Clear Harbor Asset Management LLC Has $775,000 Stock Position in Energy Transfer LP $ET

Key Points

• Clear Harbor Asset Management LLC increased its position in Energy Transfer LP by 52.6% in the second quarter, now holding shares worth $775,000.
• Wells Fargo & Company raised its target price for Energy Transfer shares from $21.00 to $23.00, indicating a positive outlook for the stock.
• Energy Transfer declared a quarterly dividend of $0.33 per share, maintaining a strong dividend yield of 7.7%.

Clear Harbor Asset Management LLC raised its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 52.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,759 shares of the pipeline company's stock after purchasing an additional 14,734 shares during the period. Clear Harbor Asset Management LLC's holdings in Energy Transfer were worth $775,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ET. Kingstone Capital Partners Texas LLC acquired a new position in Energy Transfer during the 2nd quarter valued at about $168,917,000. Alps Advisors Inc. lifted its position in Energy Transfer by 12.9% during the 1st quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company's stock valued at $1,400,831,000 after purchasing an additional 8,613,645 shares during the period. Commerce Bank acquired a new position in Energy Transfer during the 1st quarter valued at about $92,607,000. Toronto Dominion Bank acquired a new position in Energy Transfer during the 4th quarter valued at about $48,426,000. Finally, Energy Income Partners LLC lifted its position in Energy Transfer by 12.0% during the 1st quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company's stock valued at $429,802,000 after purchasing an additional 2,471,401 shares during the period. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company restated an "overweight" rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Cowen assumed coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating on the stock. Morgan Stanley cut their price target on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 26th. TD Cowen assumed 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 on the stock. Finally, Scotiabank assumed coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 price target on the stock. Thirteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.50.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the purchase, the director directly owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Price Performance

NYSE ET opened at $17.15 on Tuesday. The business has a 50 day simple moving average of $17.53 and a 200 day simple moving average of $17.61. Energy Transfer LP has a 52-week low of $14.60 and a 52-week 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 has a market cap of $58.87 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.02 and a beta of 0.85.

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

Energy Transfer Increases Dividend

The firm 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. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.32 annualized dividend and a dividend yield of 7.7%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio (DPR) is 102.33%.

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.

Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.