Naples Global Advisors LLC Buys 23,300 Shares of Energy Transfer LP $ET

Key Points

• Naples Global Advisors LLC increased their ownership in Energy Transfer LP by 71%, acquiring an additional 23,300 shares to reach a total of 56,100 shares, valued at approximately $1,017,000.
• Energy Transfer recently reported quarterly earnings of $0.32 EPS, meeting consensus estimates, but experienced a 7.2% decline in revenue compared to the same quarter last year.
• The company has declared a quarterly dividend of $0.33 per share, representing an annualized yield of 7.8%, along with a payout ratio of 102.33%.

Naples Global Advisors LLC lifted its stake in Energy Transfer LP (NYSE:ET - Free Report) by 71.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,100 shares of the pipeline company's stock after acquiring an additional 23,300 shares during the period. Naples Global Advisors LLC's holdings in Energy Transfer were worth $1,017,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Ryan Investment Management Inc. bought a new position in shares of Energy Transfer in the 2nd quarter valued at approximately $31,000. Vision Financial Markets LLC bought a new position in shares of Energy Transfer in the 1st quarter valued at approximately $33,000. Stone House Investment Management LLC bought a new position in shares of Energy Transfer in the 1st quarter valued at approximately $38,000. HWG Holdings LP bought a new position in Energy Transfer in the 1st quarter worth approximately $38,000. Finally, N.E.W. Advisory Services LLC bought a new position in Energy Transfer in the 1st quarter worth approximately $40,000. 38.22% of the stock is owned by institutional investors.

Energy Transfer Price Performance

Shares of NYSE:ET opened at $16.94 on Friday. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The firm has a market capitalization of $58.13 billion, a PE ratio of 13.13, a PEG ratio of 1.00 and a beta of 0.78. The business's 50 day moving average is $17.49 and its 200-day moving average is $17.56. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

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

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 7.8%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's payout ratio is 102.33%.

Analyst Upgrades and Downgrades

Several brokerages have commented on ET. TD Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating and a $22.00 price target on the stock. Scotiabank began coverage on Energy Transfer in a research report on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 price target on the stock. Wells Fargo & Company reaffirmed 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. Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating on the stock. Finally, Morgan Stanley dropped their price target on Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 26th. Thirteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Buying and Selling

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 acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the purchase, the director directly owned 69,178,477 shares in the company, valued at $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.28% of the stock is currently owned by corporate insiders.

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.

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