IFP Advisors Inc Trims Stock Position in Energy Transfer LP $ET

IFP Advisors Inc cut its stake in shares of Energy Transfer LP (NYSE:ET) by 60.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 86,211 shares of the pipeline company’s stock after selling 131,856 shares during the quarter. IFP Advisors Inc’s holdings in Energy Transfer were worth $1,563,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Leo Wealth LLC purchased a new stake in shares of Energy Transfer in the 2nd quarter worth approximately $746,000. MSH Capital Advisors LLC lifted its position in shares of Energy Transfer by 17.7% in the 2nd quarter. MSH Capital Advisors LLC now owns 57,133 shares of the pipeline company’s stock worth $1,036,000 after purchasing an additional 8,596 shares during the period. Tectonic Advisors LLC lifted its position in shares of Energy Transfer by 10.9% in the 2nd quarter. Tectonic Advisors LLC now owns 610,502 shares of the pipeline company’s stock worth $11,068,000 after purchasing an additional 59,791 shares during the period. SpringVest Wealth Management LLC purchased a new stake in shares of Energy Transfer in the 2nd quarter worth approximately $289,000. Finally, Maryland State Retirement & Pension System lifted its position in shares of Energy Transfer by 6.3% in the 2nd quarter. Maryland State Retirement & Pension System now owns 2,783,399 shares of the pipeline company’s stock worth $50,463,000 after purchasing an additional 164,563 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ET shares. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Morgan Stanley lowered their price target on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, August 26th. Cowen started coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating for the company. TD Cowen started coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Scotiabank started coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price target for the company. Fourteen 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, Energy Transfer currently has an average rating of “Moderate Buy” and an average price target of $22.50.

Insider Activity

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Trading Down 1.9%

NYSE:ET opened at $16.30 on Friday. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The firm has a 50 day moving average of $17.34 and a 200 day moving average of $17.46. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $55.95 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.96 and a beta of 0.78.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The company had revenue of $19.24 billion during the quarter, compared to analysts’ expectations of $24.07 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. Energy Transfer’s revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were issued a $0.33 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer’s dividend payout ratio is 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.