Energy Transfer LP (NYSE:ET) Shares Acquired by Axxcess Wealth Management LLC

Posted by Defense World Staff on Jul 31st, 2023

Axxcess Wealth Management LLC raised its holdings in shares of Energy Transfer LP (NYSE:ET – Free Report) by 49.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,425 shares of the pipeline company’s stock after purchasing an additional 9,135 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Energy Transfer were worth $342,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its holdings in shares of Energy Transfer by 109,332.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 145,943,387 shares of the pipeline company’s stock valued at $1,732,348,000 after buying an additional 145,810,023 shares during the period. Natixis raised its position in shares of Energy Transfer by 56.4% during the 4th quarter. Natixis now owns 42,600,549 shares of the pipeline company’s stock worth $505,669,000 after purchasing an additional 15,361,035 shares during the period. Morgan Stanley lifted its stake in Energy Transfer by 20.9% in the fourth quarter. Morgan Stanley now owns 76,339,168 shares of the pipeline company’s stock valued at $906,146,000 after buying an additional 13,220,435 shares during the last quarter. Maryland State Retirement & Pension System boosted its stake in Energy Transfer by 323.6% during the 1st quarter. Maryland State Retirement & Pension System now owns 2,752,428 shares of the pipeline company’s stock valued at $34,323,000 after purchasing an additional 2,102,618 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Energy Transfer by 13.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,126,047 shares of the pipeline company’s stock worth $203,286,000 after buying an additional 2,005,409 shares in the last quarter. 34.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ET has been the subject of a number of analyst reports. Mizuho boosted their price target on Energy Transfer from $17.00 to $18.00 in a research report on Tuesday, July 18th. Morgan Stanley restated an “overweight” rating and set a $17.00 price target on shares of Energy Transfer in a research report on Thursday, July 20th. Finally, Barclays increased their price objective on shares of Energy Transfer from $15.00 to $16.00 in a report on Tuesday, April 18th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Energy Transfer currently has an average rating of “Buy” and a consensus target price of $16.57.

Energy Transfer Stock Performance

Shares of ET opened at $13.25 on Monday. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.12 and a quick ratio of 0.92. The firm’s 50 day moving average is $12.84 and its 200-day moving average is $12.74. Energy Transfer LP has a 12-month low of $10.02 and a 12-month high of $13.67. The stock has a market capitalization of $41.62 billion, a P/E ratio of 9.89 and a beta of 1.70.

Energy Transfer (NYSE:ET – Get Free Report) last posted its quarterly earnings results on Tuesday, May 2nd. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.01). The business had revenue of $19 billion during the quarter, compared to analyst estimates of $21.49 billion. Energy Transfer had a return on equity of 13.06% and a net margin of 5.08%. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.37 EPS. Equities research analysts anticipate that Energy Transfer LP will post 1.3 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 9.36%. The ex-dividend date of this dividend is Friday, August 11th. Energy Transfer’s payout ratio is 91.79%.

Insider Buying and Selling

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

Energy Transfer Company 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.