Cresset Asset Management LLC Sells 111,612 Shares of Energy Transfer LP $ET

Key Points

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Cresset Asset Management LLC cut its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 29.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 271,940 shares of the pipeline company's stock after selling 111,612 shares during the period. Cresset Asset Management LLC's holdings in Energy Transfer were worth $5,055,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. United Advisor Group LLC boosted its stake in shares of Energy Transfer by 3.0% during the 4th quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company's stock worth $363,000 after acquiring an additional 534 shares in the last quarter. Beam Wealth Advisors Inc. boosted its stake in shares of Energy Transfer by 1.5% during the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company's stock worth $742,000 after acquiring an additional 585 shares in the last quarter. Morton Capital Management LLC CA boosted its stake in shares of Energy Transfer by 1.3% during the 1st quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company's stock worth $862,000 after acquiring an additional 593 shares in the last quarter. Summit Trail Advisors LLC boosted its stake in shares of Energy Transfer by 1.1% during the 1st quarter. Summit Trail Advisors LLC now owns 58,181 shares of the pipeline company's stock worth $1,082,000 after acquiring an additional 649 shares in the last quarter. Finally, FAS Wealth Partners Inc. boosted its stake in shares of Energy Transfer by 2.0% during the 1st quarter. FAS Wealth Partners Inc. now owns 33,733 shares of the pipeline company's stock worth $627,000 after acquiring an additional 666 shares in the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director James Richard Perry sold 1,369 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was 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 represents a 5.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kelcy L. Warren purchased 1,350,000 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director directly owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.28% of the company's stock.

Analyst Upgrades and Downgrades

ET has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price target on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating for the company. Wells Fargo & Company restated an "overweight" rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Mizuho increased their target price on Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Finally, TD Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.75.

Energy Transfer Stock Performance

Energy Transfer stock traded up $0.1950 during trading hours on Thursday, hitting $17.5250. The stock had a trading volume of 10,280,489 shares, compared to its average volume of 15,528,418. The company has a 50-day moving average of $17.71 and a two-hundred day moving average of $17.95. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The company has a market cap of $60.16 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 0.90 and a beta of 0.83. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last issued 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 firm posted $0.35 EPS. Energy Transfer's quarterly revenue was down 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders 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 7.5%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's payout ratio is currently 102.33%.

About Energy Transfer

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.