Oppenheimer & Co. Inc. Cuts Stake in Energy Transfer LP (NYSE:ET)

Oppenheimer & Co. Inc. decreased its stake in Energy Transfer LP (NYSE:ET - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 924,152 shares of the pipeline company's stock after selling 75,542 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Energy Transfer were worth $17,180,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. United Advisor Group LLC lifted its holdings in Energy Transfer by 3.0% in the 4th quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company's stock valued at $363,000 after purchasing an additional 534 shares in the last quarter. Wealthspire Advisors LLC raised its position in shares of Energy Transfer by 0.4% in the fourth quarter. Wealthspire Advisors LLC now owns 130,202 shares of the pipeline company's stock valued at $2,551,000 after buying an additional 535 shares during the last quarter. Cannell & Spears LLC lifted its stake in shares of Energy Transfer by 0.4% in the fourth quarter. Cannell & Spears LLC now owns 135,647 shares of the pipeline company's stock worth $2,657,000 after buying an additional 546 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of Energy Transfer by 18.0% in the fourth quarter. Capital Advisors Ltd. LLC now owns 3,649 shares of the pipeline company's stock worth $71,000 after buying an additional 556 shares in the last quarter. Finally, Morton Capital Management LLC CA boosted its position in Energy Transfer by 1.3% during the first quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company's stock worth $862,000 after acquiring an additional 593 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Trading Up 3.0%

Shares of NYSE ET traded up $0.53 during mid-day trading on Thursday, reaching $18.20. 14,037,866 shares of the company's stock were exchanged, compared to its average volume of 15,725,882. The company's 50-day moving average is $17.56 and its 200-day moving average is $18.51. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.92 and a current ratio of 1.12. The firm has a market capitalization of $62.45 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.57 and a beta of 0.78. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The company had revenue of $21.02 billion for the quarter, compared to analysts' expectations of $22.28 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. Energy Transfer's revenue for the quarter was down 2.8% compared to the same quarter last year. Analysts expect that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 20th. Investors of record on Friday, May 9th were given a dividend of $0.3275 per share. The ex-dividend date was Friday, May 9th. This represents a $1.31 dividend on an annualized basis and a dividend yield of 7.20%. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio (DPR) is presently 99.24%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Morgan Stanley upped their price target on Energy Transfer from $20.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, March 25th. Mizuho lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Royal Bank Of Canada restated an "outperform" rating and issued a $23.00 target price on shares of Energy Transfer in a report on Tuesday, March 25th. Finally, UBS Group reaffirmed a "buy" rating on shares of Energy Transfer in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.64.

Insider Activity at Energy Transfer

In related news, Director James Richard Perry sold 1,369 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $18.48, for a total transaction of $25,299.12. Following the transaction, the director now owns 24,523 shares of the company's stock, valued at approximately $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.28% of the stock is owned by insiders.

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.