151,001 Energy Transfer LP $ET Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management reduced its Energy Transfer stake by 1.9%, selling 151,001 shares and retaining 7.77 million shares valued at approximately $153.7 million. Energy Transfer remains the firm’s largest holding, representing 7% of its portfolio.
• Energy Transfer reported quarterly EPS of $0.59, beating estimates of $0.38, while revenue rose 78.4% year over year to $34.33 billion. Company insiders also purchased more than 1 million shares worth $21.5 million over the past three months.
• The company increased its quarterly dividend to $0.3425 per share, equivalent to a 6.7% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $24.60.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in shares of Energy Transfer LP (NYSEAMERICAN:ET - Free Report) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,772,599 shares of the pipeline company's stock after selling 151,001 shares during the quarter. Energy Transfer comprises 7.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.23% of Energy Transfer worth $153,664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Osbon Capital Management LLC acquired a new stake in Energy Transfer in the second quarter valued at approximately $25,000. Sawyer & Company Inc purchased a new position in Energy Transfer in the third quarter worth $30,000. Cassaday & Co Wealth Management LLC purchased a new position in Energy Transfer in the first quarter worth $35,000. Financial Life Planners acquired a new position in shares of Energy Transfer during the first quarter worth $40,000. Finally, Bullseye Investment Management LLC acquired a new position in shares of Energy Transfer during the second quarter worth $42,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

Insider Transactions at Energy Transfer

In other news, Director Kelcy L. Warren bought 647,968 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was purchased at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the acquisition, the director directly owned 147,901,879 shares of the company's stock, valued at $3,144,393,947.54. This trade represents a 0.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Perry bought 12,359 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average cost of $20.23 per share, with a total value of $250,022.57. Following the acquisition, the director directly owned 208,046 shares of the company's stock, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 1,012,359 shares of company stock worth $21,513,543 over the last three months. Corporate insiders own 3.28% of the company's stock.

Energy Transfer Trading Up 0.7%

NYSEAMERICAN:ET opened at $20.60 on Tuesday. The company has a market capitalization of $70.93 billion, a P/E ratio of 14.01 and a beta of 0.60. 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 LP has a 12 month low of $16.18 and a 12 month high of $21.84. The firm has a fifty day simple moving average of $20.81 and a 200-day simple moving average of $19.55.

Energy Transfer (NYSEAMERICAN:ET - Get Free Report) last released its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 11.55% and a net margin of 4.87%. The firm's revenue was up 78.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. On average, equities research analysts anticipate that Energy Transfer LP will post 1.73 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a yield of 6.7%. The ex-dividend date is Friday, November 6th. This is a boost from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's dividend payout ratio (DPR) is presently 92.52%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Zacks Research lowered Energy Transfer from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Wall Street Zen upgraded Energy Transfer from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Jefferies Financial Group restated a "buy" rating on shares of Energy Transfer in a research note on Wednesday, August 5th. Morgan Stanley upped their target price on Energy Transfer from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 18th. Finally, Truist Financial increased their price target on Energy Transfer from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Energy Transfer currently has a consensus rating of "Moderate Buy" and an average price target of $24.60.

Energy Transfer Profile

Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.

The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.

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