CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Trims Position in Energy Transfer LP $ET

Key Points

• CUSHING ASSET MANAGEMENT LP reduced its stake in Energy Transfer LP by 3.2%, now holding 7,182,600 shares valued at approximately $130 million.
• Director Kelcy L. Warren purchased 1.35 million shares of Energy Transfer stock, increasing his ownership by 1.99% and valuing his total holdings at $1.2 billion.
• Equity analysts have a consensus price target of $22.50 for Energy Transfer, with thirteen buy ratings and one hold rating issued by various firms.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its position in Energy Transfer LP (NYSE:ET - Free Report) by 3.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,182,600 shares of the pipeline company's stock after selling 234,268 shares during the quarter. Energy Transfer comprises about 7.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.21% of Energy Transfer worth $130,221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital A Wealth Management LLC bought a new position in shares of Energy Transfer during the 4th quarter worth $26,000. Fourth Dimension Wealth LLC bought a new stake in Energy Transfer during the 4th quarter valued at about $29,000. Ryan Investment Management Inc. acquired a new position in shares of Energy Transfer during the second quarter worth $31,000. Vision Financial Markets LLC purchased a new stake in shares of Energy Transfer in the 1st quarter valued at $33,000. Finally, HWG Holdings LP purchased a new position in Energy Transfer during the first quarter valued at $38,000. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Trading Down 0.9%

Shares of ET traded down $0.15 during trading hours on Monday, reaching $17.15. 16,753,445 shares of the company traded hands, compared to its average volume of 9,657,546. The company's fifty day moving average price is $17.53 and its two-hundred day moving average price is $17.61. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The company 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.

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

Energy Transfer Increases Dividend

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

Insider Activity at Energy Transfer

In related news, Director Kelcy L. Warren bought 1,350,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was purchased at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the transaction, the director directly owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.28% of the company's stock.

Analysts Set New Price Targets

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

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.