Steel Grove Capital Advisors LLC Sells 14,577 Shares of Energy Transfer LP (NYSE:ET)

Steel Grove Capital Advisors LLC lowered its holdings in Energy Transfer LP (NYSE:ET) by 12.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 102,832 shares of the pipeline company’s stock after selling 14,577 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Energy Transfer were worth $1,668,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. LRI Investments LLC purchased a new position in Energy Transfer during the first quarter valued at approximately $29,000. Ables Iannone Moore & Associates Inc. purchased a new position in Energy Transfer in the 4th quarter worth approximately $34,000. Hudson Edge Investment Partners Inc. purchased a new position in Energy Transfer in the 2nd quarter worth approximately $42,000. EdgeRock Capital LLC purchased a new position in Energy Transfer in the 2nd quarter worth approximately $42,000. Finally, Adirondack Trust Co. purchased a new position in Energy Transfer in the 4th quarter worth approximately $42,000. Institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ET. UBS Group boosted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Morgan Stanley boosted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Mizuho boosted their price target 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. boosted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Energy Transfer has an average rating of “Moderate Buy” and an average price target of $19.14.

Insiders Place Their Bets

In other news, Director Kelcy L. Warren bought 3,000,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the purchase, 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 can be accessed through this hyperlink. In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of Energy Transfer stock in a transaction on Friday, August 23rd. The stock was acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the executive vice president now owns 591,211 shares in the company, valued at $9,270,188.48. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kelcy L. Warren purchased 3,000,000 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, for a total transaction of $47,040,000.00. Following the completion of the purchase, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 3,040,000 shares of company stock worth $47,667,200. Company insiders own 3.28% of the company’s stock.

Energy Transfer Trading Up 0.2 %

NYSE:ET opened at $16.20 on Monday. The company has a fifty day moving average of $16.06 and a 200 day moving average of $15.83. Energy Transfer LP has a 52 week low of $12.90 and a 52 week high of $16.50. 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 firm has a market capitalization of $54.59 billion, a P/E ratio of 14.86, a P/E/G ratio of 0.46 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The firm had revenue of $20.73 billion for the quarter, compared to the consensus estimate of $22.01 billion. During the same quarter in the prior year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, research analysts predict that Energy Transfer LP will post 1.4 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were issued a dividend of $0.32 per share. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a yield of 7.90%. The ex-dividend date was Friday, August 9th. Energy Transfer’s dividend payout ratio is currently 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.