bank of Montreal Can now owns 12,581,005 shares of the pipeline company's stock worth $145,059,000 after purchasing an additional 2,134,134 shares during the period. 38.80% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Energy Transfer

In other Energy Transfer news, Chairman Kelcy L. Warren acquired 2,428,747 shares of the business's stock in a transaction dated Monday, September 12th. The shares were purchased at an average price of $12.04 per share, for a total transaction of $29,242,113.88. Following the completion of the purchase, the chairman now directly owns 52,007,224 shares of the company's stock, valued at $626,166,976.96. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Energy Transfer news, Chairman Kelcy L. Warren acquired 2,428,747 shares of the business's stock in a transaction dated Monday, September 12th. The shares were purchased at an average price of $12.04 per share, for a total transaction of $29,242,113.88. Following the completion of the purchase, the chairman now directly owns 52,007,224 shares of the company's stock, valued at $626,166,976.96. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Kelcy L. Warren acquired 1,591,092 shares of the business's stock in a transaction dated Tuesday, August 9th. The stock was acquired at an average price of $10.94 per share, for a total transaction of $17,406,546.48. Following the purchase, the chairman now directly owns 49,578,477 shares of the company's stock, valued at $542,388,538.38. The disclosure for this purchase can be found here. Insiders have acquired 4,045,866 shares of company stock worth $46,895,136 over the last 90 days. 3.28% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ET has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of Energy Transfer from $15.00 to $16.00 and gave the stock an "outperform" rating in a research note on Thursday, August 18th. Barclays boosted their price objective on shares of Energy Transfer from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 16th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Energy Transfer has a consensus rating of "Buy" and a consensus price target of $14.67.

Energy Transfer Trading Up 0.5 %

Shares of Energy Transfer stock opened at $11.03 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 1.39. Energy Transfer LP has a 12-month low of $7.96 and a 12-month high of $12.49. The firm has a market capitalization of $34.05 billion, a price-to-earnings ratio of 8.82 and a beta of 1.85. The firm's 50 day simple moving average is $11.50 and its two-hundred day simple moving average is $11.10.

Energy Transfer (NYSE:ET – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.10. Energy Transfer had a net margin of 4.83% and a return on equity of 11.98%. The business had revenue of $25.95 billion for the quarter, compared to analyst estimates of $21.88 billion. Analysts predict that Energy Transfer LP will post 1.38 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Monday, August 8th were paid a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 8.34%. This is a positive change from Energy Transfer's previous quarterly dividend of $0.20. Energy Transfer's dividend payout ratio is presently 73.60%.

About Energy Transfer

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Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline.