Hennessy Advisors Inc. Sells 32,164 Shares of Energy Transfer LP $ET

Hennessy Advisors Inc. trimmed its position in Energy Transfer LP (NYSE:ET) by 5.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 537,596 shares of the pipeline company’s stock after selling 32,164 shares during the period. Hennessy Advisors Inc.’s holdings in Energy Transfer were worth $10,279,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ET. Texas Yale Capital Corp. grew its stake in shares of Energy Transfer by 6.1% in the fourth quarter. Texas Yale Capital Corp. now owns 1,311,965 shares of the pipeline company’s stock worth $21,634,000 after purchasing an additional 75,700 shares during the last quarter. Summit Securities Group LLC lifted its holdings in Energy Transfer by 179.0% during the 1st quarter. Summit Securities Group LLC now owns 162,100 shares of the pipeline company’s stock worth $3,129,000 after buying an additional 104,000 shares during the period. North Star Investment Management Corp. grew its position in shares of Energy Transfer by 39.0% in the 1st quarter. North Star Investment Management Corp. now owns 224,439 shares of the pipeline company’s stock valued at $4,332,000 after buying an additional 62,916 shares during the last quarter. Mizuho Markets Americas LLC acquired a new stake in shares of Energy Transfer in the first quarter valued at about $61,760,000. Finally, Sanctuary Advisors LLC increased its stake in shares of Energy Transfer by 15.8% in the first quarter. Sanctuary Advisors LLC now owns 1,888,661 shares of the pipeline company’s stock valued at $36,451,000 after buying an additional 257,954 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director James Richard Perry acquired 12,359 shares of the business’s stock in a transaction on Friday, August 7th. The shares were acquired at an average price of $20.23 per share, with a total value of $250,022.57. Following the completion of the transaction, the director owned 208,046 shares in the company, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kelcy L. Warren acquired 647,968 shares of Energy Transfer stock in a transaction on Wednesday, August 19th. The stock was acquired at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the purchase, the director directly owned 147,901,879 shares in the company, valued at approximately $3,144,393,947.54. This trade represents a 0.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 1,012,359 shares of company stock worth $21,513,543. Insiders own 3.28% of the company’s stock.

Wall Street Analysts Forecast Growth

ET has been the topic of several analyst reports. TD Cowen reiterated a “buy” rating and issued a $25.00 target price (up from $24.00) on shares of Energy Transfer in a report on Monday, August 10th. Raymond James Financial restated a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. UBS Group reissued a “buy” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Truist Financial upped their price objective on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Barclays reaffirmed an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Energy Transfer currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.08.

Energy Transfer Trading Down 0.4%

Shares of Energy Transfer stock opened at $21.30 on Friday. The stock has a fifty day simple moving average of $20.22 and a 200 day simple moving average of $19.52. Energy Transfer LP has a 12-month low of $16.18 and a 12-month high of $21.64. The company has a market capitalization of $73.34 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 0.74 and a beta of 0.55. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. The firm had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The business’s revenue for the quarter was up 78.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 EPS. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.66 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were paid a $0.34 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, August 7th. This represents a $1.36 annualized dividend and a yield of 6.4%. Energy Transfer’s dividend payout ratio (DPR) is 92.52%.

Energy Transfer Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.