Exchange Traded Concepts LLC Has $27.61 Million Stock Holdings in Energy Transfer LP $ET

Key Points

• Exchange Traded Concepts LLC reduced its stake in Energy Transfer LP by 1.8%, selling 28,432 shares and holding a total of 1,522,647 shares worth approximately $27.6 million.
• Multiple institutional investors, including Alps Advisors Inc. and Tortoise Capital Advisors, increased their positions in Energy Transfer during the first quarter of the year, indicating strong interest in the company.
• Energy Transfer announced a quarterly dividend of $0.33 per share, reflecting a 7.5% dividend yield, but its payout ratio is currently at 102.33%.

Exchange Traded Concepts LLC reduced its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,522,647 shares of the pipeline company's stock after selling 28,432 shares during the quarter. Exchange Traded Concepts LLC's holdings in Energy Transfer were worth $27,606,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital A Wealth Management LLC bought a new stake in shares of Energy Transfer during the fourth quarter valued at about $26,000. Fourth Dimension Wealth LLC purchased a new position in Energy Transfer in the 4th quarter worth about $29,000. Vision Financial Markets LLC purchased a new position in Energy Transfer in the 1st quarter worth about $33,000. HWG Holdings LP purchased a new position in Energy Transfer in the 1st quarter worth about $38,000. Finally, Stone House Investment Management LLC purchased a new position in Energy Transfer during the 1st quarter valued at about $38,000. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Price Performance

NYSE:ET traded down $0.12 during trading hours on Friday, reaching $17.32. The company had a trading volume of 13,743,076 shares, compared to its average volume of 9,812,187. The stock has a 50-day moving average of $17.54 and a two-hundred day moving average of $17.61. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The firm has a market capitalization of $59.45 billion, a PE ratio of 13.43, a PEG ratio of 1.03 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly 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 firm had revenue of $19.24 billion for the quarter, compared to analysts' expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business's revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share. Analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were paid a $0.33 dividend. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer's payout ratio is presently 102.33%.

Insider Buying and Selling

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of Energy Transfer stock in a transaction on Wednesday, August 20th. The shares were bought at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 3.28% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on ET shares. Morgan Stanley lowered their target price on Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 26th. 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. Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Scotiabank initiated coverage on Energy Transfer in a report on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 target price for the company. Finally, TD Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.50.

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.