HM Payson & Co. Reduces Stake in Energy Transfer LP (NYSE:ET)

Posted by Defense World Staff on Jul 1st, 2023

HM Payson & Co. decreased its stake in shares of Energy Transfer LP (NYSE:ET – Free Report) by 59.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 13,442 shares of the pipeline company’s stock after selling 20,062 shares during the period. HM Payson & Co.’s holdings in Energy Transfer were worth $168,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ET. Country Club Bank GFN grew its position in Energy Transfer by 7.5% during the 1st quarter. Country Club Bank GFN now owns 11,337 shares of the pipeline company’s stock worth $141,000 after acquiring an additional 794 shares during the last quarter. Rehmann Capital Advisory Group lifted its holdings in Energy Transfer by 5.2% in the 4th quarter. Rehmann Capital Advisory Group now owns 16,213 shares of the pipeline company’s stock worth $192,000 after buying an additional 801 shares during the period. FAS Wealth Partners lifted its holdings in Energy Transfer by 4.1% in the 4th quarter. FAS Wealth Partners now owns 20,509 shares of the pipeline company’s stock worth $243,000 after buying an additional 802 shares during the period. Good Life Advisors LLC lifted its holdings in Energy Transfer by 7.1% in the 4th quarter. Good Life Advisors LLC now owns 12,562 shares of the pipeline company’s stock worth $149,000 after buying an additional 828 shares during the period. Finally, UMB Bank n.a. lifted its holdings in Energy Transfer by 3.6% in the 4th quarter. UMB Bank n.a. now owns 24,754 shares of the pipeline company’s stock worth $294,000 after buying an additional 852 shares during the period. Hedge funds and other institutional investors own 34.47% of the company’s stock.

Energy Transfer Trading Down 0.5 %

ET opened at $12.71 on Friday. The stock has a market cap of $39.91 billion, a PE ratio of 9.48 and a beta of 1.72. The company has a quick ratio of 0.92, a current ratio of 1.12 and a debt-to-equity ratio of 1.37. The business has a 50 day moving average of $12.66 and a 200-day moving average of $12.57. Energy Transfer LP has a 52 week low of $9.15 and a 52 week high of $13.67.

Energy Transfer (NYSE:ET – Free Report) last announced its quarterly earnings data on Tuesday, May 2nd. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The company had revenue of $19 billion for the quarter, compared to analysts’ expectations of $21.49 billion. Energy Transfer had a net margin of 5.08% and a return on equity of 13.06%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 EPS. Equities research analysts predict that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 22nd. Shareholders of record on Monday, May 8th were paid a dividend of $0.308 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, May 5th. This represents a $1.23 dividend on an annualized basis and a yield of 9.70%. Energy Transfer’s payout ratio is presently 91.79%.

Insider Buying and Selling at Energy Transfer

In related news, Chairman Kelcy L. Warren acquired 1,000,000 shares of the stock in a transaction on Monday, May 15th. The stock was acquired at an average price of $12.49 per share, for a total transaction of $12,490,000.00. Following the completion of the purchase, the chairman now owns 60,078,477 shares of the company’s stock, valued at $750,380,177.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Energy Transfer news, Chairman Kelcy L. Warren bought 1,000,000 shares of Energy Transfer stock in a transaction on Monday, May 15th. The stock was acquired at an average price of $12.49 per share, with a total value of $12,490,000.00. Following the acquisition, the chairman now owns 60,078,477 shares in the company, valued at $750,380,177.73. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Bradford D. Whitehurst bought 10,000 shares of Energy Transfer stock in a transaction on Tuesday, May 30th. The stock was acquired at an average cost of $12.43 per share, with a total value of $124,300.00. Following the acquisition, the executive vice president now owns 1,303,055 shares in the company, valued at approximately $16,196,973.65. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,510,000 shares of company stock worth $18,749,300. 3.28% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ET shares. Barclays increased their price objective on Energy Transfer from $15.00 to $16.00 in a report on Tuesday, April 18th. Morgan Stanley dropped their price objective on Energy Transfer from $18.00 to $17.00 in a report on Tuesday, April 25th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $16.43.

Energy Transfer Profile

(Free Report)

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 19,945 miles of interstate natural gas pipeline.