Spirit of America Management Corp NY Decreases Stock Position in Energy Transfer LP $ET

Spirit of America Management Corp NY cut its stake in Energy Transfer LP (NYSE:ET) by 9.2% in the third quarter, Holdings Channel reports. The institutional investor owned 390,200 shares of the pipeline company’s stock after selling 39,500 shares during the period. Energy Transfer makes up about 1.3% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 18th biggest holding. Spirit of America Management Corp NY’s holdings in Energy Transfer were worth $6,696,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ET. Ryan Investment Management Inc. bought a new stake in shares of Energy Transfer in the 2nd quarter worth about $31,000. CNB Bank raised its position in Energy Transfer by 111.1% in the 2nd quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 1,000 shares during the period. HHM Wealth Advisors LLC lifted its stake in Energy Transfer by 54.4% in the second quarter. HHM Wealth Advisors LLC now owns 2,270 shares of the pipeline company’s stock worth $41,000 after purchasing an additional 800 shares during the last quarter. Crowley Wealth Management Inc. purchased a new position in shares of Energy Transfer during the second quarter valued at approximately $44,000. Finally, Pacific Center for Financial Services boosted its position in shares of Energy Transfer by 34.7% during the first quarter. Pacific Center for Financial Services now owns 2,586 shares of the pipeline company’s stock valued at $48,000 after buying an additional 666 shares during the period. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Performance

ET stock opened at $16.35 on Friday. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The business has a 50-day moving average price of $16.65 and a 200 day moving average price of $17.21. The company has a market capitalization of $56.14 billion, a P/E ratio of 13.08, a PEG ratio of 0.99 and a beta of 0.65. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.41 and a quick ratio of 1.14.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.06). Energy Transfer had a net margin of 5.66% and a return on equity of 10.71%. The business had revenue of $19.95 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period last year, the business posted $0.32 EPS. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 19th. Shareholders of record on Friday, November 7th were issued a dividend of $0.3325 per share. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.33 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date was Friday, November 7th. Energy Transfer’s dividend payout ratio (DPR) is currently 106.40%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ET shares. Royal Bank Of Canada upgraded Energy Transfer to a “moderate buy” rating in a report on Monday, December 15th. Barclays reissued an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Energy Transfer in a research note on Wednesday. Jefferies Financial Group set a $17.00 price objective on shares of Energy Transfer and gave the company a “hold” rating in a research report on Tuesday, October 28th. Finally, Morgan Stanley dropped their target price on shares of Energy Transfer from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 2nd. Thirteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.75.

Insider Transactions at Energy Transfer

In related news, Director Kelcy L. Warren purchased 1,000,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The shares were acquired at an average cost of $16.95 per share, for a total transaction of $16,950,000.00. Following the acquisition, the director owned 104,577,803 shares of the company’s stock, valued at $1,772,593,760.85. The trade was a 0.97% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.28% of the company’s stock.

Energy Transfer Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.