Sullivan Wood Capital Management LLC Takes Position in Energy Transfer LP $ET

Key Points

• Sullivan Wood Capital Management LLC recently acquired a stake in Energy Transfer LP, purchasing 57,776 shares valued at approximately $1,047,000, making it the firm’s 9th largest holding.
• Insider buying activity includes Director Kelcy L. Warren, who purchased 1,350,000 shares for about $23.4 million, increasing their ownership by 1.99%.
• Analysts have varied outlooks on Energy Transfer, with target prices ranging from $22.00 to $24.00 and a consensus average price target of $22.50, indicating a generally positive sentiment towards the stock.

Sullivan Wood Capital Management LLC acquired a new stake in shares of Energy Transfer LP (NYSE:ET - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 57,776 shares of the pipeline company's stock, valued at approximately $1,047,000. Energy Transfer comprises about 2.2% of Sullivan Wood Capital Management LLC's holdings, making the stock its 9th biggest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Chelsea Counsel Co. grew its stake in shares of Energy Transfer by 370.3% during the second quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company's stock valued at $1,705,000 after buying an additional 74,050 shares during the last quarter. Prevail Innovative Wealth Advisors LLC grew its stake in shares of Energy Transfer by 316.9% during the first quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company's stock valued at $2,181,000 after buying an additional 89,173 shares during the last quarter. Northern Trust Corp grew its stake in shares of Energy Transfer by 223.5% during the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company's stock valued at $19,883,000 after buying an additional 738,885 shares during the last quarter. Appaloosa LP boosted its holdings in shares of Energy Transfer by 0.9% during the first quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company's stock worth $92,155,000 after purchasing an additional 42,500 shares during the period. Finally, Mountain Lake Investment Management LLC purchased a new stake in shares of Energy Transfer during the first quarter worth about $782,000. 38.22% of the stock is owned by institutional investors.

Insider Buying and Selling 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 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 purchase, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.28% of the company's stock.

Analyst Ratings Changes

ET has been the subject of a number of analyst reports. Morgan Stanley dropped their target price 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. Wells Fargo & Company reiterated an "overweight" rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. TD Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. Scotiabank initiated coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They set a "sector outperform" rating and a $23.00 target price for the company. Finally, Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Thirteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $22.50.

Energy Transfer Stock Performance

Shares of ET opened at $16.94 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. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The company has a 50-day simple moving average of $17.49 and a two-hundred day simple moving average of $17.56. The firm has a market capitalization of $58.13 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.00 and a beta of 0.78.

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

Energy Transfer Increases Dividend

The firm also recently announced 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 a positive change from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer's payout ratio is 102.33%.

Energy Transfer 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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