Wedmont Private Capital Has $398,000 Position in Energy Transfer LP (NYSE:ET)

Wedmont Private Capital cut its stake in Energy Transfer LP (NYSE:ET) by 18.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,556 shares of the pipeline company’s stock after selling 5,513 shares during the quarter. Wedmont Private Capital’s holdings in Energy Transfer were worth $398,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. LRI Investments LLC purchased a new stake in shares of Energy Transfer during the 1st quarter worth about $29,000. HWG Holdings LP bought a new position in shares of Energy Transfer during the 2nd quarter valued at $33,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Energy Transfer in the 4th quarter valued at $34,000. Sugarloaf Wealth Management LLC raised its holdings in Energy Transfer by 43.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after buying an additional 750 shares in the last quarter. Finally, Adirondack Trust Co. acquired a new stake in shares of Energy Transfer in the fourth quarter worth about $42,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Stock Performance

NYSE:ET opened at $16.52 on Friday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.92 and a current ratio of 1.14. The firm’s 50-day moving average is $16.04 and its 200-day moving average is $15.92. Energy Transfer LP has a 52-week low of $12.90 and a 52-week high of $16.64. The company has a market cap of $55.67 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last issued its 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). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The firm had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. During the same period last year, the business earned $0.25 earnings per share. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. Equities research analysts anticipate that Energy Transfer LP will post 1.35 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were paid a $0.32 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 7.75%. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio is currently 117.43%.

Insider Activity at Energy Transfer

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was bought at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the purchase, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kelcy L. Warren purchased 3,000,000 shares of the firm’s stock in a transaction dated 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 completion of the purchase, the director now directly owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,040,000 shares of company stock valued at $47,667,200 in the last 90 days. 3.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ET. UBS Group increased their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Mizuho boosted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. raised their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $20.00.

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.