Highland Capital Management LLC Buys New Shares in Energy Transfer LP $ET

Key Points

• Highland Capital Management LLC has acquired 51,318 shares of Energy Transfer LP, valued at approximately $930,000, during the second quarter.
• Energy Transfer recently reported earnings that met estimates, with a quarterly revenue of $19.24 billion, but it fell short of analyst expectations of $24.07 billion.
• The pipeline company announced a quarterly dividend of $0.33 per share, reflecting a 7.8% dividend yield and an increase in its dividend payout ratio to 102.33%.

Highland Capital Management LLC bought a new position in shares of Energy Transfer LP (NYSE:ET - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 51,318 shares of the pipeline company's stock, valued at approximately $930,000.

A number of other large investors have also recently added to or reduced their stakes in ET. Ryan Investment Management Inc. bought a new stake in shares of Energy Transfer in the 2nd quarter valued at about $31,000. Vision Financial Markets LLC acquired a new stake in shares of Energy Transfer in the first quarter valued at approximately $33,000. HWG Holdings LP bought a new position in shares of Energy Transfer during the 1st quarter worth approximately $38,000. Stone House Investment Management LLC acquired a new position in shares of Energy Transfer during the 1st quarter worth approximately $38,000. Finally, N.E.W. Advisory Services LLC bought a new stake in Energy Transfer in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 38.22% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ET. Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating on the stock. 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 report on Tuesday, August 12th. Morgan Stanley lowered their price target on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, August 26th. Scotiabank initiated coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 price objective for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Energy Transfer in a research report on Saturday, September 27th. Fourteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

Energy Transfer Stock Performance

NYSE ET opened at $16.83 on Monday. The firm has a 50-day moving average price of $17.47 and a two-hundred day moving average price of $17.53. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The company has a market capitalization of $57.78 billion, a P/E ratio of 13.05, a P/E/G ratio of 0.99 and a beta of 0.78. 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 earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $19.24 billion for the quarter, compared to analysts' expectations of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business's revenue for the quarter was down 7.2% on a year-over-year basis. During the same period last year, the firm earned $0.35 earnings per share. Analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently announced 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 represents a $1.32 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date was Friday, August 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio is currently 102.33%.

Insider Activity

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the transaction, the director owned 69,178,477 shares of the company's stock, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.28% of the company's stock.

Energy Transfer 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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