Teamwork Financial Advisors LLC Trims Stock Holdings in Energy Transfer LP (NYSE:ET)

by · The Markets Daily

Teamwork Financial Advisors LLC cut its holdings in shares of Energy Transfer LP (NYSE:ET – Free Report) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,557 shares of the pipeline company’s stock after selling 3,099 shares during the period. Teamwork Financial Advisors LLC’s holdings in Energy Transfer were worth $1,052,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Good Life Advisors LLC grew its holdings in shares of Energy Transfer by 4.0% during the third quarter. Good Life Advisors LLC now owns 28,723 shares of the pipeline company’s stock worth $461,000 after buying an additional 1,092 shares during the last quarter. Alliance Wealth Advisors LLC purchased a new position in shares of Energy Transfer in the 3rd quarter valued at approximately $395,000. Griffin Asset Management Inc. grew its stake in shares of Energy Transfer by 1.0% in the 3rd quarter. Griffin Asset Management Inc. now owns 99,221 shares of the pipeline company’s stock valued at $1,592,000 after purchasing an additional 1,008 shares during the last quarter. Magnus Financial Group LLC increased its holdings in shares of Energy Transfer by 19.0% in the third quarter. Magnus Financial Group LLC now owns 21,455 shares of the pipeline company’s stock valued at $344,000 after purchasing an additional 3,429 shares during the period. Finally, Shulman DeMeo Asset Management LLC purchased a new stake in shares of Energy Transfer during the third quarter worth approximately $173,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday. Bank of America started coverage on shares of Energy Transfer in a research note on Thursday. They set a “buy” rating and a $20.00 price target on the stock. UBS Group raised their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. boosted their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Energy Transfer currently has an average rating of “Buy” and an average target price of $20.00.

Get Our Latest Report on Energy Transfer

Energy Transfer Trading Up 0.5 %

Shares of ET opened at $16.49 on Friday. Energy Transfer LP has a twelve month low of $12.90 and a twelve month high of $16.64. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $55.57 billion, a P/E ratio of 15.13, a PEG ratio of 0.50 and a beta of 1.66. The firm’s 50-day moving average is $16.09 and its two-hundred day moving average is $15.94.

Energy Transfer (NYSE:ET – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $20.73 billion during 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 quarter in the prior year, the company earned $0.25 EPS. On average, research analysts predict that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 7.76%. The ex-dividend date of this dividend was Friday, August 9th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio is 117.43%.

Insider Transactions at Energy Transfer

In related news, CEO Thomas E. Long bought 20,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were purchased 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 $67,562,909.12. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Kelcy L. Warren purchased 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, with a total value of $47,040,000.00. Following the purchase, the director now directly owns 123,385,650 shares of the company’s stock, valued at approximately $1,934,686,992. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas E. Long acquired 20,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was purchased at an average cost 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. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 3,040,000 shares of company stock valued at $47,667,200 in the last ninety days. Corporate insiders own 3.28% of the company’s stock.

About Energy Transfer

(Free Report)

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.

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