Covenant Partners LLC Takes $239,000 Position in Energy Transfer LP (NYSE:ET)

by · The Markets Daily

Covenant Partners LLC bought a new position in shares of Energy Transfer LP (NYSE:ET – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,880 shares of the pipeline company’s stock, valued at approximately $239,000.

Other large investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Energy Transfer by 3.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 718,823 shares of the pipeline company’s stock valued at $11,537,000 after purchasing an additional 22,053 shares during the last quarter. Pathway Financial Advisers LLC increased its holdings in Energy Transfer by 1,837.4% in the third quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company’s stock valued at $21,489,000 after buying an additional 1,269,778 shares during the last quarter. Allworth Financial LP raised its stake in Energy Transfer by 11.7% in the third quarter. Allworth Financial LP now owns 33,880 shares of the pipeline company’s stock valued at $544,000 after buying an additional 3,540 shares in the last quarter. Highland Capital Management LLC lifted its holdings in Energy Transfer by 14.2% during the 3rd quarter. Highland Capital Management LLC now owns 44,290 shares of the pipeline company’s stock worth $711,000 after buying an additional 5,500 shares during the last quarter. Finally, Lake Street Advisors Group LLC boosted its position in shares of Energy Transfer by 13.2% during the 3rd quarter. Lake Street Advisors Group LLC now owns 28,103 shares of the pipeline company’s stock worth $451,000 after acquiring an additional 3,285 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Thomas E. Long acquired 20,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the transaction, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Energy Transfer news, CEO Thomas E. Long bought 20,000 shares of Energy Transfer stock in a transaction on Monday, August 12th. The stock was bought at an average price of $15.68 per share, with a total value of $313,600.00. Following the completion of the acquisition, the chief executive officer now owns 4,308,859 shares in the company, valued at $67,562,909.12. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelcy L. Warren bought 3,000,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were bought at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the transaction, the director now directly owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 3,040,000 shares of company stock worth $47,667,200. 3.28% of the stock is owned by insiders.

Energy Transfer Stock Performance

Shares of ET traded up $0.05 during mid-day trading on Friday, hitting $16.45. 10,546,947 shares of the company’s stock were exchanged, compared to its average volume of 13,042,334. The firm has a market capitalization of $55.44 billion, a P/E ratio of 15.09, a P/E/G ratio of 0.50 and a beta of 1.66. Energy Transfer LP has a fifty-two week low of $12.90 and a fifty-two week high of $16.64. The business’s 50 day moving average is $16.16 and its two-hundred day moving average is $15.96. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38.

Energy Transfer (NYSE:ET – Get Free Report) last announced its 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). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The company had revenue of $20.73 billion during the quarter, compared to analysts’ expectations of $22.01 billion. During the same quarter last year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, equities analysts expect that Energy Transfer LP will post 1.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ET shares. UBS Group boosted their target price on 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 report on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Royal Bank of Canada lifted their price target 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. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $20.00.

View Our Latest Stock Analysis on ET

About Energy Transfer

(Free Report)

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.

Recommended Stories