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Energy Transfer (NYSE:ET) Stock in Spotlight as a Major Insider Is on a Buying Spree

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A major corporate insider bagged ET shares worth about $6.77 million on Tuesday. This brings his total purchase of Energy Transfer stock this week to $36 million. Let’s learn more about the insider’s moves in this article. 

The Executive Chairman of the Board of Directors of Energy Transfer LP (NYSE:ET), Kelcy L. Warren, has been raising his stakes in the company this week. As per the SEC filing, Mr. Warren made another transaction worth about $6.77 million on September 13. The transaction involved the purchase of 571,253 shares of the company at a weighted average price of $11.85 per share.

On Monday, Mr. Warren pocketed ET stock worth $29.24 million. According to TipRanks, which provides a comprehensive list of daily insider transactions, various corporate insiders have bought ET stock in the last three months. 

Insider Confidence Signal is Positive on ET

TipRanks’ Insider Trading Activity tool shows that insiders are currently bullish on ET stock, as corporate insiders have bought ET stock worth $67.5 million in the last three months.

Interestingly, TipRanks also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

Is ET a Good Buy Right Now?

Energy Transfer seems like a tempting option to park your money in. Analysts are optimistic about ET stock as it has a Strong Buy rating based on four Buys.

Moreover, financial bloggers and hedge funds seem bullish about ET stock. Financial bloggers’ opinions are 93% Bullish on ET stock, above the sector average of 66%. Hedge funds have also purchased 2.2 million shares of Energy Transfer stock in the last quarter.

Further, ET’s average stock price of $15.25, signals a 26.9% upside potential from current levels. Notably, shares of Energy Transfer stock have already risen 45.8% so far this year.

Finally, according to a TipRanks tool, ET stock carries a “Perfect 10” Smart Score, which highlights its ability to outperform.

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