Capital Market Strategies LLC Trims Stock Position in Energy Transfer LP $ET

Capital Market Strategies LLC cut its position in shares of Energy Transfer LP (NYSE:ET) by 18.8% during the second quarter, Holdings Channel.com reports. The firm owned 17,323 shares of the pipeline company’s stock after selling 4,000 shares during the quarter. Capital Market Strategies LLC’s holdings in Energy Transfer were worth $314,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Strong Tower Advisory Services purchased a new position in Energy Transfer during the first quarter worth about $2,604,000. Prevail Innovative Wealth Advisors LLC raised its stake in Energy Transfer by 316.9% during the first quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock worth $2,181,000 after purchasing an additional 89,173 shares during the period. Northern Trust Corp raised its stake in shares of Energy Transfer by 223.5% in the 1st quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock valued at $19,883,000 after acquiring an additional 738,885 shares during the period. Appaloosa LP raised its stake in shares of Energy Transfer by 0.9% in the 1st quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company’s stock valued at $92,155,000 after acquiring an additional 42,500 shares during the period. Finally, Commerce Bank purchased a new stake in shares of Energy Transfer in the 1st quarter valued at approximately $92,607,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Energy Transfer

In other news, Director Kelcy L. Warren acquired 1,350,000 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Price Performance

Shares of ET opened at $17.45 on Friday. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The firm’s 50 day moving average price is $17.55 and its 200 day moving average price is $17.66. The company has a market cap of $59.90 billion, a P/E ratio of 13.53, a PEG ratio of 1.00 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The firm had revenue of $19.24 billion for the quarter, compared to the consensus estimate of $24.07 billion. During the same period in the prior year, the firm earned $0.35 EPS. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. On average, research analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 102.33%.

Analyst Upgrades and Downgrades

ET has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Energy Transfer from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, May 19th. Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating on the stock. Morgan Stanley reduced their price target on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 26th. Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 price target (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Finally, TD Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating and a $22.00 price target on the stock. Thirteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.54.

About Energy Transfer

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.