Tortoise Capital Advisors L.L.C. Boosts Stake in Energy Transfer LP $ET

Key Points

• Tortoise Capital Advisors L.L.C. increased its stake in Energy Transfer LP by 2.6%, owning approximately 38.21 million shares, valued at $710.24 million, making it a significant part of their portfolio.
• Several institutional investors have recently modified their positions in Energy Transfer, with notable increases in holdings from firms like Alps Advisors Inc. and Jefferies Financial Group Inc..
• Energy Transfer recently announced a quarterly dividend of $0.33 per share, maintaining a strong yield of 7.6%, although its payout ratio stands at a very high 102.33%.

Tortoise Capital Advisors L.L.C. grew its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 2.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,205,495 shares of the pipeline company's stock after buying an additional 951,656 shares during the quarter. Energy Transfer makes up 8.6% of Tortoise Capital Advisors L.L.C.'s holdings, making the stock its 4th biggest holding. Tortoise Capital Advisors L.L.C. owned approximately 1.11% of Energy Transfer worth $710,240,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ET. Strong Tower Advisory Services acquired a new position in shares of Energy Transfer during the first quarter worth $2,604,000. Prevail Innovative Wealth Advisors LLC lifted its holdings 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 worth $2,181,000 after purchasing an additional 89,173 shares during the period. Jefferies Financial Group Inc. lifted its holdings in shares of Energy Transfer by 125.0% during the fourth quarter. Jefferies Financial Group Inc. now owns 469,227 shares of the pipeline company's stock worth $9,192,000 after purchasing an additional 260,700 shares during the period. Commerce Bank acquired a new position in shares of Energy Transfer during the first quarter worth $92,607,000. Finally, Alps Advisors Inc. lifted its holdings in shares of Energy Transfer by 12.9% during the first quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company's stock worth $1,400,831,000 after purchasing an additional 8,613,645 shares during the period. Institutional investors own 38.22% of the company's stock.

Insider Activity

In other news, Director Kelcy L. Warren acquired 1,350,000 shares of Energy Transfer stock in a transaction on Wednesday, August 20th. The stock was acquired at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Richard Perry sold 1,369 shares of the company's 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 completion of the sale, the director directly owned 24,523 shares of the company's stock, valued at $453,185.04. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.28% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ET. JPMorgan Chase & Co. cut their price target on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Mizuho increased their price target on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, May 20th. TD Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They set a "buy" rating and a $22.00 price target for the company. Finally, Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Energy Transfer presently has an average rating of "Moderate Buy" and a consensus price target of $22.75.

Energy Transfer Price Performance

Shares of NYSE ET opened at $17.4550 on Friday. The firm's 50-day moving average price is $17.69 and its 200-day moving average price is $17.93. 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 $59.92 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.90 and a beta of 0.83. 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, 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 for the quarter, compared to analyst estimates of $24.07 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. The business's quarterly revenue was down 7.2% compared to the same quarter last year. Equities research analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a dividend of $0.33 per share. 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. This represents a $1.32 annualized dividend and a dividend yield of 7.6%. Energy Transfer's payout ratio is presently 102.33%.

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.

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