Shulman DeMeo Asset Management LLC Makes New Investment in Energy Transfer LP (NYSE:ET)

Shulman DeMeo Asset Management LLC purchased a new position in Energy Transfer LP (NYSE:ET) during the third quarter, Holdings Channel reports. The firm purchased 10,777 shares of the pipeline company’s stock, valued at approximately $173,000.

A number of other hedge funds also recently modified their holdings of the stock. Arkfeld Wealth Strategies L.L.C. bought a new position in shares of Energy Transfer in the third quarter worth $181,000. NBC Securities Inc. increased its position in shares of Energy Transfer by 6.8% in the third quarter. NBC Securities Inc. now owns 68,738 shares of the pipeline company’s stock worth $1,103,000 after purchasing an additional 4,381 shares during the period. Creative Planning increased its position in shares of Energy Transfer by 16.9% in the third quarter. Creative Planning now owns 796,099 shares of the pipeline company’s stock worth $12,777,000 after purchasing an additional 115,081 shares during the period. Wesbanco Bank Inc. increased its position in shares of Energy Transfer by 48.9% in the third quarter. Wesbanco Bank Inc. now owns 36,521 shares of the pipeline company’s stock worth $586,000 after purchasing an additional 12,000 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in Energy Transfer in the third quarter valued at about $5,519,000. Institutional investors own 38.22% of the company’s stock.

Insider Transactions at Energy Transfer

In related news, CEO Thomas E. Long bought 20,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Thomas E. Long bought 20,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kelcy L. Warren bought 3,000,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the acquisition, the director now directly owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 3,040,000 shares of company stock worth $47,667,200. Insiders own 3.28% of the company’s stock.

Energy Transfer Trading Down 1.1 %

Shares of NYSE:ET traded down $0.18 during midday trading on Tuesday, hitting $16.37. 18,665,604 shares of the stock were exchanged, compared to its average volume of 13,161,426. The stock has a market capitalization of $55.17 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 0.50 and a beta of 1.66. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.92 and a current ratio of 1.14. The business’s 50-day moving average price is $16.07 and its 200 day moving average price is $15.93. Energy Transfer LP has a 12 month low of $12.90 and a 12 month high of $16.64.

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

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were issued a dividend of $0.32 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 7.82%. The ex-dividend date was Friday, August 9th. Energy Transfer’s payout ratio is 117.43%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ET shares. JPMorgan Chase & Co. raised their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Mizuho raised their price objective on Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Finally, UBS Group raised their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and a consensus price target of $20.00.

About Energy Transfer

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.