Crescent Grove Advisors LLC Sells 79,309 Shares of Energy Transfer LP $ET

Key Points

• Crescent Grove Advisors reduced its Energy Transfer position by 36.7% in the second quarter, selling 79,309 shares and retaining 136,877 shares valued at approximately $2.62 million.
• Analysts remain broadly positive, with Energy Transfer carrying a “Moderate Buy” consensus rating and an average price target of $24.08, above its reported $21.20 share price.
• Energy Transfer reported stronger-than-expected quarterly results, including $0.59 EPS and $34.33 billion in revenue, while its quarterly dividend supports a 6.4% annualized yield.

Crescent Grove Advisors LLC trimmed its position in shares of Energy Transfer LP (NYSE:ET - Free Report) by 36.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,877 shares of the pipeline company's stock after selling 79,309 shares during the period. Crescent Grove Advisors LLC's holdings in Energy Transfer were worth $2,617,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Arrow Investment Advisors LLC lifted its stake in Energy Transfer by 4.9% in the 2nd quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company's stock worth $208,000 after purchasing an additional 505 shares in the last quarter. Argent Trust Co grew its position in shares of Energy Transfer by 2.1% during the second quarter. Argent Trust Co now owns 26,035 shares of the pipeline company's stock valued at $498,000 after purchasing an additional 529 shares in the last quarter. State of Wyoming increased its holdings in shares of Energy Transfer by 2.5% in the second quarter. State of Wyoming now owns 22,822 shares of the pipeline company's stock worth $436,000 after purchasing an additional 548 shares during the last quarter. Keybank National Association OH increased its holdings in shares of Energy Transfer by 0.3% in the first quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company's stock worth $4,231,000 after purchasing an additional 556 shares during the last quarter. Finally, Mountain Capital Investment Advisors Inc. lifted its position in shares of Energy Transfer by 4.9% in the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 12,007 shares of the pipeline company's stock worth $216,000 after buying an additional 560 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Barclays reaffirmed an "overweight" rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Energy Transfer from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Raymond James Financial restated a "strong-buy" rating on shares of Energy Transfer in a report on Wednesday, May 6th. UBS Group restated a "buy" rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Finally, Truist Financial increased their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Energy Transfer has an average rating of "Moderate Buy" and a consensus target price of $24.08.

Energy Transfer Trading Down 1.0%

Shares of ET opened at $21.20 on Thursday. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $21.64. The company has a 50-day moving average of $19.89 and a 200 day moving average of $19.39. The firm has a market capitalization of $72.99 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 0.76 and a beta of 0.55. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The company had revenue of $34.33 billion for the quarter, compared to analysts' expectations of $27.71 billion. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Energy Transfer's revenue was up 78.4% compared to the same quarter last year. On average, research analysts expect that Energy Transfer LP will post 1.63 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Friday, August 7th were paid a dividend of $0.34 per share. This is a boost from Energy Transfer's previous quarterly dividend of $0.34. The ex-dividend date was Friday, August 7th. This represents a $1.36 annualized dividend and a dividend yield of 6.4%. Energy Transfer's dividend payout ratio (DPR) is presently 92.52%.

Insider Activity at Energy Transfer

In other news, Director James Richard Perry purchased 12,359 shares of the business's stock in a transaction on Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, with a total value of $250,022.57. Following the completion of the acquisition, the director owned 208,046 shares of the company's stock, valued at $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.28% of the stock is currently owned by company insiders.

Energy Transfer Company Profile

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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