Meridian Wealth Management LLC purchased a new stake in shares of Energy Transfer LP Unit (NYSE:ET) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,786 shares of the pipeline company’s stock, valued at approximately $28,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Focused Wealth Management Inc bought a new stake in Energy Transfer LP Unit during the first quarter valued at about $25,000. Global Retirement Partners LLC acquired a new position in shares of Energy Transfer LP Unit during the first quarter valued at about $32,000. Global Wealth Management Investment Advisory Inc. acquired a new position in shares of Energy Transfer LP Unit during the first quarter valued at about $34,000. Shamrock Asset Management LLC acquired a new position in shares of Energy Transfer LP Unit during the first quarter valued at about $36,000. Finally, First Interstate Bank acquired a new position in shares of Energy Transfer LP Unit during the first quarter valued at about $44,000. Institutional investors own 56.97% of the company’s stock.
ET has been the subject of a number of research analyst reports. Raymond James set a $29.00 price objective on shares of Seacoast Banking Co. of Florida and gave the company a “buy” rating in a research report on Friday, June 21st. Citigroup set a $86.00 price objective on shares of Prologis and gave the company a “buy” rating in a research report on Wednesday, May 8th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research lowered shares of HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $19.08.
NYSE:ET traded up $0.07 during mid-day trading on Friday, hitting $14.82. The company’s stock had a trading volume of 6,690,166 shares, compared to its average volume of 10,600,371. Energy Transfer LP Unit has a fifty-two week low of $11.68 and a fifty-two week high of $19.19. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.06 and a quick ratio of 0.81. The firm has a market cap of $39.06 billion, a P/E ratio of 12.89 and a beta of 1.55. The company has a fifty day simple moving average of $14.27.
Energy Transfer LP Unit (NYSE:ET) last posted its quarterly earnings results on Wednesday, May 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Energy Transfer LP Unit had a net margin of 4.03% and a return on equity of 7.61%. The firm had revenue of $13.12 billion during the quarter, compared to analyst estimates of $14.39 billion. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. Sell-side analysts expect that Energy Transfer LP Unit will post 1.43 EPS for the current year.
In other news, EVP Thomas P. Mason sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $13.97, for a total transaction of $1,047,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael K. Grimm acquired 3,888 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were purchased at an average cost of $14.14 per share, with a total value of $54,976.32. The disclosure for this purchase can be found here. Corporate insiders own 3.28% of the company’s stock.
Energy Transfer LP Unit Profile
Energy Transfer LP provides energy-related services in the United States and China. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and approximately 12,200 miles of interstate natural gas pipelines. It sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.
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