Capital Advisory Group Advisory Services LLC Reduces Stock Holdings in Energy Transfer LP $ET

Key Points

• Capital Advisory Group Advisory Services LLC reduced its holdings in Energy Transfer LP by 37.6%, owning 41,086 shares worth approximately $745,000 after selling 24,763 shares.
• Insider Kelcy L. Warren purchased 1,350,000 shares of Energy Transfer at an average price of $17.36, increasing his ownership to about $1.2 billion in value.
• Energy Transfer's quarterly earnings report showed earnings per share of $0.32, meeting expectations, but revenue fell by 7.2% compared to the previous year.

Capital Advisory Group Advisory Services LLC trimmed its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 37.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,086 shares of the pipeline company's stock after selling 24,763 shares during the period. Capital Advisory Group Advisory Services LLC's holdings in Energy Transfer were worth $745,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Strong Tower Advisory Services acquired a new stake in Energy Transfer in the 1st quarter valued at approximately $2,604,000. Prevail Innovative Wealth Advisors LLC lifted its position in shares of Energy Transfer by 316.9% during the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company's stock worth $2,181,000 after buying an additional 89,173 shares during the period. Northern Trust Corp lifted its position in shares of Energy Transfer by 223.5% during the 1st quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company's stock worth $19,883,000 after buying an additional 738,885 shares during the period. Appaloosa LP lifted its position in shares of Energy Transfer by 0.9% during the 1st quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company's stock worth $92,155,000 after buying an additional 42,500 shares during the period. Finally, Commerce Bank acquired a new stake in Energy Transfer during the 1st quarter valued at $92,607,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ET has been the subject of a number of analyst reports. Cowen started coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating for the company. Morgan Stanley decreased their price objective on Energy Transfer from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, August 26th. Wells Fargo & Company reissued an "overweight" rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Scotiabank assumed coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 price target for the company. Finally, TD Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.50.

Insider Activity

In other 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 stock was acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the acquisition, the director owned 69,178,477 shares in the company, valued at $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.28% of the company's stock.

Energy Transfer Stock Down 0.7%

Shares of ET stock traded down $0.12 during mid-day trading on Friday, reaching $17.32. 13,743,076 shares of the company were exchanged, compared to its average volume of 9,812,187. 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 company has a market capitalization of $59.45 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.02 and a beta of 0.85. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The business's 50 day simple moving average is $17.54 and its 200 day simple moving average is $17.61.

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

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 7.6%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date was Friday, August 8th. Energy Transfer's dividend payout ratio is currently 102.33%.

About Energy Transfer

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.