Evergreen Capital Management LLC Sells 65,032 Shares of Energy Transfer LP $ET

Key Points

• Evergreen Capital Management LLC has reduced its stake in Energy Transfer LP by 6.8%, selling 65,032 shares, and now holds 896,555 shares valued at approximately $16.67 million.
• Multiple hedge funds have recently increased their stakes in Energy Transfer, reflecting renewed institutional interest, with 38.22% of the stock now owned by institutional investors.
• Analysts have mixed sentiments on the stock, with price targets ranging from $22.00 to $24.00, but the consensus rating is a "Moderate Buy" with an average target price of $22.50.

Evergreen Capital Management LLC trimmed its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 6.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 896,555 shares of the pipeline company's stock after selling 65,032 shares during the quarter. Evergreen Capital Management LLC's holdings in Energy Transfer were worth $16,667,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. United Advisor Group LLC boosted its stake in Energy Transfer by 3.0% in the 4th quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company's stock valued at $363,000 after buying an additional 534 shares in the last quarter. Beam Wealth Advisors Inc. boosted its stake in Energy Transfer by 1.5% in the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company's stock valued at $742,000 after buying an additional 585 shares in the last quarter. Morton Capital Management LLC CA boosted its stake in Energy Transfer by 1.3% in the 1st quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company's stock valued at $862,000 after buying an additional 593 shares in the last quarter. Summit Trail Advisors LLC boosted its stake in Energy Transfer by 1.1% in the 1st quarter. Summit Trail Advisors LLC now owns 58,181 shares of the pipeline company's stock valued at $1,082,000 after buying an additional 649 shares in the last quarter. Finally, FAS Wealth Partners Inc. boosted its stake in Energy Transfer by 2.0% in the 1st quarter. FAS Wealth Partners Inc. now owns 33,733 shares of the pipeline company's stock valued at $627,000 after buying an additional 666 shares in the last quarter. 38.22% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on ET. Morgan Stanley decreased their price target on Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday. Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They issued a "buy" rating on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Mizuho lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Finally, TD Cowen started coverage on Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating and a $22.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Energy Transfer currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Energy Transfer Trading Up 0.5%

ET stock opened at $17.67 on Friday. The company has a market cap of $60.64 billion, a P/E ratio of 13.69, a PEG ratio of 0.92 and a beta of 0.83. Energy Transfer LP has a twelve month low of $14.60 and a twelve month high of $21.45. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The business has a fifty day moving average of $17.64 and a 200-day moving average of $17.83.

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

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a dividend of $0.33 per share. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer's payout ratio is currently 102.33%.

Insider Activity

In related news, Director James Richard Perry sold 1,369 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $453,185.04. This represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kelcy L. Warren purchased 1,350,000 shares of Energy Transfer stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average cost 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 approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The disclosure for this purchase can be found here. 3.28% of the stock is owned by corporate 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.

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