Assetmark Inc. Purchases 1,668 Shares of Energy Transfer LP (NYSE:ET)

Assetmark Inc. increased its holdings in shares of Energy Transfer LP (NYSE:ET) by 2,138.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,746 shares of the pipeline company’s stock after purchasing an additional 1,668 shares during the period. Assetmark Inc.’s holdings in Energy Transfer were worth $28,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Princeton Global Asset Management LLC increased its holdings in shares of 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 purchasing an additional 650 shares during the period. LRI Investments LLC purchased a new position in shares of Energy Transfer in the 1st quarter valued at about $29,000. HWG Holdings LP purchased a new stake in shares of Energy Transfer in the second quarter valued at approximately $33,000. Sugarloaf Wealth Management LLC increased its holdings 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 worth $40,000 after acquiring an additional 750 shares in the last quarter. Finally, Hudson Edge Investment Partners Inc. acquired a new position in shares of Energy Transfer during the 2nd quarter worth about $42,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Activity

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.28% of the company’s stock.

Energy Transfer Stock Performance

NYSE:ET opened at $17.96 on Wednesday. The company has a market cap of $61.49 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 0.53 and a beta of 1.66. The company has a fifty day simple moving average of $16.50 and a two-hundred day simple moving average of $16.13. Energy Transfer LP has a 52 week low of $13.11 and a 52 week high of $18.08. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40.

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

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is 94.85%.

Analyst Ratings Changes

ET has been the subject of several recent research reports. Royal Bank of Canada increased their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Bank of America initiated 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 on the stock. Finally, UBS Group increased 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Energy Transfer currently has a consensus rating of “Buy” and an average target price of $20.00.

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.