MAI Capital Management Buys 39,029 Shares of Energy Transfer LP (NYSE:ET)

MAI Capital Management grew its position in shares of Energy Transfer LP (NYSE:ET) by 5.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 698,113 shares of the pipeline company’s stock after acquiring an additional 39,029 shares during the quarter. MAI Capital Management’s holdings in Energy Transfer were worth $11,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Princeton Global Asset Management LLC increased its holdings in Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares during the last quarter. Assetmark Inc. lifted its position in Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares in the last quarter. LRI Investments LLC purchased a new stake in Energy Transfer in the first quarter worth about $29,000. HWG Holdings LP bought a new position in shares of Energy Transfer in the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC lifted its position in shares of Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after buying an additional 750 shares in the last quarter. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on ET. UBS Group raised their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Bank of America assumed coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada upped their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $20.00.

Insiders Place Their Bets

In other Energy Transfer news, EVP Gregory G. Mcilwain purchased 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 3.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Stock Up 1.6 %

Shares of ET stock opened at $17.58 on Tuesday. The stock has a market cap of $60.18 billion, a P/E ratio of 12.92, a PEG ratio of 0.53 and a beta of 1.66. The company’s fifty day simple moving average is $16.45 and its two-hundred day simple moving average is $16.11. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a 52 week low of $13.11 and a 52 week high of $17.71.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. The company had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The firm’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 earnings per share. Analysts predict that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be paid a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 7.34%. The ex-dividend date of this dividend is Friday, November 8th. Energy Transfer’s payout ratio is 94.85%.

Energy Transfer Company Profile

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.