Belpointe Asset Management LLC Cuts Position in Energy Transfer LP $ET

Belpointe Asset Management LLC lessened its holdings in Energy Transfer LP (NYSE:ET) by 36.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,802 shares of the pipeline company’s stock after selling 31,180 shares during the period. Belpointe Asset Management LLC’s holdings in Energy Transfer were worth $975,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Alps Advisors Inc. increased its stake in shares of Energy Transfer by 12.9% in the 1st 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 in the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in shares of Energy Transfer by 2.6% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 38,205,495 shares of the pipeline company’s stock valued at $710,240,000 after purchasing an additional 951,656 shares in the last quarter. Kayne Anderson Capital Advisors LP increased its stake in shares of Energy Transfer by 0.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 24,170,455 shares of the pipeline company’s stock valued at $449,329,000 after purchasing an additional 182,705 shares in the last quarter. Energy Income Partners LLC increased its stake in shares of Energy Transfer by 12.0% in the 1st quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company’s stock valued at $429,802,000 after purchasing an additional 2,471,401 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its stake in shares of Energy Transfer by 2.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 16,787,080 shares of the pipeline company’s stock valued at $312,072,000 after purchasing an additional 455,860 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Buying and Selling

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The shares were purchased at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the acquisition, the director owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ET. Scotiabank began coverage on Energy Transfer in a report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price objective on the stock. Morgan Stanley cut their price objective on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, August 26th. Wells Fargo & Company reiterated an “overweight” rating and set a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating for the company. Finally, TD Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating and a $22.00 price objective for the company. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Energy Transfer presently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Energy Transfer Trading Up 0.0%

Shares of Energy Transfer stock opened at $16.67 on Wednesday. The stock has a market cap of $57.21 billion, a P/E ratio of 12.92, a P/E/G ratio of 0.98 and a beta of 0.78. The stock’s 50 day simple moving average is $17.42 and its 200-day simple moving average is $17.51. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92.

Energy Transfer (NYSE:ET) last issued 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. The business had revenue of $19.24 billion for the quarter, compared to analysts’ expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 EPS. Analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were issued a $0.33 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.32 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date was Friday, August 8th. Energy Transfer’s payout ratio is currently 102.33%.

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.