Prospera Private Wealth LLC Purchases 730,706 Shares of Energy Transfer LP (NYSE:ET)

Prospera Private Wealth LLC grew its position in Energy Transfer LP (NYSE:ET) by 1,680.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 774,194 shares of the pipeline company’s stock after buying an additional 730,706 shares during the quarter. Energy Transfer accounts for about 2.3% of Prospera Private Wealth LLC’s portfolio, making the stock its 7th largest holding. Prospera Private Wealth LLC’s holdings in Energy Transfer were worth $12,426,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ET. Princeton Global Asset Management LLC boosted its stake in Energy Transfer by 65.0% in 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 in the last quarter. Assetmark Inc. boosted its stake in shares of Energy Transfer by 2,138.5% in the 3rd 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 bought a new stake in shares of Energy Transfer during the 1st quarter valued at approximately $29,000. HWG Holdings LP acquired a new position in Energy Transfer during the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC lifted its stake in Energy Transfer by 43.6% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 750 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 executive vice president now owns 591,211 shares in the company, valued at $9,270,188.48. This trade represents a 3.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Up 2.2 %

Shares of ET opened at $17.96 on Wednesday. The company has a market capitalization of $61.49 billion, a PE ratio of 13.21, a PEG ratio of 0.53 and a beta of 1.66. The stock’s 50-day moving average price is $16.50 and its two-hundred day moving average price is $16.13. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a 12 month low of $13.11 and a 12 month high of $18.08.

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

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a $0.3225 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 7.18%. 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.