Mountain Lake Investment Management LLC Makes New Investment in Energy Transfer LP $ET

Key Points

• Mountain Lake Investment Management LLC acquired a new stake in Energy Transfer LP, purchasing 42,049 shares valued at approximately $782,000, making it the 25th largest position in their investment portfolio.
• Directors of Energy Transfer have been active, with Kelcy L. Warren buying 1.35 million shares and James Richard Perry selling 1,369 shares, indicating mixed sentiments among company insiders.
• Energy Transfer recently announced a quarterly dividend of $0.33 per share, reflecting a 7.6% dividend yield, despite a payout ratio of 102.33%.

Mountain Lake Investment Management LLC purchased a new stake in Energy Transfer LP (NYSE:ET - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 42,049 shares of the pipeline company's stock, valued at approximately $782,000. Energy Transfer comprises about 0.7% of Mountain Lake Investment Management LLC's investment portfolio, making the stock its 25th biggest position.

Other large investors have also made changes to their positions in the company. Capital A Wealth Management LLC acquired a new stake in Energy Transfer in the 4th quarter valued at about $26,000. Fourth Dimension Wealth LLC purchased a new position in shares of Energy Transfer during the 4th quarter worth about $29,000. Vision Financial Markets LLC purchased a new position in Energy Transfer in the first quarter valued at approximately $33,000. Stone House Investment Management LLC purchased a new position in Energy Transfer in the first quarter valued at approximately $38,000. Finally, HWG Holdings LP purchased a new stake in shares of Energy Transfer during the first quarter valued at approximately $38,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

Insider Buying and Selling at Energy Transfer

In related news, Director James Richard Perry sold 1,369 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $18.48, for a total transaction of $25,299.12. Following the sale, the director owned 24,523 shares in the company, valued at $453,185.04. The trade was a 5.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kelcy L. Warren bought 1,350,000 shares of the stock in a transaction on Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. This represents a 1.99% increase in their position. The disclosure for this purchase can be found here. 3.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ET has been the subject of a number of research reports. Morgan Stanley decreased their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, August 26th. Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating for the company. TD Cowen assumed coverage on Energy Transfer in a research note on Monday, July 7th. They issued a "buy" rating and a $22.00 target price on the stock. Wells Fargo & Company reiterated an "overweight" rating and issued a $23.00 price target (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Finally, Scotiabank began coverage on Energy Transfer in a report on Tuesday. They set a "sector outperform" rating and a $23.00 price objective on the stock. Thirteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Energy Transfer has a consensus rating of "Moderate Buy" and a consensus target price of $22.54.

Energy Transfer Stock Performance

Shares of NYSE:ET opened at $17.41 on Friday. The business's fifty day moving average price is $17.62 and its two-hundred day moving average price is $17.74. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. The stock has a market capitalization of $59.75 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 1.01 and a beta of 0.85. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm had revenue of $19.24 billion for the quarter, compared to analysts' expectations of $24.07 billion. During the same quarter last year, the business earned $0.35 earnings per share. The company's revenue was down 7.2% compared to the same quarter last year. As a group, analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal 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 7.6%. 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%.

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.

Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.