Clearbridge Investments LLC Cuts Stock Position in Energy Transfer LP (NYSE:ET)

Clearbridge Investments LLC trimmed its holdings in shares of Energy Transfer LP (NYSE:ET) by 32.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,694,747 shares of the pipeline company’s stock after selling 8,147,000 shares during the period. Clearbridge Investments LLC’s holdings in Energy Transfer were worth $270,789,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Rehmann Capital Advisory Group increased its position in Energy Transfer by 2.0% in the first quarter. Rehmann Capital Advisory Group now owns 32,080 shares of the pipeline company’s stock worth $505,000 after buying an additional 633 shares during the period. Veracity Capital LLC raised its stake in shares of Energy Transfer by 2.0% in the 2nd quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after acquiring an additional 659 shares in the last quarter. Sfmg LLC increased its position in Energy Transfer by 2.2% in the 1st quarter. Sfmg LLC now owns 31,406 shares of the pipeline company’s stock worth $494,000 after buying an additional 674 shares during the period. Morton Capital Management LLC CA grew its holdings in shares of Energy Transfer by 1.6% during the 2nd quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock worth $720,000 after purchasing an additional 699 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its stake in Energy Transfer by 3.6% in the 1st quarter. FinTrust Capital Advisors LLC now owns 20,201 shares of the pipeline company’s stock valued at $318,000 after buying an additional 700 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Trading Down 0.2 %

Shares of ET stock opened at $16.05 on Tuesday. The business’s fifty day moving average price is $16.03 and its 200 day moving average price is $15.88. Energy Transfer LP has a 1-year low of $12.90 and a 1-year high of $16.50. The firm has a market capitalization of $54.07 billion, a PE ratio of 14.72, a P/E/G ratio of 0.50 and a beta of 1.66. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92.

Energy Transfer (NYSE:ET) last released its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 earnings per share. As a group, sell-side analysts forecast that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were paid a dividend of $0.32 per share. The ex-dividend date was Friday, August 9th. This represents a $1.28 annualized dividend and a yield of 7.98%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s payout ratio is presently 117.43%.

Analyst Ratings Changes

A number of research firms have issued reports on ET. JPMorgan Chase & Co. boosted their target price on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Mizuho boosted their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. UBS Group upped their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Morgan Stanley increased their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, June 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.14.

Insider Buying and Selling

In other news, Director Kelcy L. Warren bought 3,000,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $15.68 per share, for a total transaction of $47,040,000.00. Following the purchase, the director now owns 123,385,650 shares of the company’s stock, valued at approximately $1,934,686,992. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Energy Transfer news, Director Kelcy L. Warren acquired 3,000,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the transaction, the director now directly owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas E. Long bought 20,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $15.68 per share, with a total value of $313,600.00. Following the purchase, the chief executive officer now owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. The disclosure for this purchase can be found here. Insiders have purchased 3,040,000 shares of company stock worth $47,667,200 in the last three months. 3.28% of the stock is currently owned by insiders.

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.