Prospera Financial Services Inc Grows Position in Energy Transfer LP (NYSE:ET)

Prospera Financial Services Inc raised its position in Energy Transfer LP (NYSE:ET) by 10.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 345,963 shares of the pipeline company’s stock after buying an additional 32,250 shares during the quarter. Prospera Financial Services Inc’s holdings in Energy Transfer were worth $5,553,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of ET. Princeton Global Asset Management LLC raised 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 buying an additional 650 shares during the last quarter. Assetmark Inc. lifted its position in 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 acquiring an additional 1,668 shares during the period. LRI Investments LLC purchased a new position in shares of Energy Transfer in the 1st quarter valued at approximately $29,000. HWG Holdings LP acquired a new position in shares of Energy Transfer in the second quarter valued at approximately $33,000. Finally, Sugarloaf Wealth Management LLC raised its stake in shares of Energy Transfer by 43.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 750 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ET shares. UBS Group upped their price objective 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. Bank of America initiated coverage on shares of Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target for the company. Finally, Royal Bank of Canada lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Energy Transfer has an average rating of “Buy” and an average target price of $20.00.

Energy Transfer Trading Up 2.2 %

Shares of ET opened at $17.96 on Wednesday. Energy Transfer LP has a one year low of $13.11 and a one year high of $18.08. The stock has a 50-day moving average price of $16.50 and a 200 day moving average price of $16.13. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The company has a market capitalization of $61.49 billion, a P/E ratio of 13.21, a P/E/G ratio of 0.53 and a beta of 1.66.

Energy Transfer (NYSE:ET) last released its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate 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 company’s revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 EPS. Sell-side analysts forecast that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. The ex-dividend date 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%.

Insiders Place Their Bets

In related news, EVP Gregory G. Mcilwain acquired 20,000 shares of Energy Transfer stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the transaction, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This trade represents a 3.50 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.28% of the stock is owned by corporate insiders.

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.