Fairman Group LLC Decreases Stock Holdings in Energy Transfer LP (NYSE:ET)

Fairman Group LLC trimmed its holdings in shares of Energy Transfer LP (NYSE:ET) by 21.5% in the first quarter, HoldingsChannel.com reports. The fund owned 9,150 shares of the pipeline company’s stock after selling 2,500 shares during the period. Fairman Group LLC’s holdings in Energy Transfer were worth $170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Bank of Montreal Can grew its holdings in Energy Transfer by 12,090.8% during the fourth quarter. Bank of Montreal Can now owns 12,455,613 shares of the pipeline company’s stock valued at $244,005,000 after purchasing an additional 12,353,441 shares during the period. Alps Advisors Inc. grew its holdings in Energy Transfer by 12.9% during the first quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company’s stock valued at $1,400,831,000 after purchasing an additional 8,613,645 shares during the period. FMR LLC grew its holdings in Energy Transfer by 15.7% during the fourth quarter. FMR LLC now owns 38,634,018 shares of the pipeline company’s stock valued at $756,840,000 after purchasing an additional 5,254,721 shares during the period. Zurich Insurance Group Ltd FI bought a new position in shares of Energy Transfer in the fourth quarter worth $79,113,000. Finally, Hsbc Holdings PLC bought a new position in shares of Energy Transfer in the fourth quarter worth $50,166,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

Energy Transfer Trading Up 0.0%

Shares of ET stock opened at $17.73 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.12 and a debt-to-equity ratio of 1.41. The business has a 50-day moving average price of $17.79 and a two-hundred day moving average price of $18.27. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The firm has a market cap of $60.83 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 0.92 and a beta of 0.79.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $21.02 billion for the quarter, compared to the consensus estimate of $22.28 billion. Energy Transfer had a return on equity of 11.47% and a net margin of 5.88%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. Equities analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.32 annualized dividend and a dividend yield of 7.45%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 99.24%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ET shares. Wells Fargo & Company cut their price target on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. TD Cowen started coverage on Energy Transfer in a report on Monday, July 7th. They issued a “buy” rating and a $22.00 price target for the company. JPMorgan Chase & Co. cut their price target on Energy Transfer from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, May 19th. Mizuho raised their price target on Energy Transfer from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, May 20th. Finally, Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They issued a “buy” rating for the company. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Energy Transfer currently has an average rating of “Moderate Buy” and a consensus target price of $22.58.

Insider Activity at Energy Transfer

In other news, Director James Richard Perry sold 1,369 shares of Energy Transfer stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $18.48, for a total value of $25,299.12. Following the transaction, the director owned 24,523 shares in the company, valued at approximately $453,185.04. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Company 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.