99,617 Shares in Energy Transfer LP (NYSE:ET) Purchased by True North Advisors LLC

Key Points

• True North Advisors LLC has acquired a new stake in Energy Transfer LP, purchasing 99,617 shares valued at approximately $1.85 million in the first quarter.
• Recent stock performance indicates that Energy Transfer's shares have dipped by 1.9%, opening at $17.28 with a 1-year low of $14.60 and a high of $21.45.
• The company recently declared a $0.33 quarterly dividend, maintaining a yield of 7.6%, although its dividend payout ratio stands at 101.55%.

True North Advisors LLC acquired a new stake in Energy Transfer LP (NYSE:ET - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 99,617 shares of the pipeline company's stock, valued at approximately $1,852,000.

A number of other hedge funds have also made changes to their positions in ET. LaSalle St. Investment Advisors LLC raised its holdings in Energy Transfer by 18.6% in the 1st quarter. LaSalle St. Investment Advisors LLC now owns 48,192 shares of the pipeline company's stock valued at $895,000 after acquiring an additional 7,542 shares in the last quarter. Beam Wealth Advisors Inc. lifted its position in Energy Transfer by 1.5% during the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company's stock valued at $742,000 after purchasing an additional 585 shares during the period. Fayez Sarofim & Co raised its position in shares of Energy Transfer by 33.1% in the 1st quarter. Fayez Sarofim & Co now owns 245,013 shares of the pipeline company's stock valued at $4,555,000 after acquiring an additional 60,957 shares during the period. Maryland State Retirement & Pension System increased its stake in Energy Transfer by 3.0% during the 1st quarter. Maryland State Retirement & Pension System now owns 2,618,836 shares of the pipeline company's stock worth $48,684,000 after purchasing an additional 76,981 shares in the last quarter. Finally, Potentia Wealth boosted its holdings in shares of Energy Transfer by 6.2% in the 1st quarter. Potentia Wealth now owns 17,182 shares of the pipeline company's stock valued at $319,000 after buying an additional 1,008 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ET shares. 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 price objective for the company. Mizuho upped their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Cowen started coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating for the company. Wells Fargo & Company cut their price objective on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, 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 research report on Monday, May 19th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.58.

Insider Buying and Selling

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of the business's stock in a transaction that occurred 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 sale, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.28% of the company's stock.

Energy Transfer Stock Down 1.9%

Energy Transfer stock traded down $0.34 during mid-day trading on Friday, reaching $17.28. 15,395,290 shares of the company were exchanged, compared to its average volume of 13,786,576. The business has a fifty day moving average of $17.79 and a 200 day moving average of $18.12. 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 cap of $59.30 billion, a P/E ratio of 13.40, a PEG ratio of 0.90 and a beta of 0.83. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.32. Energy Transfer had a return on equity of 11.07% and a net margin of 5.80%. The company had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. During the same quarter last year, the business posted $0.35 EPS. The firm's quarterly revenue was down 7.2% on a year-over-year basis. 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 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. This is a boost 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%. The ex-dividend date is Friday, August 8th. Energy Transfer's payout ratio is currently 101.55%.

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.