Goldman Sachs Group Inc. Sells 13,912,360 Shares of Energy Transfer LP (NYSE:ET)

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Energy Transfer LP by 15.2%, owning approximately 77.7 million shares by the end of the first quarter, valued at about $1.44 billion.
• Analysts have shown mixed sentiments regarding Energy Transfer's stock, with Cowen and TD Cowen issuing a "buy" rating, while Wells Fargo and JPMorgan have lowered their price targets.
• Energy Transfer recently declared a quarterly dividend of $0.33 per share, providing a 7.4% annual yield, reflecting a payout ratio of 99.24%.

Goldman Sachs Group Inc. reduced its position in shares of Energy Transfer LP (NYSE:ET - Free Report) by 15.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 77,723,360 shares of the pipeline company's stock after selling 13,912,360 shares during the period. Goldman Sachs Group Inc. owned approximately 2.27% of Energy Transfer worth $1,444,877,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ET. Capital A Wealth Management LLC bought a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $26,000. Fourth Dimension Wealth LLC bought a new position in Energy Transfer during the 4th quarter worth $29,000. Vision Financial Markets LLC acquired a new position in Energy Transfer in the 1st quarter valued at $33,000. HWG Holdings LP acquired a new position in Energy Transfer in the 1st quarter valued at $38,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Energy Transfer during the 1st quarter valued at $40,000. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Trading Up 0.8%

Shares of NYSE:ET traded up $0.14 during mid-day trading on Wednesday, reaching $17.87. 28,386,989 shares of the company's stock were exchanged, compared to its average volume of 12,858,506. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.92 and a current ratio of 1.12. Energy Transfer LP has a twelve month low of $14.60 and a twelve month high of $21.45. The firm has a market capitalization of $61.32 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 0.92 and a beta of 0.83. The business's fifty day moving average price is $17.79 and its 200-day moving average price is $18.18.

Energy Transfer (NYSE:ET - Get Free Report) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a return on equity of 11.47% and a net margin of 5.88%. The business's quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 earnings per share. On average, research analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders 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 dividend yield of 7.4%. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 8th. Energy Transfer's dividend payout ratio is 99.24%.

Insider Activity at Energy Transfer

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

Analysts Set New Price Targets

A number of research analysts recently commented on ET shares. JPMorgan Chase & Co. decreased their price target on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a research report on Monday, May 19th. Wells Fargo & Company reduced their price objective on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. TD Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 target price on the stock. Mizuho boosted 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, Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating on the stock. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Energy Transfer currently has an average rating of "Moderate Buy" and a consensus target price of $22.58.

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.