NEOS Investment Management LLC Buys 513,387 Shares of Energy Transfer LP $ET

NEOS Investment Management LLC grew its stake in Energy Transfer LP (NYSE:ET) by 47.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,584,634 shares of the pipeline company’s stock after buying an additional 513,387 shares during the period. NEOS Investment Management LLC’s holdings in Energy Transfer were worth $30,298,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ET. Brighton Jones LLC boosted its position in Energy Transfer by 93.4% during the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after purchasing an additional 11,844 shares during the period. AQR Capital Management LLC lifted its stake in shares of Energy Transfer by 62.8% in the first quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company’s stock worth $391,000 after buying an additional 8,118 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Energy Transfer by 6.2% in the second quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company’s stock worth $2,455,000 after buying an additional 7,901 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Energy Transfer by 436.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company’s stock worth $76,000 after buying an additional 3,400 shares during the period. Finally, Guggenheim Capital LLC grew its stake in Energy Transfer by 5.6% in the 2nd quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company’s stock valued at $923,000 after buying an additional 2,700 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Price Performance

Shares of NYSE:ET opened at $21.52 on Friday. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $21.77. The firm has a market capitalization of $74.10 billion, a PE ratio of 14.64, a PEG ratio of 0.73 and a beta of 0.57. The business’s 50 day moving average is $20.46 and its 200-day moving average is $19.64. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45.

Energy Transfer (NYSE:ET) last issued its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. The business had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.Energy Transfer’s revenue was up 78.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Sell-side analysts predict that Energy Transfer LP will post 1.7 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were issued a $0.34 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.36 annualized dividend and a yield of 6.3%. Energy Transfer’s payout ratio is presently 92.52%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ET shares. JPMorgan Chase & Co. boosted their target price on shares of Energy Transfer from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday. Zacks Research downgraded Energy Transfer from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Citigroup reiterated a “buy” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Friday, August 7th. Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Energy Transfer in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.17.

Insiders Place Their Bets

In other Energy Transfer news, Director Kelcy Warren acquired 647,968 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was bought at an average price of $21.26 per share, for a total transaction of $13,775,799.68. Following the purchase, the director owned 147,901,879 shares in the company, valued at $3,144,393,947.54. This represents a 0.44% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James Perry acquired 12,359 shares of Energy Transfer stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, with a total value of $250,022.57. Following the completion of the acquisition, the director directly owned 208,046 shares in the company, valued at $4,208,770.58. This trade represents a 6.32% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 1,012,359 shares of company stock valued at $21,513,543. Corporate insiders own 3.28% of the company’s stock.

About Energy Transfer

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.