Dividend Assets Capital LLC Lowers Stock Holdings in Energy Transfer LP $ET

Key Points

• Dividend Assets Capital LLC reduced its Energy Transfer LP stake by 8.0% in the first quarter, selling 59,370 shares and leaving it with 683,788 shares worth about $13.2 million.
• Energy Transfer reported mixed quarterly results: EPS of $0.35 missed estimates, while revenue came in at $27.77 billion, above expectations and up 32.1% year over year.
• The company raised its quarterly dividend to $0.3375 per share, implying an annualized yield of about 7.0%, while analysts remain generally positive with a consensus rating of Buy and an average target price of $23.45.

Dividend Assets Capital LLC cut its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 8.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 683,788 shares of the pipeline company's stock after selling 59,370 shares during the period. Energy Transfer makes up 2.6% of Dividend Assets Capital LLC's portfolio, making the stock its 8th biggest position. Dividend Assets Capital LLC's holdings in Energy Transfer were worth $13,197,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company's stock worth $481,000 after acquiring an additional 11,844 shares during the period. AQR Capital Management LLC lifted its position in Energy Transfer by 62.8% during the first quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company's stock valued at $391,000 after purchasing an additional 8,118 shares during the period. Geode Capital Management LLC lifted its position in Energy Transfer by 6.2% during the second quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company's stock valued at $2,455,000 after purchasing an additional 7,901 shares during the period. Russell Investments Group Ltd. boosted its holdings in Energy Transfer by 436.5% in the second quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company's stock worth $76,000 after purchasing an additional 3,400 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its holdings in Energy Transfer by 5.6% in the second quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company's stock worth $923,000 after purchasing an additional 2,700 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Stock Down 0.1%

ET opened at $19.32 on Monday. The firm's 50 day simple moving average is $19.46 and its two-hundred day simple moving average is $18.61. The company has a market capitalization of $66.47 billion, a PE ratio of 16.10, a PEG ratio of 1.12 and a beta of 0.55. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $20.70. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.05). Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The business had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. During the same period in the previous year, the firm earned $0.36 EPS. The company's revenue was up 32.1% on a year-over-year basis. As a group, equities analysts forecast that Energy Transfer LP will post 1.43 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a dividend of $0.3375 per share. This is a boost from Energy Transfer's previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend was Friday, May 8th. Energy Transfer's dividend payout ratio is presently 112.50%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ET shares. Morgan Stanley boosted their target price on shares of Energy Transfer from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 27th. Truist Financial initiated coverage on Energy Transfer in a report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price objective for the company. Jefferies Financial Group upgraded Energy Transfer from a "hold" rating to a "buy" rating and set a $23.00 price objective for the company in a research report on Tuesday, May 26th. Wells Fargo & Company increased their target price on Energy Transfer from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, March 13th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Energy Transfer in a research report on Friday, June 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $23.45.

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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