National Bank of Canada FI Sells 762,417 Shares of Energy Transfer LP (NYSE:ET)

Key Points

• National Bank of Canada FI drastically reduced its stake in Energy Transfer LP by 93.8%, selling 762,417 shares to own only 50,635 shares valued at approximately $942,000.
• Multiple hedge funds have adjusted their positions in Energy Transfer, with notable increases in holdings by LaSalle St. Investment Advisors LLC (18.6%) and Fayez Sarofim & Co (33.1%).
• Energy Transfer recently announced a quarterly dividend of $0.33, maintaining a yield of 7.7%, while also reporting a 7.2% year-over-year decline in quarterly revenue.

National Bank of Canada FI decreased its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 93.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,635 shares of the pipeline company's stock after selling 762,417 shares during the quarter. National Bank of Canada FI's holdings in Energy Transfer were worth $942,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. LaSalle St. Investment Advisors LLC grew its holdings in Energy Transfer by 18.6% in the first quarter. LaSalle St. Investment Advisors LLC now owns 48,192 shares of the pipeline company's stock worth $895,000 after purchasing an additional 7,542 shares during the period. Beam Wealth Advisors Inc. boosted its position in shares of Energy Transfer by 1.5% during the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company's stock worth $742,000 after purchasing an additional 585 shares in the last quarter. Fayez Sarofim & Co grew its stake in shares of Energy Transfer by 33.1% in the 1st quarter. Fayez Sarofim & Co now owns 245,013 shares of the pipeline company's stock valued at $4,555,000 after buying an additional 60,957 shares during the period. Maryland State Retirement & Pension System grew its stake in shares of Energy Transfer by 3.0% in the 1st quarter. Maryland State Retirement & Pension System now owns 2,618,836 shares of the pipeline company's stock valued at $48,684,000 after buying an additional 76,981 shares during the period. Finally, Potentia Wealth increased its position in Energy Transfer by 6.2% in the 1st quarter. Potentia Wealth now owns 17,182 shares of the pipeline company's stock valued at $319,000 after buying an additional 1,008 shares in the last quarter. Institutional investors own 38.22% of the company's stock.

Insider Transactions at Energy Transfer

In other 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 transaction of $25,299.12. Following the sale, the director directly owned 24,523 shares in the company, valued at $453,185.04. The trade was a 5.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.28% of the stock is owned by company insiders.

Energy Transfer Stock Down 0.7%

ET opened at $17.25 on Friday. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The firm has a market capitalization of $59.21 billion, a P/E ratio of 13.37, a PEG ratio of 0.91 and a beta of 0.83. The company's 50-day moving average is $17.75 and its 200 day moving average is $18.02. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92.

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

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th will be paid a $0.33 dividend. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 8th. This represents a $1.32 dividend on an annualized basis and a yield of 7.7%. Energy Transfer's dividend payout ratio is currently 102.33%.

Analyst Ratings Changes

Several brokerages have issued reports on ET. TD Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 price target on the stock. Wells Fargo & Company reissued an "overweight" rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday. Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating for the company. JPMorgan Chase & Co. dropped their price objective on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Monday, May 19th. Finally, Mizuho lifted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Energy Transfer currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.75.

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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