Chickasaw Capital Management LLC Reduces Holdings in Energy Transfer LP $ET

Key Points

• Chickasaw Capital Management LLC trimmed its stake in Energy Transfer LP by 1.4% in Q4, selling 219,141 shares and now holding 15,496,547 shares (about 0.45% of ET), a position worth roughly $255.54 million and representing ~10.5% of Chickasaw’s portfolio as its 3rd largest holding.
• Energy Transfer missed Q4 EPS estimates ($0.25 vs. $0.34 expected) while reporting revenue of $25.32 billion, up 29.6% year-over-year.
• The company increased its quarterly dividend to $0.335 (annualized $1.34), implying a 7.0% yield, and analysts carry an average "Moderate Buy" rating with a consensus price target of $21.60.

Chickasaw Capital Management LLC lessened its stake in Energy Transfer LP (NYSE:ET - Free Report) by 1.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,496,547 shares of the pipeline company's stock after selling 219,141 shares during the period. Energy Transfer accounts for approximately 10.5% of Chickasaw Capital Management LLC's investment portfolio, making the stock its 3rd largest holding. Chickasaw Capital Management LLC owned about 0.45% of Energy Transfer worth $255,538,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Clear Trail Advisors LLC bought a new position in shares of Energy Transfer during the 4th quarter worth approximately $3,047,000. Atlas Brown Inc. acquired a new stake in Energy Transfer in the fourth quarter valued at approximately $219,000. SG Americas Securities LLC boosted its stake in Energy Transfer by 187.1% in the fourth quarter. SG Americas Securities LLC now owns 1,940,500 shares of the pipeline company's stock valued at $31,999,000 after acquiring an additional 1,264,627 shares in the last quarter. Diversified Trust Co. purchased a new position in Energy Transfer in the fourth quarter worth $689,000. Finally, 180 Wealth Advisors LLC increased its position in shares of Energy Transfer by 8.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 209,368 shares of the pipeline company's stock worth $3,452,000 after purchasing an additional 17,045 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. TD Cowen increased their price objective on Energy Transfer from $20.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, February 18th. Scotiabank reaffirmed an "outperform" rating on shares of Energy Transfer in a research report on Friday, January 16th. JPMorgan Chase & Co. decreased their price target on Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Monday, November 24th. Morgan Stanley raised their price target on Energy Transfer from $19.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 10th. Finally, Royal Bank Of Canada upgraded Energy Transfer to a "moderate buy" rating in a research note on Monday, December 15th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Energy Transfer presently has an average rating of "Moderate Buy" and an average price target of $21.60.

Energy Transfer Trading Up 0.2%

NYSE:ET opened at $19.04 on Tuesday. The company has a market capitalization of $65.51 billion, a P/E ratio of 15.74, a PEG ratio of 1.05 and a beta of 0.63. The company has a current ratio of 1.22, a quick ratio of 0.90 and a debt-to-equity ratio of 1.50. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $19.30. The firm has a fifty day simple moving average of $18.40 and a 200-day simple moving average of $17.35.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Tuesday, February 17th. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.09). Energy Transfer had a return on equity of 10.17% and a net margin of 5.11%.The firm had revenue of $25.32 billion during the quarter, compared to analysts' expectations of $23.56 billion. During the same quarter last year, the business earned $0.29 EPS. The business's revenue was up 29.6% on a year-over-year basis. On average, equities research analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 19th. Stockholders of record on Friday, February 6th were issued a $0.335 dividend. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.34 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date of this dividend was Friday, February 6th. Energy Transfer's dividend payout ratio is currently 110.74%.

About Energy Transfer

Energy Transfer NYSE: ET is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company's operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.

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