Oppenheimer Asset Management Inc. Buys 12,284 Shares of Energy Transfer LP (NYSE:ET)

Oppenheimer Asset Management Inc. grew its stake in Energy Transfer LP (NYSE:ET) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 186,286 shares of the pipeline company’s stock after acquiring an additional 12,284 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Energy Transfer were worth $2,990,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ET. Princeton Global Asset Management LLC grew its position in shares of Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after buying an additional 650 shares during the period. Assetmark Inc. grew its position in shares of Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after buying an additional 1,668 shares during the period. LRI Investments LLC acquired a new stake in shares of Energy Transfer during the 1st quarter worth approximately $29,000. HWG Holdings LP acquired a new stake in shares of Energy Transfer during the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC grew 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 worth $40,000 after buying an additional 750 shares during the period. 38.22% of the stock is owned by institutional investors.

Energy Transfer Stock Up 0.8 %

Shares of NYSE ET opened at $17.29 on Friday. The stock has a market cap of $59.18 billion, a P/E ratio of 12.71, a P/E/G ratio of 0.52 and a beta of 1.66. The firm has a 50 day moving average price of $16.39 and a 200 day moving average price of $16.08. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.92 and a current ratio of 1.08. Energy Transfer LP has a 52-week low of $13.11 and a 52-week high of $17.71.

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

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 7.46%. The ex-dividend date is Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. 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 report on Wednesday, October 16th. 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 target for the company. Finally, UBS Group lifted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Energy Transfer has a consensus rating of “Buy” and an average price target of $20.00.

Insider Activity

In related news, EVP Gregory G. Mcilwain purchased 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the acquisition, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This represents a 3.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.28% of the company’s stock.

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.