MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Cuts Position in Energy Transfer LP $ET

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its holdings in Energy Transfer LP by 1.3%, now owning approximately 19.5 million shares worth about $363 million, making it the firm's 15th largest position.
• Energy Transfer reported earnings per share (EPS) of $0.32 for the quarter, meeting analysts' expectations, but its revenue fell to $19.24 billion, below the anticipated $24.07 billion.
• The company has recently increased its quarterly dividend to $0.33 per share, representing a dividend yield of 7.5%, while its current payout ratio stands at 102.33%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 19,528,085 shares of the pipeline company's stock after selling 248,136 shares during the period. Energy Transfer makes up about 0.8% of MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s investment portfolio, making the stock its 15th largest position. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.57% of Energy Transfer worth $363,027,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Alps Advisors Inc. grew its stake in shares of Energy Transfer by 12.9% in the first quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company's stock valued at $1,400,831,000 after buying an additional 8,613,645 shares in the last quarter. Tortoise Capital Advisors L.L.C. grew its stake in shares of Energy Transfer by 2.6% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 38,205,495 shares of the pipeline company's stock valued at $710,240,000 after buying an additional 951,656 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its stake in shares of Energy Transfer by 0.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 24,170,455 shares of the pipeline company's stock valued at $449,329,000 after buying an additional 182,705 shares in the last quarter. Energy Income Partners LLC grew its stake in shares of Energy Transfer by 12.0% in the first quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company's stock valued at $429,802,000 after buying an additional 2,471,401 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its stake in shares of Energy Transfer by 2.8% in the first quarter. Westwood Holdings Group Inc. now owns 16,787,080 shares of the pipeline company's stock valued at $312,072,000 after buying an additional 455,860 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Stock Performance

Shares of ET stock opened at $17.67 on Friday. 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 company has a market cap of $60.64 billion, a P/E ratio of 13.69, a PEG ratio of 1.00 and a beta of 0.85. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The business has a 50 day moving average of $17.63 and a two-hundred day moving average of $17.76.

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, meeting analysts' consensus estimates 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 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 period last year, the business posted $0.35 earnings per share. As a group, analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm 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 a boost 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 was Friday, August 8th. Energy Transfer's payout ratio is presently 102.33%.

Analysts Set New Price Targets

Several analysts have recently weighed in on ET shares. Scotiabank started coverage on Energy Transfer in a research note on Tuesday. They set a "sector outperform" rating and a $23.00 target price for the company. TD Cowen assumed coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. Cowen assumed coverage on shares of Energy Transfer in a research 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 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Thirteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.54.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of Energy Transfer stock in a transaction dated Wednesday, August 20th. The stock was acquired at an average cost 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 in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James Richard Perry sold 1,369 shares of the business'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 transaction, the director 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 disclosure for this sale can be found here. Insiders own 3.28% of the company's stock.

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.

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