Affinity Wealth Management LLC Reduces Position in Energy Transfer LP (NYSE:ET)

Affinity Wealth Management LLC trimmed its holdings in shares of Energy Transfer LP (NYSE:ET) by 7.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,000 shares of the pipeline company’s stock after selling 1,570 shares during the period. Affinity Wealth Management LLC’s holdings in Energy Transfer were worth $337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in ET. Berkley W R Corp increased its stake in Energy Transfer by 11.6% in the first quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock valued at $83,912,000 after purchasing an additional 555,445 shares during the last quarter. NBC Securities Inc. lifted its position in Energy Transfer by 4.3% in the first quarter. NBC Securities Inc. now owns 56,366 shares of the pipeline company’s stock valued at $886,000 after acquiring an additional 2,326 shares during the last quarter. Cetera Investment Advisers boosted its stake in Energy Transfer by 491.3% in the first quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock valued at $20,297,000 after acquiring an additional 1,072,144 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Energy Transfer by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 549,971 shares of the pipeline company’s stock worth $8,651,000 after purchasing an additional 15,097 shares during the last quarter. Finally, Nicolet Advisory Services LLC increased its position in shares of Energy Transfer by 48.8% during the first quarter. Nicolet Advisory Services LLC now owns 17,464 shares of the pipeline company’s stock worth $275,000 after purchasing an additional 5,730 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity

In related news, CEO Thomas E. Long bought 20,000 shares of the firm’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 $313,600.00. Following the transaction, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Kelcy L. Warren bought 3,000,000 shares of the firm’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 completion of the transaction, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas E. Long purchased 20,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 3,040,000 shares of company stock valued at $47,667,200 in the last three months. 3.28% of the stock is currently owned by company insiders.

Energy Transfer Stock Performance

NYSE:ET traded down $0.01 during midday trading on Monday, reaching $16.51. The stock had a trading volume of 950,774 shares, compared to its average volume of 13,072,645. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The stock has a market cap of $55.64 billion, a P/E ratio of 15.16, a P/E/G ratio of 0.50 and a beta of 1.66. The firm has a fifty day simple moving average of $16.04 and a two-hundred day simple moving average of $15.92. Energy Transfer LP has a 12-month low of $12.90 and a 12-month high of $16.64.

Energy Transfer (NYSE:ET) last issued 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 firm had revenue of $20.73 billion during the quarter, compared to analysts’ expectations of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. On average, equities analysts expect that Energy Transfer LP will post 1.35 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.75%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio is 117.43%.

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.