Energy Transfer LP $ET is Spirit of America Management Corp NY's 9th Largest Position

Key Points

• Spirit of America Management Corp NY reduced its holdings in Energy Transfer LP by 23.5%, now holding 429,700 shares valued at approximately $7.79 million, making it the company's 9th largest position.
• Several institutional investors have increased stakes in Energy Transfer, with ownership among hedge funds and other institutions at 38.22% of the company’s stock.
• Energy Transfer recently declared a quarterly dividend of $0.33, representing an annualized yield of 8.0%, despite a payout ratio of 102.33%.

Spirit of America Management Corp NY decreased its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 23.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 429,700 shares of the pipeline company's stock after selling 132,000 shares during the quarter. Energy Transfer accounts for about 1.6% of Spirit of America Management Corp NY's holdings, making the stock its 9th biggest holding. Spirit of America Management Corp NY's holdings in Energy Transfer were worth $7,790,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Ryan Investment Management Inc. acquired a new stake in Energy Transfer in the second quarter valued at approximately $31,000. Vision Financial Markets LLC acquired a new stake in Energy Transfer during the first quarter worth approximately $33,000. HWG Holdings LP acquired a new stake in Energy Transfer during the first quarter worth approximately $38,000. Stone House Investment Management LLC acquired a new stake in Energy Transfer during the first quarter worth approximately $38,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in Energy Transfer during the first quarter worth approximately $40,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the transaction, the director directly owned 69,178,477 shares of the company's stock, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ET has been the topic of a number of research analyst reports. Scotiabank initiated coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 price objective on the stock. Wells Fargo & Company reissued an "overweight" rating and set a $23.00 price objective (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Morgan Stanley cut their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, August 26th. UBS Group reissued a "buy" rating and set a $22.00 price objective on shares of Energy Transfer in a report on Wednesday. Finally, Barclays reissued an "overweight" rating and set a $25.00 price objective on shares of Energy Transfer in a report on Wednesday. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Energy Transfer has an average rating of "Moderate Buy" and an average target price of $22.67.

Energy Transfer Stock Performance

NYSE:ET opened at $16.44 on Friday. The firm's fifty day moving average price is $17.23 and its 200 day moving average price is $17.39. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. The firm has a market cap of $56.43 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 0.98 and a beta of 0.78.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $19.24 billion for the quarter, compared to analyst estimates of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business's revenue was down 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 EPS. On average, sell-side analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were given a $0.33 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.32 annualized dividend and a dividend yield of 8.0%. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's payout ratio is presently 102.33%.

Energy Transfer 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.

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