Berkshire Asset Management LLC PA Sells 25,883 Shares of Energy Transfer LP $ET

Key Points

• Berkshire Asset Management LLC PA sold 25,883 shares of Energy Transfer LP, reducing its holdings by 44% to a total of 32,961 shares, valued at $573,000.
• In the 1st quarter, other institutional investors such as Texas Capital Bank Wealth Management and Northern Trust Corp significantly increased their stakes in Energy Transfer, indicating increased institutional interest.
• Energy Transfer recently announced a quarterly dividend of $0.33, resulting in a dividend yield of 7.6%, despite a payout ratio over 100%, drawing attention to the company’s financial health.

Berkshire Asset Management LLC PA lessened its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 44.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 32,961 shares of the pipeline company's stock after selling 25,883 shares during the period. Berkshire Asset Management LLC PA's holdings in Energy Transfer were worth $573,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Texas Capital Bank Wealth Management Services Inc increased its holdings in Energy Transfer by 27.6% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 651,097 shares of the pipeline company's stock worth $12,104,000 after acquiring an additional 140,844 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Energy Transfer in the 1st quarter worth approximately $17,177,000. Northern Trust Corp increased its holdings in Energy Transfer by 223.5% in the 1st quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company's stock worth $19,883,000 after acquiring an additional 738,885 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Energy Transfer in the 1st quarter worth approximately $49,000. Finally, Cambiar Investors LLC increased its holdings in Energy Transfer by 18.6% in the 1st quarter. Cambiar Investors LLC now owns 376,604 shares of the pipeline company's stock worth $7,001,000 after acquiring an additional 59,005 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Energy Transfer

In related news, Director James Richard Perry sold 1,369 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $18.48, for a total value of $25,299.12. Following the completion of the transaction, the director directly owned 24,523 shares of the company's stock, valued at approximately $453,185.04. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.28% of the company's stock.

Energy Transfer Trading Up 0.0%

Shares of ET opened at $17.3450 on Wednesday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The company has a 50 day simple moving average of $17.73 and a two-hundred day simple moving average of $17.96. The firm has a market cap of $59.54 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 0.90 and a beta of 0.83.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (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 business had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. During the same period last year, the firm posted $0.35 EPS. The company's revenue was down 7.2% on a year-over-year basis. On average, equities analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.6%. This is a boost 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 102.33%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ET. Mizuho increased their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. reduced their target price on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Cowen assumed coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating for the company. TD Cowen assumed coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating and a $22.00 price objective for the company. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Energy Transfer has a consensus rating of "Moderate Buy" and an average price target of $22.75.

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.

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