Acadian Asset Management LLC Sells 142,518 Shares of Energy Transfer LP $ET

Key Points

• Acadian Asset Management LLC has reduced its holdings in Energy Transfer LP by 48.8%, resulting in ownership of 149,763 shares valued at approximately $2.78 million.
• Energy Transfer reported a net margin of 5.80% and quarterly earnings per share of $0.32, which met analyst expectations, but its revenue of $19.24 billion fell short of the $24.07 billion forecast.
• The company recently increased its quarterly dividend to $0.33 per share, yielding 7.5% annually, but has a high dividend payout ratio of 102.33%.

Acadian Asset Management LLC lowered its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 48.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 149,763 shares of the pipeline company's stock after selling 142,518 shares during the period. Acadian Asset Management LLC's holdings in Energy Transfer were worth $2,784,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Alps Advisors Inc. raised its position in Energy Transfer by 12.9% in the first quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company's stock worth $1,400,831,000 after purchasing an additional 8,613,645 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in Energy Transfer by 2.6% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 38,205,495 shares of the pipeline company's stock worth $710,240,000 after purchasing an additional 951,656 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in Energy Transfer by 0.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 24,170,455 shares of the pipeline company's stock worth $449,329,000 after purchasing an additional 182,705 shares in the last quarter. Energy Income Partners LLC raised its position in Energy Transfer by 12.0% in the first quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company's stock worth $429,802,000 after purchasing an additional 2,471,401 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its position in Energy Transfer by 2.8% in the first quarter. Westwood Holdings Group Inc. now owns 16,787,080 shares of the pipeline company's stock worth $312,072,000 after purchasing an additional 455,860 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Insider Activity at Energy Transfer

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the purchase, the director directly owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.28% of the stock is owned by company insiders.

Energy Transfer Price Performance

Shares of NYSE ET traded down $0.12 during mid-day trading on Friday, hitting $17.32. 13,743,076 shares of the stock were exchanged, compared to its average volume of 9,812,187. Energy Transfer LP has a twelve month low of $14.60 and a twelve month high of $21.45. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The stock's fifty day simple moving average is $17.54 and its two-hundred day simple moving average is $17.61. The company has a market cap of $59.45 billion, a P/E ratio of 13.43, a PEG ratio of 1.03 and a beta of 0.85.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business had revenue of $19.24 billion for the quarter, compared to analysts' expectations of $24.07 billion. During the same period in the prior year, the firm earned $0.35 earnings per share. Energy Transfer's revenue was down 7.2% compared to the same quarter last year. As a group, analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 7.6%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer's payout ratio is currently 102.33%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ET shares. 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. Wells Fargo & Company reissued 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. Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Morgan Stanley dropped their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, August 26th. Finally, Scotiabank initiated coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 price objective for the company. Thirteen analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Energy Transfer 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.