DMC Group LLC Acquires 29,000 Shares of Energy Transfer LP $ET

DMC Group LLC bought a new stake in shares of Energy Transfer LP (NYSEAMERICAN:ET) during the third quarter, HoldingsChannel reports. The firm bought 29,000 shares of the pipeline company’s stock, valued at approximately $573,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Arrow Investment Advisors LLC boosted its stake in Energy Transfer by 4.9% during the second quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company’s stock worth $208,000 after acquiring an additional 505 shares in the last quarter. Cypress Capital Management LLC WY grew its holdings in Energy Transfer by 3.9% in the second quarter. Cypress Capital Management LLC WY now owns 13,439 shares of the pipeline company’s stock worth $257,000 after purchasing an additional 509 shares during the period. Argent Trust Co grew its holdings in Energy Transfer by 2.1% in the second quarter. Argent Trust Co now owns 26,035 shares of the pipeline company’s stock worth $498,000 after purchasing an additional 529 shares during the period. State of Wyoming lifted its holdings in shares of Energy Transfer by 2.5% during the second quarter. State of Wyoming now owns 22,822 shares of the pipeline company’s stock valued at $436,000 after purchasing an additional 548 shares during the last quarter. Finally, Keybank National Association OH boosted its position in shares of Energy Transfer by 0.3% in the 1st quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company’s stock worth $4,231,000 after purchasing an additional 556 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Energy Transfer Trading Down 0.9%

NYSEAMERICAN:ET opened at $20.41 on Wednesday. The company’s 50 day moving average price is $20.79 and its 200-day moving average price is $19.59. Energy Transfer LP has a 52 week low of $16.18 and a 52 week high of $21.84.

Energy Transfer (NYSEAMERICAN:ET) last announced its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. The firm had revenue of $34.33 billion during the quarter, compared to analysts’ expectations of $27.71 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. Energy Transfer’s revenue was up 78.4% on a year-over-year basis. Sell-side analysts expect that Energy Transfer LP will post 1.73 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.3425 per share. The ex-dividend date is Friday, November 6th. This represents a $1.37 annualized dividend and a yield of 6.7%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34.

Wall Street Analysts Forecast Growth

ET has been the topic of several recent research reports. Zacks Research downgraded Energy Transfer from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. TD Cowen reiterated a “buy” rating and set a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a research note on Monday, August 10th. JPMorgan Chase & Co. boosted their target price on Energy Transfer from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, September 4th. Barclays reissued an “overweight” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. Finally, Mizuho set a $26.00 price target on Energy Transfer in a report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.60.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren acquired 647,968 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the transaction, the director directly owned 147,901,879 shares of the company’s stock, valued at approximately $3,144,393,947.54. This represents a 0.44% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Perry acquired 12,359 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, for a total transaction of $250,022.57. Following the completion of the transaction, the director directly owned 208,046 shares of the company’s stock, valued at $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 1,012,359 shares of company stock worth $21,513,543. Company insiders own 3.28% of the company’s stock.

About Energy Transfer

Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.

The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.