Anchor Investment Management LLC Reduces Stock Position in Energy Transfer LP (NYSE:ET)

Anchor Investment Management LLC lessened its stake in shares of Energy Transfer LP (NYSE:ET) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,655 shares of the pipeline company’s stock after selling 3,475 shares during the quarter. Anchor Investment Management LLC’s holdings in Energy Transfer were worth $1,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in Energy Transfer in the 2nd quarter valued at about $13,070,000. Cetera Investment Advisers grew its holdings in Energy Transfer by 4.2% in the 2nd quarter. Cetera Investment Advisers now owns 1,344,575 shares of the pipeline company’s stock valued at $21,809,000 after buying an additional 54,211 shares during the period. Granite Bay Wealth Management LLC purchased a new stake in Energy Transfer in the 2nd quarter valued at about $1,598,000. Pathway Financial Advisers LLC grew its holdings in Energy Transfer by 4.6% in the 2nd quarter. Pathway Financial Advisers LLC now owns 69,107 shares of the pipeline company’s stock valued at $1,121,000 after buying an additional 3,024 shares during the period. Finally, Old North State Trust LLC grew its holdings in Energy Transfer by 8.0% in the 2nd quarter. Old North State Trust LLC now owns 18,946 shares of the pipeline company’s stock valued at $307,000 after buying an additional 1,399 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insiders Place Their Bets

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

Energy Transfer Stock Performance

Energy Transfer stock opened at $16.31 on Friday. The stock’s 50 day moving average price is $16.02 and its 200 day moving average price is $15.89. The firm has a market capitalization of $54.95 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 0.50 and a beta of 1.66. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.92 and a current ratio of 1.14. Energy Transfer LP has a one year low of $12.90 and a one year high of $16.50.

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

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, August 9th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 7.85%. Energy Transfer’s payout ratio is currently 117.43%.

Analysts Set New Price Targets

Several analysts have commented on the company. UBS Group lifted their price target on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Morgan Stanley lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Mizuho lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.14.

Energy Transfer 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.