Kelcy L. Warren, executive chairman of Energy Transfer’s (NYSE:ET) board of directors, purchased one million shares of the company on May 15 at an average price of $12.49 per share. The transaction’s total consideration stands at $12.5 million.
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As per the data collected by TipRanks, Warren has been consistently increasing his holdings in ET stock since August 10, 2022. The total value of its holdings now stands at about $3.64 billion. Interestingly, Warren has had a 57% success rate in his 40 transactions over the past year, with an average 7.3% return per transaction.
It’s worth highlighting that Warren’s purchase of ET stock came despite the company’s disappointing first-quarter earnings announcement on May 2. While the company missed estimates, it raised the adjusted EBITDA outlook for the full year 2023 based on the acquisition of Lotus Midstream Operations (completed on May 2) and rising energy demand.
Bullish Insider Confidence Signal
Overall, corporate insiders have bought ET shares worth $57.7 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Energy Transfer is currently Positive.
TipRanks offers daily insider transactions as well as a list of the 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 Good Stock to Buy?
Energy Transfer has an attractive dividend yield of 8% and boasts a strong cash position. Further, its diversified portfolio and strong geographic footprint augur well for future growth prospects. At the same time, it has a maximum Smart Score of “Perfect 10” on TipRanks.
On TipRanks, ET stock commands a Strong Buy consensus rating based on five unanimous Buys. The average Energy Transfer stock price target of $16.80 implies 38.27% upside potential.
Investors looking to buy ET stock could follow its most accurate analyst on TipRanks, analyst Gabe Moreen of Mizuho Securities. Moreen has a fantastic track record of 100% success, with all 12 of his ratings on ET stock having generated a profit over a one-year time frame. Replicating his trades for the said period may result in an average return of 26.57% per trade.
