Energy Transfer LP $ET Shares Sold by Enclave Advisors LLC

Key Points

• Enclave Advisors LLC reduced its holdings in Energy Transfer LP by 10.1% during the second quarter, following the sale of over 29,000 shares, now representing 0.8% of their portfolio.
• Several analysts have set new price targets for Energy Transfer, with a consensus price target of $22.50 and a "Moderate Buy" rating from thirteen analysts.
• Director Kelcy L. Warren purchased 1,350,000 shares at $17.36 per share, indicating strong insider confidence in the company.

Enclave Advisors LLC trimmed its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 10.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 259,268 shares of the pipeline company's stock after selling 29,206 shares during the quarter. Energy Transfer accounts for about 0.8% of Enclave Advisors LLC's portfolio, making the stock its 29th biggest holding. Enclave Advisors LLC's holdings in Energy Transfer were worth $4,701,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ryan Investment Management Inc. acquired a new stake in Energy Transfer in the 2nd quarter valued at about $31,000. Vision Financial Markets LLC acquired a new stake in Energy Transfer during the 1st quarter worth about $33,000. HWG Holdings LP acquired a new stake in Energy Transfer during the 1st quarter worth about $38,000. Stone House Investment Management LLC acquired a new stake in Energy Transfer during the 1st quarter worth about $38,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in Energy Transfer during the 1st quarter worth about $40,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Scotiabank assumed coverage on 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 restated 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 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 Energy Transfer in a report on Monday, July 7th. They set a "buy" rating and a $22.00 price objective on the stock. Finally, Cowen started coverage on Energy Transfer in a report on Monday, July 7th. They set a "buy" rating on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Activity at Energy Transfer

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the purchase, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.28% of the company's stock.

Energy Transfer Price Performance

Shares of ET opened at $17.46 on Monday. The company has a market capitalization of $59.93 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 1.03 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 company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. The business's 50-day moving average is $17.52 and its 200-day moving average is $17.59.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting analysts' consensus estimates of $0.32. The company had revenue of $19.24 billion for 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 quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. Equities research analysts expect that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio (DPR) is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.