US Bancorp DE Sells 59,994 Shares of Energy Transfer LP $ET

US Bancorp DE reduced its stake in Energy Transfer LP (NYSE:ET - Free Report) by 7.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 712,827 shares of the pipeline company's stock after selling 59,994 shares during the period. US Bancorp DE's holdings in Energy Transfer were worth $12,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of ET. Chelsea Counsel Co. raised its position in 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 purchasing an additional 74,050 shares in the last quarter. 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. Highland Capital Management LLC acquired a new position in shares of Energy Transfer during the second quarter worth $930,000. Northern Trust Corp grew its position in shares of Energy Transfer by 223.5% in the 1st 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. Finally, Appaloosa LP grew its position in shares of Energy Transfer by 0.9% in the 1st quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company's stock valued at $92,155,000 after buying an additional 42,500 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 cost of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the transaction, the director directly owned 69,178,477 shares of the company's stock, valued at $1,200,938,360.72. This represents a 1.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.28% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ET shares. Wells Fargo & Company reissued an "overweight" rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Weiss Ratings restated a "buy (b)" rating on shares of Energy Transfer in a report on Wednesday. Scotiabank began coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They issued a "sector outperform" rating and a $23.00 price target for the company. TD Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They issued a "buy" rating and a $22.00 target price for the company. Finally, Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating on the stock. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Energy Transfer has an average rating of "Moderate Buy" and an average price target of $22.50.

Energy Transfer Price Performance

Energy Transfer stock opened at $16.30 on Friday. The company's 50 day moving average price is $17.34 and its two-hundred day moving average price is $17.46. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. Energy Transfer LP has a 52 week low of $14.60 and a 52 week high of $21.45. The stock has a market cap of $55.95 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.96 and a beta of 0.78.

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

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a $0.33 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a yield of 8.1%. Energy Transfer's dividend payout ratio (DPR) is currently 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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