Pinnacle Financial Partners Inc. Buys 20,000 Shares of Energy Transfer LP Unit (NYSE:ET)
Pinnacle Financial Partners Inc. increased its position in shares of Energy Transfer LP Unit (NYSE:ET) by 60.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,831 shares of the pipeline company’s stock after buying an additional 20,000 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in Energy Transfer LP Unit were worth $744,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Westside Investment Management Inc. acquired a new stake in Energy Transfer LP Unit in the second quarter valued at $1,981,000. Focused Wealth Management Inc bought a new stake in Energy Transfer LP Unit in the first quarter worth $25,000. Meridian Wealth Management LLC purchased a new stake in Energy Transfer LP Unit during the first quarter valued at $28,000. First Personal Financial Services bought a new position in Energy Transfer LP Unit during the second quarter valued at $27,000. Finally, OLD Second National Bank of Aurora bought a new position in Energy Transfer LP Unit during the second quarter valued at $27,000. Hedge funds and other institutional investors own 57.70% of the company’s stock.
Several analysts have recently issued reports on ET shares. Evercore ISI set a $18.00 target price on shares of Energy Transfer LP Unit and gave the company a “buy” rating in a research report on Wednesday, August 7th. Zacks Investment Research upgraded Energy Transfer LP Unit from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Monday. Raymond James reiterated an “average” rating and issued a $19.00 price target on shares of Energy Transfer LP Unit in a research report on Friday, September 6th. ValuEngine cut Energy Transfer LP Unit from a “sell” rating to a “strong sell” rating in a research note on Friday, September 6th. Finally, Wells Fargo & Co raised their price objective on Energy Transfer LP Unit from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $19.44.
Energy Transfer LP Unit (NYSE:ET) last issued its earnings results on Wednesday, August 7th. The pipeline company reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). Energy Transfer LP Unit had a return on equity of 9.10% and a net margin of 4.99%. The firm had revenue of $13.88 billion during the quarter, compared to analysts’ expectations of $14.49 billion. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts predict that Energy Transfer LP Unit will post 1.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Tuesday, August 6th were issued a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a dividend yield of 8.75%. The ex-dividend date of this dividend was Monday, August 5th. Energy Transfer LP Unit’s payout ratio is 106.09%.
In other Energy Transfer LP Unit news, Director Michael K. Grimm purchased 3,888 shares of Energy Transfer LP Unit stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average price of $14.14 per share, for a total transaction of $54,976.32. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Thomas P. Mason sold 75,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $13.97, for a total transaction of $1,047,750.00. The disclosure for this sale can be found here. Company 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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