Energy Transfer LP (NYSE:ET) Shares Sold by Wealthspire Advisors LLC

Key Points

• Wealthspire Advisors LLC significantly reduced its stake in Energy Transfer LP by 81.3% in Q1, now holding 24,308 shares valued at approximately $452,000 after selling over 100,000 shares.
• Energy Transfer's stock has seen a decline of 1.9%, trading at $17.28, with a market cap of $59.30 billion and a PE ratio of 13.40.
• The company recently increased its quarterly dividend to $0.33 per share, boasting an annual yield of 7.6% despite a high dividend payout ratio of 101.55%.

Wealthspire Advisors LLC lowered its stake in Energy Transfer LP (NYSE:ET - Free Report) by 81.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 24,308 shares of the pipeline company's stock after selling 105,894 shares during the period. Wealthspire Advisors LLC's holdings in Energy Transfer were worth $452,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Vision Financial Markets LLC bought a new position in shares of Energy Transfer in the 1st quarter worth about $33,000. West Michigan Advisors LLC raised its stake in Energy Transfer by 9.1% during the first quarter. West Michigan Advisors LLC now owns 13,467 shares of the pipeline company's stock worth $250,000 after acquiring an additional 1,128 shares during the period. Empower Advisory Group LLC lifted its holdings in Energy Transfer by 14.7% in the first quarter. Empower Advisory Group LLC now owns 12,015 shares of the pipeline company's stock worth $223,000 after acquiring an additional 1,539 shares during the last quarter. Cary Street Partners Financial LLC boosted its stake in Energy Transfer by 40.4% in the first quarter. Cary Street Partners Financial LLC now owns 156,387 shares of the pipeline company's stock valued at $2,907,000 after acquiring an additional 44,961 shares during the period. Finally, Thoroughbred Financial Services LLC grew its holdings in shares of Energy Transfer by 41.4% during the first quarter. Thoroughbred Financial Services LLC now owns 32,775 shares of the pipeline company's stock valued at $609,000 after purchasing an additional 9,592 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Stock Down 1.9%

Shares of ET stock opened at $17.28 on Friday. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.92 and a current ratio of 1.12. The business's fifty day moving average is $17.79 and its 200-day moving average is $18.14. The stock has a market cap of $59.30 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 0.91 and a beta of 0.83.

Energy Transfer (NYSE:ET - Get Free Report) last released its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.32. The firm had revenue of $19.24 billion for the quarter, compared to analyst estimates of $24.07 billion. Energy Transfer had a return on equity of 11.07% and a net margin of 5.80%. Energy Transfer's revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.35 earnings per share. Equities analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date is Friday, August 8th. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio is 101.55%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Mizuho raised their target price on Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Tuesday, May 20th. TD Cowen began coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating and a $22.00 price target for the company. Wells Fargo & Company dropped their price objective on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Finally, Cowen started coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.58.

Insiders Place Their Bets

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of Energy Transfer stock in a transaction on Friday, June 13th. The shares were sold at an average price of $18.48, for a total transaction of $25,299.12. Following the completion of the sale, the director owned 24,523 shares of the company's stock, valued at $453,185.04. This trade represents a 5.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.28% of the stock is currently owned by company insiders.

Energy Transfer Company 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.

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.