Chickasaw Capital Management LLC Sells 82,063 Shares of Energy Transfer LP (NYSE:ET)

Chickasaw Capital Management LLC lowered its position in shares of Energy Transfer LP (NYSE:ET) by 0.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,656,531 shares of the pipeline company’s stock after selling 82,063 shares during the period. Energy Transfer accounts for approximately 11.2% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Chickasaw Capital Management LLC’s holdings in Energy Transfer were worth $291,055,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Forvis Mazars Wealth Advisors LLC raised its position in shares of Energy Transfer by 164.1% in the fourth quarter. Forvis Mazars Wealth Advisors LLC now owns 60,566 shares of the pipeline company’s stock valued at $1,186,000 after buying an additional 37,633 shares in the last quarter. Wedbush Securities Inc. raised its holdings in Energy Transfer by 44.2% in the 4th quarter. Wedbush Securities Inc. now owns 135,281 shares of the pipeline company’s stock valued at $2,650,000 after acquiring an additional 41,438 shares in the last quarter. FFG Partners LLC raised its holdings in Energy Transfer by 0.9% in the 4th quarter. FFG Partners LLC now owns 1,650,574 shares of the pipeline company’s stock valued at $32,335,000 after acquiring an additional 13,948 shares in the last quarter. Greenland Capital Management LP bought a new stake in shares of Energy Transfer during the 4th quarter valued at $2,253,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Energy Transfer during the 4th quarter worth $597,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ET has been the subject of a number of analyst reports. Wells Fargo & Company dropped their price target on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Morgan Stanley upped their price target on shares of Energy Transfer from $20.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, March 25th. Stifel Nicolaus increased their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Mizuho boosted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Tuesday, May 20th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $23.00 target price on shares of Energy Transfer in a report on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.64.

Energy Transfer Price Performance

Shares of NYSE:ET opened at $17.50 on Tuesday. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.12 and a quick ratio of 0.88. The company has a market cap of $60.04 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 0.64 and a beta of 0.77. The firm has a 50 day simple moving average of $17.28 and a 200 day simple moving average of $18.63.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. The company had revenue of $21.02 billion during the quarter, compared to the consensus estimate of $22.28 billion. During the same period in the prior year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. Research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 20th. Shareholders of record on Friday, May 9th were issued a $0.3275 dividend. This represents a $1.31 dividend on an annualized basis and a yield of 7.49%. The ex-dividend date was Friday, May 9th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is presently 99.24%.

Energy Transfer Profile

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.