Penbrook Management LLC Reduces Stock Position in Energy Transfer LP $ET

Penbrook Management LLC cut its stake in Energy Transfer LP (NYSE:ET) by 1.3% in the second quarter, Holdings Channel.com reports. The firm owned 82,340 shares of the pipeline company’s stock after selling 1,125 shares during the quarter. Energy Transfer makes up approximately 1.1% of Penbrook Management LLC’s investment portfolio, making the stock its 19th biggest position. Penbrook Management LLC’s holdings in Energy Transfer were worth $1,493,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ryan Investment Management Inc. purchased a new stake in shares of Energy Transfer in the second quarter valued at approximately $31,000. Vision Financial Markets LLC purchased a new stake in shares of Energy Transfer in the first quarter valued at approximately $33,000. HWG Holdings LP purchased a new stake in shares of Energy Transfer in the first quarter valued at approximately $38,000. Stone House Investment Management LLC purchased a new stake in shares of Energy Transfer in the first quarter valued at approximately $38,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Energy Transfer in the first quarter valued at approximately $40,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ET has been the subject of several analyst reports. Wells Fargo & Company reiterated an “overweight” rating and issued a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. TD Cowen initiated coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating and a $22.00 price objective for the company. Cowen initiated coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating for the company. Morgan Stanley lowered their price objective on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, August 26th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Energy Transfer Stock Up 1.4%

Shares of NYSE ET opened at $16.52 on Tuesday. The stock has a market cap of $56.69 billion, a P/E ratio of 12.80, a PEG ratio of 0.96 and a beta of 0.78. 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 LP has a 12-month low of $14.60 and a 12-month high of $21.45. The business’s fifty day simple moving average is $17.31 and its 200-day simple moving average is $17.43.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data 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 business had revenue of $19.24 billion for 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%.The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share. As a group, equities analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were paid a $0.33 dividend. The ex-dividend date was Friday, August 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a dividend yield of 8.0%. Energy Transfer’s payout ratio is 102.33%.

Insider Activity

In related news, Director Kelcy L. Warren acquired 1,350,000 shares of Energy Transfer stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the purchase, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.28% of the company’s stock.

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.