Energy Transfer LP $ET Shares Sold by Cannell & Spears LLC

Key Points

• Cannell & Spears LLC cut its Energy Transfer position by 20.5% in the first quarter, selling 49,546 shares and ending with 192,551 shares worth about $3.7 million.
• Energy Transfer reported mixed quarterly results: revenue came in above expectations at $27.77 billion, but EPS of $0.35 missed the $0.40 consensus estimate.
• The company raised its quarterly dividend to $0.3375 per share, implying a 6.6% yield, while analysts largely remain constructive with a consensus Buy rating and an average price target of $23.50.

Cannell & Spears LLC lowered its position in Energy Transfer LP (NYSE:ET - Free Report) by 20.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 192,551 shares of the pipeline company's stock after selling 49,546 shares during the period. Cannell & Spears LLC's holdings in Energy Transfer were worth $3,716,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Texas Yale Capital Corp. raised its position in Energy Transfer by 6.1% during the fourth quarter. Texas Yale Capital Corp. now owns 1,311,965 shares of the pipeline company's stock worth $21,634,000 after acquiring an additional 75,700 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in shares of Energy Transfer by 100.1% during the fourth quarter. North Star Investment Management Corp. now owns 161,523 shares of the pipeline company's stock worth $2,664,000 after purchasing an additional 80,786 shares during the last quarter. Summit Securities Group LLC boosted its stake in Energy Transfer by 179.0% in the 1st quarter. Summit Securities Group LLC now owns 162,100 shares of the pipeline company's stock worth $3,129,000 after buying an additional 104,000 shares during the last quarter. U.S. Capital Wealth Advisors LLC boosted its position in shares of Energy Transfer by 9.1% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 1,560,110 shares of the pipeline company's stock worth $25,726,000 after acquiring an additional 129,489 shares during the last quarter. Finally, Tectonic Advisors LLC boosted its position in shares of Energy Transfer by 8.3% in the fourth quarter. Tectonic Advisors LLC now owns 726,693 shares of the pipeline company's stock worth $11,983,000 after acquiring an additional 55,624 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

More Energy Transfer News

Here are the key news stories impacting Energy Transfer this week:

• Positive Sentiment: ET was featured as a low-beta stock that can help reduce portfolio risk, with stable fee-based revenues and growth projects supporting its defensive appeal. 3 Low-Beta Stocks to Minimize Portfolio Risk: LQDA, ET & PBF
• Positive Sentiment: Analysts and market commentary say Energy Transfer may be undervalued after raising EBITDA guidance, which could support the stock’s upside potential. Energy Transfer (ET) Could Be 13% Undervalued Following Raised EBITDA Guidance
• Positive Sentiment: The company affirmed its income appeal by announcing a quarterly cash distribution on Series I preferred units, signaling continued cash returns to investors. Energy Transfer LP Announces Cash Distribution on Series I Preferred Units
• Positive Sentiment: ET is being highlighted as a high-yield stock with strong analyst support and room to run, reinforcing investor interest in the name. 5 High-Yield Stocks With Analyst Support and Room to Run
• Neutral Sentiment: Several articles note that Zacks users have been searching for ET more frequently, suggesting rising attention but not a clear fundamental catalyst. Energy Transfer LP (ET) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: ET was also mentioned in broader industry pieces on pipeline MLPs and dividend stocks, which support the bullish case but do not add a company-specific catalyst. 3 Oil Pipeline MLP Stocks Riding on Favorable Industry Trends

Energy Transfer Trading Down 0.2%

Shares of ET stock opened at $20.38 on Friday. The stock has a market cap of $70.11 billion, a price-to-earnings ratio of 16.98, a price-to-earnings-growth ratio of 1.18 and a beta of 0.55. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $20.70. The firm's 50 day moving average price is $19.55 and its two-hundred day moving average price is $18.97.

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

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Friday, May 8th were issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a dividend yield of 6.6%. The ex-dividend date was Friday, May 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's dividend payout ratio (DPR) is presently 112.50%.

Analysts Set New Price Targets

ET has been the subject of several research analyst reports. UBS Group reaffirmed a "buy" rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Stifel Nicolaus lifted their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Barclays reissued an "overweight" rating and set a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 14th. Scotiabank restated an "outperform" rating on shares of Energy Transfer in a report on Tuesday, May 12th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $23.50.

Energy Transfer 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.