Energy Transfer LP $ET Stock Position Increased by Westend Capital Management LLC

Key Points

• Westend Capital Management LLC increased its stake in Energy Transfer LP by 2.6%, now holding 778,455 shares worth approximately $14.1 million, making it the firm's 8th largest position.
• Energy Transfer recently declared a quarterly dividend of $0.33 per share, yielding 7.6%, with the annualized payout amounting to $1.32.
• Energy Transfer's stock has a current consensus rating of "Moderate Buy" from analysts, with a price target of around $22.50 per share.

Westend Capital Management LLC raised its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 778,455 shares of the pipeline company's stock after acquiring an additional 19,952 shares during the quarter. Energy Transfer makes up about 4.3% of Westend Capital Management LLC's portfolio, making the stock its 8th largest holding. Westend Capital Management LLC's holdings in Energy Transfer were worth $14,113,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ET. Capital A Wealth Management LLC bought a new stake in shares of Energy Transfer in the 4th quarter valued at $26,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Energy Transfer in the fourth quarter valued at about $29,000. Ryan Investment Management Inc. purchased a new stake in Energy Transfer during the second quarter worth about $31,000. Vision Financial Markets LLC bought a new position in Energy Transfer during the first quarter worth about $33,000. Finally, HWG Holdings LP bought a new position in Energy Transfer during the first quarter worth about $38,000. 38.22% of the stock is owned by institutional investors.

Energy Transfer Stock Performance

Shares of NYSE ET traded down $0.15 during midday trading on Monday, hitting $17.15. 16,753,445 shares of the company's stock traded hands, compared to its average volume of 9,657,546. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The stock has a market capitalization of $58.87 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.02 and a beta of 0.85. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The firm has a fifty day moving average of $17.53 and a 200 day moving average of $17.61.

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

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a dividend of $0.33 per share. The ex-dividend date was Friday, August 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.7%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio is currently 102.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ET. Scotiabank assumed coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 price objective for the company. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Morgan Stanley cut their price target 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. TD Cowen assumed coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 price target on the stock. Finally, Cowen started coverage on shares of Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating on the stock. Thirteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.50.

Insider Activity at Energy Transfer

In other news, Director Kelcy L. Warren bought 1,350,000 shares of the stock in a transaction dated Wednesday, August 20th. The stock was purchased at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.28% of the company's stock.

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.