Sonora Investment Management Group LLC Has $1.30 Million Position in Energy Transfer LP $ET

Key Points

• Sonora Investment Management Group LLC reduced its position in Energy Transfer LP by 25% during the second quarter, owning 71,851 shares valued at approximately $1.3 million after selling 23,900 shares.
• Energy Transfer recently reported quarterly earnings of $0.32 per share, meeting analyst expectations, but saw a net revenue decrease of 7.2% compared to the previous year.
• The company has announced a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 7.6%, despite a payout ratio of 102.33%.

Sonora Investment Management Group LLC reduced its stake in Energy Transfer LP (NYSE:ET - Free Report) by 25.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 71,851 shares of the pipeline company's stock after selling 23,900 shares during the quarter. Sonora Investment Management Group LLC's holdings in Energy Transfer were worth $1,303,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Fort Washington Investment Advisors Inc. OH grew its stake in shares of Energy Transfer by 25.5% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 417,575 shares of the pipeline company's stock worth $7,571,000 after acquiring an additional 84,957 shares during the last quarter. Guyasuta Investment Advisors Inc. bought a new position in Energy Transfer during the second quarter worth $238,000. Stockman Wealth Management Inc. increased its position in Energy Transfer by 1.4% during the second quarter. Stockman Wealth Management Inc. now owns 63,466 shares of the pipeline company's stock worth $1,151,000 after acquiring an additional 900 shares during the period. Tiller Private Wealth Inc. bought a new position in Energy Transfer during the second quarter worth $537,000. Finally, Independent Wealth Network Inc. increased its position in Energy Transfer by 26.0% during the second quarter. Independent Wealth Network Inc. now owns 57,703 shares of the pipeline company's stock worth $1,046,000 after acquiring an additional 11,922 shares during the period. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

Energy Transfer stock opened at $17.46 on Friday. 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 fifty day moving average price of $17.52 and a two-hundred day moving average price of $17.59. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $21.45. The firm has a market capitalization of $59.93 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.03 and a beta of 0.85.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) 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 firm had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The business's revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, analysts anticipate 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, August 19th. Shareholders of record on Friday, August 8th were paid a dividend of $0.33 per share. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a yield of 7.6%. The ex-dividend date was Friday, August 8th. Energy Transfer's dividend payout ratio is currently 102.33%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ET. Morgan Stanley dropped their target price on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 26th. TD Cowen started coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating and a $22.00 target price on the stock. Wells Fargo & Company restated an "overweight" rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Cowen began coverage on Energy Transfer in a research note on Monday, July 7th. They issued a "buy" rating for the company. Finally, Scotiabank began coverage on Energy Transfer in a research note on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 target price for the company. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Insider Transactions at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren bought 1,350,000 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were bought at an average price of $17.36 per share, for a total transaction 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 approximately $1,200,938,360.72. This trade 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 this hyperlink. 3.28% of the stock is 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.

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.