Avalon Capital Management Sells 16,060 Shares of Energy Transfer LP (NYSE:ET)

Key Points

• Avalon Capital Management reduced its stake in Energy Transfer LP by 20.1%, selling 16,060 shares and leaving them with 63,700 shares valued at approximately $1.184 million.
• Institutional investors currently own 38.22% of Energy Transfer stock, with significant purchases by firms such as Bank of Montreal Can, which increased its holdings by over 12,000% in the last quarter.
• Energy Transfer's recent earnings report showed a net margin of 5.88% and revenue of $21.02 billion, alongside an anticipated EPS of 1.46 for the current fiscal year.

Avalon Capital Management lowered its position in shares of Energy Transfer LP (NYSE:ET - Free Report) by 20.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,700 shares of the pipeline company's stock after selling 16,060 shares during the period. Avalon Capital Management's holdings in Energy Transfer were worth $1,184,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Prosperity Consulting Group LLC grew its stake in Energy Transfer by 11.6% during the first quarter. Prosperity Consulting Group LLC now owns 31,021 shares of the pipeline company's stock valued at $577,000 after acquiring an additional 3,235 shares in the last quarter. LPL Financial LLC grew its stake in Energy Transfer by 16.4% during the first quarter. LPL Financial LLC now owns 5,958,384 shares of the pipeline company's stock valued at $110,766,000 after acquiring an additional 839,504 shares in the last quarter. MRP Capital Investments LLC grew its stake in Energy Transfer by 1,381.1% during the first quarter. MRP Capital Investments LLC now owns 53,408 shares of the pipeline company's stock valued at $993,000 after acquiring an additional 49,802 shares in the last quarter. Texas Yale Capital Corp. grew its stake in Energy Transfer by 8.7% during the first quarter. Texas Yale Capital Corp. now owns 1,297,796 shares of the pipeline company's stock valued at $24,126,000 after acquiring an additional 103,925 shares in the last quarter. Finally, Inspire Advisors LLC grew its stake in Energy Transfer by 82.4% during the first quarter. Inspire Advisors LLC now owns 45,219 shares of the pipeline company's stock valued at $841,000 after acquiring an additional 20,423 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company's stock.

Insider Buying and Selling at Energy Transfer

In related news, Director James Richard Perry sold 1,369 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $18.48, for a total transaction of $25,299.12. Following the completion of the sale, the director directly owned 24,523 shares in the company, valued at $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 3.28% of the company's stock.

Energy Transfer Trading Up 0.4%

Shares of ET traded up $0.07 during mid-day trading on Monday, reaching $17.79. The company's stock had a trading volume of 12,677,090 shares, compared to its average volume of 11,398,178. The stock has a market cap of $61.05 billion, a PE ratio of 13.48, a P/E/G ratio of 0.92 and a beta of 0.79. The company has a current ratio of 1.12, a quick ratio of 0.92 and a debt-to-equity ratio of 1.41. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The company's fifty day moving average price is $17.78 and its two-hundred day moving average price is $18.26.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $21.02 billion during the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The business's quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. On average, analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.42%. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 8th. Energy Transfer's payout ratio is presently 99.24%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Mizuho lifted their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Tuesday, May 20th. TD Cowen assumed coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. Cowen assumed coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.58.

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.