Energy Transfer LP’s (NYSE:ET) Executive Chairman Kelcy L. Warren bought the company’s shares worth around $21.7 million. Going by the SEC filing, Warren bought over 1.66 million shares of the company at a weighted average price of $13.05 per share on February 23, 2023.
Energy Transfer is a provider of natural gas pipeline transportation and transmission services.
As per the data collected by TipRanks, Warren has been consistently increasing his holdings in ET stock since August 10, 2022. In fact, last week he bought 1.34 million shares of ET for $17.4 million.
The total value of his holdings now stands at about $3.74 billion. Interestingly, Warren has a 61% success rate in his 38 transactions so far, with an average return of 8.2% per transaction.
Overall, corporate insiders have bought ET shares worth $56.2 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Energy Transfer is currently Very Positive.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is ET a Buy Right Now?
On TipRanks, ET stock commands a Strong Buy consensus rating based on eight unanimous Buys. The average price target of $16.63 implies 30.3% upside potential.
It is worth highlighting that ET is currently trading at a price/sales ratio of 0.44x, reflecting a 65.7% discount from its five-year average of 1.28. This discounted valuation could be considered a buying opportunity for the stock. Also, Energy Transfer sports a “Perfect 10” Smart Score, implying it has the potential to beat the broader market averages.
