Energy Transfer’s (NYSE:ET) Executive Chairman, Kelcy L. Warren, bought the company’s shares for the second time in a week. It is worth mentioning that Warren is one of the company’s co-founders.
Energy Transfer is a provider of natural gas pipeline transportation and transmission services.
Going by the SEC filing, Warren bought 750,000 shares of the company at a weighted average price of $12.79 per share on May 22, 2023. The transaction’s total consideration stands at $9.6 million.
As per the data collected by TipRanks, Warren has been consistently increasing his holdings in ET stock since August 2022. In fact, last week he bought one million shares of ET for $12.5 million. Additionally, the total value of its holdings now stands at about $3.74 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.
Bullish Insider Confidence Signal
Overall, corporate insiders have bought ET shares worth $49.9 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 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?
On TipRanks, ET stock commands a Strong Buy consensus rating based on eight unanimous Buys. The average Energy Transfer stock price target of $16.88 implies 32.29% 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 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 could result in an average return of 27.99% per trade.
