86,583 Energy Transfer LP $ET Shares Sold by International Assets Investment Management LLC

Key Points

• International Assets Investment Management reduced its Energy Transfer stake by 36.6% in the third quarter, selling 86,583 shares and retaining 150,000 shares valued at approximately $2.97 million. Institutional investors collectively own 38.22% of the company.
• Energy Transfer reported quarterly results above expectations, with $0.59 in EPS versus the $0.38 consensus estimate and revenue of $34.33 billion, up 78.4% year over year.
• The company raised its quarterly dividend to $0.3425, implying an annualized payout of $1.37 and a 6.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.60, compared with the stock’s $20.34 opening price.

International Assets Investment Management LLC cut its stake in shares of Energy Transfer LP (NYSEAMERICAN:ET - Free Report) by 36.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 150,000 shares of the pipeline company's stock after selling 86,583 shares during the period. International Assets Investment Management LLC's holdings in Energy Transfer were worth $2,966,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in Energy Transfer by 5.7% during the first quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company's stock valued at $597,458,000 after buying an additional 1,656,609 shares in the last quarter. Energy Income Partners LLC raised its stake in shares of Energy Transfer by 1.8% in the 2nd quarter. Energy Income Partners LLC now owns 25,654,536 shares of the pipeline company's stock valued at $490,515,000 after acquiring an additional 447,081 shares during the period. Miller Howard Investments Inc. NY raised its stake in shares of Energy Transfer by 6.9% in the 3rd quarter. Miller Howard Investments Inc. NY now owns 5,679,174 shares of the pipeline company's stock valued at $112,277,000 after acquiring an additional 364,190 shares during the period. Recurrent Investment Advisors LLC lifted its holdings in shares of Energy Transfer by 3.9% during the 1st quarter. Recurrent Investment Advisors LLC now owns 5,562,381 shares of the pipeline company's stock valued at $107,354,000 after acquiring an additional 211,026 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Energy Transfer by 0.4% during the 2nd quarter. BlackRock Inc. now owns 4,017,925 shares of the pipeline company's stock valued at $76,823,000 after acquiring an additional 16,926 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director James Perry bought 12,359 shares of the company's stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, with a total value of $250,022.57. Following the completion of the transaction, the director directly owned 208,046 shares in the company, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kelcy Warren purchased 647,968 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were acquired at an average cost of $21.26 per share, for a total transaction of $13,775,799.68. Following the completion of the transaction, 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 disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 1,012,359 shares of company stock worth $21,513,543 over the last quarter. Insiders own 3.28% of the company's stock.

Energy Transfer Stock Down 2.7%

Energy Transfer stock opened at $20.34 on Tuesday. The company has a 50-day simple moving average of $20.75 and a 200-day simple moving average of $19.66. The firm has a market capitalization of $70.04 billion, a P/E ratio of 13.84, a P/E/G ratio of 0.72 and a beta of 0.60. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 1.16. Energy Transfer LP has a one year low of $16.18 and a one year high of $21.84.

Energy Transfer (NYSEAMERICAN:ET - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%. The company had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. During the same quarter in the previous year, the firm posted $0.32 EPS. The firm's quarterly revenue was up 78.4% on a year-over-year basis. As a group, equities analysts expect that Energy Transfer LP will post 1.73 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Friday, November 6th will be issued a $0.3425 dividend. This represents a $1.37 dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date is Friday, November 6th. This is an increase from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's payout ratio is presently 92.52%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Zacks Research cut Energy Transfer from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. upped their target price on Energy Transfer from $24.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, September 4th. TD Cowen reiterated a "buy" rating and issued a $25.00 target price (up from $24.00) on shares of Energy Transfer in a research note on Monday, August 10th. Weiss Ratings upgraded Energy Transfer from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday, September 8th. Finally, Mizuho set a $26.00 price target on Energy Transfer in a research report on Tuesday, October 13th. Two 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. Based on data from MarketBeat, Energy Transfer presently has an average rating of "Moderate Buy" and a consensus 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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