Energy Transfer LP $ET Stock Sold by Avior Wealth Management LLC

Key Points

• Avior Wealth Management reduced its Energy Transfer stake by 83.8% in the third quarter, selling 56,889 shares and retaining 11,022 shares worth approximately $218,000. Institutional investors collectively own 38.22% of the company.
• Energy Transfer reported quarterly EPS of $0.59, exceeding estimates of $0.38, while revenue surged 78.4% year over year to $34.33 billion. The company also increased its quarterly dividend to $0.34 per share, representing a 6.7% annualized yield.
• Insiders purchased more than 1 million shares worth $21.5 million over the past 90 days, and analysts maintain a “Moderate Buy” consensus with an average price target of $24.60 versus the stock’s recent price near $20.26.

Avior Wealth Management LLC lessened its stake in Energy Transfer LP (NYSEAMERICAN:ET - Free Report) by 83.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,022 shares of the pipeline company's stock after selling 56,889 shares during the period. Avior Wealth Management LLC's holdings in Energy Transfer were worth $218,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ET. Arrow Investment Advisors LLC raised its holdings in Energy Transfer by 4.9% during the 2nd quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company's stock valued at $208,000 after buying an additional 505 shares during the last quarter. Cypress Capital Management LLC WY raised its stake in shares of Energy Transfer by 3.9% during the second quarter. Cypress Capital Management LLC WY now owns 13,439 shares of the pipeline company's stock valued at $257,000 after acquiring an additional 509 shares during the last quarter. Argent Trust Co raised its stake in shares of Energy Transfer by 2.1% during the second quarter. Argent Trust Co now owns 26,035 shares of the pipeline company's stock valued at $498,000 after acquiring an additional 529 shares during the last quarter. State of Wyoming boosted its holdings in shares of Energy Transfer by 2.5% during the second quarter. State of Wyoming now owns 22,822 shares of the pipeline company's stock worth $436,000 after purchasing an additional 548 shares during the period. Finally, Keybank National Association OH boosted its holdings in shares of Energy Transfer by 0.3% during the first quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company's stock worth $4,231,000 after purchasing an additional 556 shares during the period. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Price Performance

ET opened at $20.26 on Friday. The stock has a fifty day simple moving average of $20.90 and a two-hundred day simple moving average of $20.02. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. The company has a market cap of $69.76 billion, a price-to-earnings ratio of 13.78 and a beta of 0.60. Energy Transfer LP has a 12-month low of $16.18 and a 12-month high of $21.84.

Energy Transfer (NYSEAMERICAN:ET - Get Free Report) last announced its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The firm had revenue of $34.33 billion for the quarter, compared to analysts' expectations of $27.71 billion. During the same quarter in the previous year, the business posted $0.32 EPS. The company's quarterly revenue was up 78.4% on a year-over-year basis. Research analysts predict that Energy Transfer LP will post 1.73 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, August 7th. This is a boost from Energy Transfer's previous quarterly dividend of $0.3375. This represents a $1.36 annualized dividend and a dividend yield of 6.7%. Energy Transfer's dividend payout ratio is 92.52%.

Insider Activity

In related news, Director James Perry purchased 12,359 shares of the stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $20.23 per share, with a total value of $250,022.57. Following the transaction, the director directly owned 208,046 shares in the company, valued at $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kelcy Warren bought 647,968 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was purchased at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the acquisition, the director directly owned 147,901,879 shares of the company's stock, valued at approximately $3,144,393,947.54. The trade was a 0.44% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 1,012,359 shares of company stock valued at $21,513,543. 3.28% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on ET. Jefferies Financial Group reiterated a "buy" rating on shares of Energy Transfer in a report on Wednesday, August 5th. Royal Bank Of Canada restated an "outperform" rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, July 21st. Zacks Research lowered Energy Transfer from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Mizuho set a $26.00 price target on shares of Energy Transfer in a report on Tuesday. Finally, Citigroup reiterated a "buy" rating and issued a $24.00 price target (up from $23.00) on shares of Energy Transfer in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.60.

Energy Transfer Company Profile

Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.

The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.

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