Energy Transfer LP $ET Shares Sold by Zurich Insurance Group Ltd FI

Key Points

• Zurich Insurance Group Ltd FI has reduced its position in Energy Transfer LP by 8.3%, selling 334,565 shares, resulting in ownership of approximately 3.7 million shares valued at $68.9 million.
• Several institutional investors, including Alps Advisors Inc. and Tortoise Capital Advisors L.L.C., have increased their holdings in Energy Transfer, reflecting ongoing interest in the company despite Zurich's sale.
• Energy Transfer recently declared a quarterly dividend of $0.33, maintaining a yield of 7.7%, but its dividend payout ratio stands at 102.33%, indicating potential sustainability concerns.

Zurich Insurance Group Ltd FI reduced its position in shares of Energy Transfer LP (NYSE:ET - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,703,877 shares of the pipeline company's stock after selling 334,565 shares during the quarter. Zurich Insurance Group Ltd FI owned 0.11% of Energy Transfer worth $68,855,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Alps Advisors Inc. boosted its position in Energy Transfer by 12.9% during the first quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company's stock worth $1,400,831,000 after purchasing an additional 8,613,645 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its holdings in Energy Transfer by 2.6% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 38,205,495 shares of the pipeline company's stock worth $710,240,000 after buying an additional 951,656 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its stake in Energy Transfer by 0.8% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 24,170,455 shares of the pipeline company's stock worth $449,329,000 after buying an additional 182,705 shares in the last quarter. Energy Income Partners LLC increased its stake in Energy Transfer by 12.0% during the 1st quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company's stock worth $429,802,000 after buying an additional 2,471,401 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Energy Transfer by 5.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,776,221 shares of the pipeline company's stock valued at $387,416,000 after acquiring an additional 1,093,381 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company's stock.

Insider Activity at Energy Transfer

In other news, Director James Richard Perry sold 1,369 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $18.48, for a total transaction of $25,299.12. Following the completion of the transaction, the director directly owned 24,523 shares in the company, valued at approximately $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kelcy L. Warren acquired 1,350,000 shares of Energy Transfer stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average price 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 trade represents a 1.99% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.28% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ET. Scotiabank initiated coverage on Energy Transfer in a research note on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 price target on the stock. Cowen began coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Mizuho increased their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Finally, Morgan Stanley decreased their price target 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 investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.54.

Energy Transfer Trading Down 1.4%

Shares of ET opened at $17.16 on Tuesday. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The firm has a market capitalization of $58.89 billion, a P/E ratio of 13.30, a P/E/G ratio of 0.99 and a beta of 0.85. The firm has a 50-day moving average price of $17.60 and a 200 day moving average price of $17.69. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET - Get Free Report) last posted 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 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 analyst estimates of $24.07 billion. During the same period in the previous year, the business posted $0.35 EPS. Energy Transfer's revenue was down 7.2% on a year-over-year basis. Sell-side analysts forecast that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were given a $0.33 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a yield of 7.7%. Energy Transfer's dividend payout ratio (DPR) is currently 102.33%.

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.

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