Energy Transfer LP (NYSE:ET) is Kamunting Street Capital Management L.P.’s 2nd Largest Position

Kamunting Street Capital Management L.P. raised its holdings in shares of Energy Transfer LP (NYSE:ET) by 19.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 912,295 shares of the pipeline company’s stock after purchasing an additional 150,000 shares during the period. Energy Transfer makes up about 13.7% of Kamunting Street Capital Management L.P.’s investment portfolio, making the stock its 2nd largest holding. Kamunting Street Capital Management L.P.’s holdings in Energy Transfer were worth $14,797,000 at the end of the most recent quarter.

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

Energy Transfer Trading Up 0.4 %

Shares of ET opened at $16.27 on Tuesday. Energy Transfer LP has a 1 year low of $12.90 and a 1 year high of $16.50. The company has a 50 day simple moving average of $16.05 and a two-hundred day simple moving average of $15.84. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92. The firm has a market cap of $54.83 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 0.46 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (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 company had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The business’s revenue was up 13.1% on a year-over-year basis. On average, equities analysts expect that Energy Transfer LP will post 1.4 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared 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. This represents a $1.28 annualized dividend and a yield of 7.87%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is currently 117.43%.

Insider Transactions at Energy Transfer

In other Energy Transfer news, CEO Thomas E. Long acquired 20,000 shares of the stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the transaction, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kelcy L. Warren acquired 3,000,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $15.68 per share, with a total value 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas E. Long bought 20,000 shares of the 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 acquisition, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. The disclosure for this purchase can be found here. Insiders have bought 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.

Analysts Set New Price Targets

A number of analysts have commented on the company. Mizuho upped their price target on Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. UBS Group raised their target price 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. JPMorgan Chase & Co. lifted their price target 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, Morgan Stanley increased their price objective 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. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Energy Transfer presently has an average rating of “Moderate Buy” and an average price target of $19.14.

Energy Transfer Company 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.