Energy Transfer LP $ET Shares Sold by Belpointe Asset Management LLC

Belpointe Asset Management LLC cut its holdings in Energy Transfer LP (NYSE:ET) by 36.7% during the second quarter, HoldingsChannel reports. The fund owned 53,802 shares of the pipeline company’s stock after selling 31,180 shares during the period. Belpointe Asset Management LLC’s holdings in Energy Transfer were worth $975,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Indiana Trust & Investment Management Co lifted its stake in Energy Transfer by 5.1% during the first quarter. Indiana Trust & Investment Management Co now owns 11,796 shares of the pipeline company’s stock worth $219,000 after purchasing an additional 576 shares in the last quarter. Beam Wealth Advisors Inc. lifted its stake in Energy Transfer by 1.5% during the first quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company’s stock worth $742,000 after purchasing an additional 585 shares in the last quarter. Morton Capital Management LLC CA lifted its stake in Energy Transfer by 1.3% during the first quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company’s stock worth $862,000 after purchasing an additional 593 shares in the last quarter. MCF Advisors LLC lifted its stake in Energy Transfer by 7.2% during the second quarter. MCF Advisors LLC now owns 9,195 shares of the pipeline company’s stock worth $167,000 after purchasing an additional 616 shares in the last quarter. Finally, Chicago Capital LLC lifted its stake in Energy Transfer by 2.6% during the second quarter. Chicago Capital LLC now owns 24,056 shares of the pipeline company’s stock worth $436,000 after purchasing an additional 618 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Kelcy L. Warren acquired 1,350,000 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were bought at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director owned 69,178,477 shares in the company, valued at $1,200,938,360.72. This trade represents a 1.99% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on ET shares. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research note on Saturday, September 27th. Morgan Stanley cut their price objective on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $23.00 price objective (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Scotiabank started coverage on Energy Transfer in a research report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price objective on the stock. Finally, TD Cowen started coverage on Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating and a $22.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Energy Transfer Stock Performance

NYSE:ET opened at $16.67 on Wednesday. The firm has a market capitalization of $57.21 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 0.98 and a beta of 0.78. The business’s fifty day moving average price is $17.42 and its 200 day moving average price is $17.51. 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 12 month low of $14.60 and a 12 month high of $21.45.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $19.24 billion for 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%.Energy Transfer’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 earnings per share. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend 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 dividend yield of 7.9%. Energy Transfer’s dividend payout ratio is 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.