Energy Transfer LP (NYSE: ET) Seen Running Too Hot, Let’s Look At This More Closely

ALPS Advisors, Inc. recently announced the acquisition of new stake in Energy Transfer LP (NYSE:ET). The institutional investor has increased its shareholding in the Energy company by 14.52% to 73.67 million shares with purchase of 9.34 million shares. This fresh investment now brings its stake to 2.19% valued currently at $1.02 billion. In addition, JPMorgan Securities LLC raised its holdings by 1.4 million to 32.42 million shares. And Goldman Sachs & Co. LLC has lifted its position by 11.58% or 3.32 million shares – to 31.98 million shares.

With over 9.24 million Energy Transfer LP (ET) shares trading Friday and a closing price of $14.01 on the day, the dollar volume was approximately $129.47 million. The shares have shown a positive half year performance of 8.60% and its price on 01/12/24 gained nearly 0.65%. Currently, there are 3.09B common shares owned by the public and among those 2.88B shares have been available to trade.

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Insiders at the company have transacted a total of 21 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 11,146,500 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.

The top 3 mutual fund holders in Energy Transfer LP are Alerian MLP ETF, Invesco SteelPath MLP Income Fund, and Global X MLP ETF. Alerian MLP ETF owns 68.07 million shares of the company’s stock, all valued at over $939.31 million. Invesco SteelPath MLP Income Fund sold -0.2 million shares to see its total holdings shrink to 33.61 million shares valued at over $463.83 million and representing 1.00% of the shares outstanding. Global X MLP ETF bought 28012.0 shares to bring its total holdings to over 22.39 million shares at a value of $308.96 million. Global X MLP ETF now owns shares totaling to 0.67% of the shares outstanding.

Shares of Energy Transfer LP (NYSE: ET) opened at $14.01, up $0.09 from a prior closing price of $13.92. However, the script later moved the day high at 14.04, up 0.65%. The company’s stock has a 5-day price change of 0.43% and 1.74% over the past three months. ET shares are trading 1.52% year to date (YTD), with the 12-month market performance up to 11.81% higher. It has a 12-month low price of $11.45 and touched a high of $14.15 over the same period. ET has an average intraday trading volume of 14.16 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.28%, 2.91%, and 6.21% respectively.

Institutional ownership of Energy Transfer LP (NYSE: ET) shares accounts for 28.42% of the company’s 3.09B shares outstanding. Mutual fund holders own 17.87%, while other institutional holders and individual stakeholders account for 19.03% and 10.66% respectively.

It has a market capitalization of $47.11B and a beta (3y monthly) value of 1.65. The stock’s trailing 12-month PE ratio is 13.21, while the earnings-per-share (ttm) stands at $1.06. The company has a PEG of 1.42 and a Quick Ratio of 0.85 with the debt-to-equity ratio at 1.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.17% over the week and 1.36% over the month.

Analysts forecast that Energy Transfer LP (ET) will achieve an EPS of $IDX Dynamic Fixed Income ETF for the current quarter, $25.01 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $AT&T Inc. while analysts give the company a high EPS estimate of $Ethereum USD. Comparatively, EPS for the current quarter was $Vanguard S&P 500 ETF a year ago. Earnings per share for the fiscal year are expected to decrease by -14.90%, and 19.00% over the next financial year. EPS should shrink at an annualized rate of 9.30% over the next five years, compared to 11.83% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Energy Transfer LP (ET) as a “Strong Buy” at a consensus score of 1.32. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 1 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the ET, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on October 06, 2023, with the firm’s price target at $14.

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