Townsquare Capital LLC Has $1.46 Million Stake in Energy Transfer LP (NYSE:ET)

Key Points

• Townsquare Capital LLC has significantly reduced its stake in Energy Transfer LP, selling 871,169 shares to hold 78,529 shares, representing a 91.7% cut in their holdings.
• Analysts maintain a generally positive outlook on Energy Transfer, with a consensus rating of “Moderate Buy” and a target price averaging $22.75.
• Energy Transfer announced a quarterly dividend of $0.33 per share, equating to an annual yield of 7.6%, despite a payout ratio exceeding 100%.

Townsquare Capital LLC reduced its stake in Energy Transfer LP (NYSE:ET - Free Report) by 91.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,529 shares of the pipeline company's stock after selling 871,169 shares during the period. Townsquare Capital LLC's holdings in Energy Transfer were worth $1,460,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in ET. Capital A Wealth Management LLC bought a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $26,000. Fourth Dimension Wealth LLC bought a new stake in Energy Transfer during the fourth quarter worth $29,000. Vision Financial Markets LLC bought a new stake in Energy Transfer during the first quarter worth $33,000. HWG Holdings LP bought a new stake in Energy Transfer during the first quarter worth $38,000. Finally, N.E.W. Advisory Services LLC bought a new stake in Energy Transfer during the first quarter worth $40,000. 38.22% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on ET shares. Cowen started coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating for the company. Wells Fargo & Company restated an "overweight" rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday. JPMorgan Chase & Co. cut their target price on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Mizuho upped their target price on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Finally, TD Cowen started coverage on Energy Transfer in a research note on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Energy Transfer currently has an average rating of "Moderate Buy" and a consensus price target of $22.75.

Insiders Place Their Bets

In related news, Director James Richard Perry sold 1,369 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $18.48, for a total value of $25,299.12. Following the completion of the sale, the director directly owned 24,523 shares in the company, valued at $453,185.04. This represents a 5.29% decrease in their ownership of the stock. 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 insiders.

Energy Transfer Price Performance

Shares of ET traded down $0.12 during trading hours on Thursday, reaching $17.37. The stock had a trading volume of 12,502,055 shares, compared to its average volume of 14,605,235. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The stock has a market capitalization of $59.62 billion, a PE ratio of 13.46, a PEG ratio of 0.91 and a beta of 0.83. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The company's 50-day moving average is $17.77 and its two-hundred day moving average is $18.06.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts' consensus estimates of $0.32. The company had revenue of $19.24 billion during the quarter, compared to analysts' expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%. Energy Transfer's revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. Research analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Investors of record on Friday, August 8th will be issued a $0.33 dividend. The ex-dividend date is Friday, August 8th. 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 yield of 7.6%. Energy Transfer's dividend payout ratio (DPR) is currently 102.33%.

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.