Westside Investment Management Inc. acquired a new stake in Energy Transfer LP Unit (NYSE:ET) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 768 shares of the pipeline company’s stock, valued at approximately $1,981,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of ET. Moors & Cabot Inc. boosted its position in Energy Transfer LP Unit by 0.8% during the second quarter. Moors & Cabot Inc. now owns 196,946 shares of the pipeline company’s stock valued at $2,777,000 after acquiring an additional 1,515 shares during the last quarter. Focused Wealth Management Inc bought a new stake in Energy Transfer LP Unit during the first quarter valued at $25,000. AdvisorNet Financial Inc boosted its position in Energy Transfer LP Unit by 49.3% during the second quarter. AdvisorNet Financial Inc now owns 5,120 shares of the pipeline company’s stock valued at $72,000 after acquiring an additional 1,690 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in Energy Transfer LP Unit during the first quarter valued at $28,000. Finally, OLD Second National Bank of Aurora bought a new stake in Energy Transfer LP Unit during the second quarter valued at $27,000. Institutional investors and hedge funds own 56.97% of the company’s stock.
A number of analysts have commented on ET shares. ValuEngine raised shares of Energy Transfer LP Unit from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 17th. Raymond James reaffirmed an “average” rating and set a $19.00 price target on shares of Energy Transfer LP Unit in a research report on Friday, June 21st. 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 report on Wednesday, May 8th. Piper Jaffray Companies started coverage on shares of Energy Transfer LP Unit in a research report on Wednesday, July 17th. They set an “overweight” rating and a $22.00 price target on the stock. Finally, Zacks Investment Research cut shares of Energy Transfer LP Unit from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.50.
Energy Transfer LP Unit (NYSE:ET) last released its quarterly earnings data on Wednesday, May 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.01. The company had revenue of $13.12 billion for the quarter, compared to analysts’ expectations of $14.39 billion. Energy Transfer LP Unit had a net margin of 4.03% and a return on equity of 7.61%. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. Equities research analysts predict that Energy Transfer LP Unit will post 1.42 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Tuesday, August 6th will be given a dividend of $0.305 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 8.63%. Energy Transfer LP Unit’s dividend payout ratio (DPR) is presently 106.09%.
In related news, Director Michael K. Grimm acquired 3,888 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were bought at an average price of $14.14 per share, with a total value of $54,976.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Thomas P. Mason sold 75,000 shares of the stock in a transaction dated Monday, June 17th. The stock was 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.
Further Reading: Do back-end load funds outperform no-load funds?
Receive News & Ratings for Energy Transfer LP Unit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energy Transfer LP Unit and related companies with MarketBeat.com's FREE daily email newsletter.