Empowered Funds LLC Sells 313,339 Shares of Energy Transfer LP $ET

Key Points

• Empowered Funds LLC cut its Energy Transfer stake by 15.8% in the second quarter, selling 313,339 shares and retaining 1.67 million shares valued at approximately $31.9 million. Institutional investors collectively own 38.22% of the company.
• Energy Transfer reported quarterly earnings of $0.59 per share, exceeding the $0.38 consensus estimate, while revenue rose 78.4% year over year to $34.33 billion. The company pays a quarterly dividend of $0.34 per share, representing a 6.4% annualized yield.
• Wall Street maintains a “Moderate Buy” consensus rating with an average price target of $24.08, above the stock’s $21.38 price. Company insiders have also purchased more than 1 million shares worth $21.5 million over the past 90 days.

Empowered Funds LLC decreased its position in Energy Transfer LP (NYSE:ET - Free Report) by 15.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,669,064 shares of the pipeline company's stock after selling 313,339 shares during the period. Empowered Funds LLC's holdings in Energy Transfer were worth $31,913,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ET. Asset Allocation Strategies LLC grew its holdings in shares of Energy Transfer by 1.7% in the second quarter. Asset Allocation Strategies LLC now owns 45,234 shares of the pipeline company's stock valued at $865,000 after acquiring an additional 738 shares in the last quarter. Centaurus Financial Inc. lifted its holdings in Energy Transfer by 173.7% during the second quarter. Centaurus Financial Inc. now owns 40,727 shares of the pipeline company's stock worth $779,000 after acquiring an additional 25,847 shares during the period. Proficio Capital Partners LLC purchased a new position in Energy Transfer in the second quarter worth $203,000. Corient Private Wealth LP boosted its position in Energy Transfer by 7.8% in the second quarter. Corient Private Wealth LP now owns 1,868,875 shares of the pipeline company's stock worth $35,733,000 after purchasing an additional 135,275 shares during the last quarter. Finally, Western Wealth Management LLC boosted its position in Energy Transfer by 1.1% in the second quarter. Western Wealth Management LLC now owns 87,271 shares of the pipeline company's stock worth $1,669,000 after purchasing an additional 943 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company's stock.

Energy Transfer Trading Down 0.2%

NYSE:ET opened at $21.38 on Friday. Energy Transfer LP has a 1 year low of $16.18 and a 1 year high of $21.64. The stock's fifty day moving average price is $20.17 and its two-hundred day moving average price is $19.51. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The company has a market cap of $73.61 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.75 and a beta of 0.55.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $27.71 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The firm's quarterly revenue was up 78.4% compared to the same quarter last year. As a group, analysts expect that Energy Transfer LP will post 1.66 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 an increase from Energy Transfer's previous quarterly dividend of $0.34. This represents a $1.36 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer's dividend payout ratio is presently 92.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ET shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, July 21st. Zacks Research lowered shares of Energy Transfer from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. UBS Group restated a "buy" rating on shares of Energy Transfer in a report on Tuesday, May 12th. Weiss Ratings cut shares of Energy Transfer from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday. Finally, Stifel Nicolaus boosted their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Energy Transfer currently has an average rating of "Moderate Buy" and a consensus target price of $24.08.

Insiders Place Their Bets

In other news, Director James Richard Perry purchased 12,359 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were purchased at an average price 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 in the company, valued at $4,208,770.58. This trade represents a 6.32% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kelcy L. Warren bought 647,968 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was acquired at an average price of $21.26 per share, for a total transaction of $13,775,799.68. Following the completion of the purchase, the director directly owned 147,901,879 shares in the company, valued at approximately $3,144,393,947.54. The trade was a 0.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 1,012,359 shares of company stock valued at $21,513,543 over the last 90 days. Company insiders own 3.28% of the company's stock.

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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