Sunbeam Capital Management LLC Sells 1,943 Shares of Energy Transfer LP $ET

Sunbeam Capital Management LLC cut its stake in shares of Energy Transfer LP (NYSE:ET) by 10.3% during the 2nd quarter, Holdings Channel reports. The fund owned 16,935 shares of the pipeline company’s stock after selling 1,943 shares during the period. Sunbeam Capital Management LLC’s holdings in Energy Transfer were worth $307,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ET. Ryan Investment Management Inc. bought a new position in Energy Transfer during the second quarter worth $31,000. Vision Financial Markets LLC bought a new position in Energy Transfer during the first quarter worth $33,000. HWG Holdings LP bought a new position in Energy Transfer during the first quarter worth $38,000. Stone House Investment Management LLC bought a new position in Energy Transfer during the first quarter worth $38,000. Finally, N.E.W. Advisory Services LLC bought a new position in Energy Transfer during the first quarter worth $40,000. 38.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ET has been the topic of several research analyst reports. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a report on Saturday, September 27th. Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a “buy” rating on the stock. Scotiabank initiated coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price objective on the stock. Finally, TD Cowen initiated coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a “buy” rating and a $22.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.50.

Energy Transfer Stock Performance

Shares of ET stock opened at $16.66 on Tuesday. The firm has a 50-day moving average of $17.45 and a 200-day moving average of $17.51. The company has a market cap of $57.19 billion, a P/E ratio of 12.91, a P/E/G ratio of 0.99 and a beta of 0.78. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. Equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a $0.33 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a dividend yield of 7.9%. The ex-dividend date was Friday, August 8th. Energy Transfer’s dividend payout ratio is currently 102.33%.

Insider Activity at Energy Transfer

In other news, Director Kelcy L. Warren bought 1,350,000 shares of the stock in a transaction dated Wednesday, August 20th. The stock was bought at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the acquisition, the director directly owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.28% of the stock is currently owned by corporate insiders.

About Energy Transfer

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.