Longfellow Investment Management Co. LLC Sells 914,050 Shares of Energy Transfer LP (NYSE:ET)

Key Points

• Longfellow Investment Management Co. LLC reduced its stake in Energy Transfer LP by 32.0%, selling 914,050 shares and now holds 1,938,068 shares, making Energy Transfer its 4th biggest holding.
• Energy Transfer has a current market cap of $59.30 billion and recently reported an EPS of $0.32, matching analysts' expectations, while its quarterly revenue fell by 7.2% year-over-year.
• The company recently announced a quarterly dividend of $0.33 per share, resulting in a 7.6% dividend yield, although the dividend payout ratio stands at 102.33%.

Longfellow Investment Management Co. LLC decreased its stake in Energy Transfer LP (NYSE:ET - Free Report) by 32.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,938,068 shares of the pipeline company's stock after selling 914,050 shares during the quarter. Energy Transfer makes up 8.8% of Longfellow Investment Management Co. LLC's holdings, making the stock its 4th largest position. Longfellow Investment Management Co. LLC owned about 0.06% of Energy Transfer worth $36,029,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of ET. Capital A Wealth Management LLC purchased a new position in Energy Transfer during the fourth quarter worth approximately $26,000. Fourth Dimension Wealth LLC purchased a new position in Energy Transfer during the fourth quarter worth approximately $29,000. Vision Financial Markets LLC purchased a new position in Energy Transfer during the first quarter worth approximately $33,000. HWG Holdings LP purchased a new position in Energy Transfer during the first quarter worth approximately $38,000. Finally, N.E.W. Advisory Services LLC purchased a new position in Energy Transfer during the first quarter worth approximately $40,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on ET. Cowen began coverage on Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Wells Fargo & Company reissued 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. JPMorgan Chase & Co. reduced their target price on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Mizuho increased their price target on Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Tuesday, May 20th. Finally, TD Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 price target 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $22.75.

Insider Activity at Energy Transfer

In related news, Director James Richard Perry sold 1,369 shares of Energy Transfer stock in a transaction 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 completion of the transaction, the director directly owned 24,523 shares in the company, valued at approximately $453,185.04. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.28% of the stock is currently owned by corporate insiders.

Energy Transfer Trading Down 0.6%

ET stock traded down $0.10 during midday trading on Thursday, hitting $17.39. 9,029,108 shares of the company's stock were exchanged, compared to its average volume of 15,605,458. The business has a 50-day simple moving average of $17.77 and a two-hundred day simple moving average of $18.06. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $59.68 billion, a PE ratio of 13.48, a P/E/G ratio of 0.91 and a beta of 0.83. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last posted 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. The company had revenue of $19.24 billion during 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 firm's quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 earnings per share. On average, sell-side analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared 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 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 7.6%. The ex-dividend date is Friday, August 8th. Energy Transfer's dividend payout ratio (DPR) is 102.33%.

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.