Ackerman Capital Advisors LLC Acquires New Holdings in Energy Transfer LP $ET

Ackerman Capital Advisors LLC acquired a new position in shares of Energy Transfer LP (NYSE:ET) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 169,498 shares of the pipeline company’s stock, valued at approximately $3,073,000. Energy Transfer makes up approximately 0.7% of Ackerman Capital Advisors LLC’s holdings, making the stock its 28th biggest position.

Other large investors have also modified their holdings of the company. Chelsea Counsel Co. boosted its stake in shares of Energy Transfer by 370.3% during the second quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock valued at $1,705,000 after acquiring an additional 74,050 shares during the last quarter. Prevail Innovative Wealth Advisors LLC boosted its position in Energy Transfer by 316.9% during the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock worth $2,181,000 after acquiring an additional 89,173 shares during the period. Highland Capital Management LLC acquired a new stake in shares of Energy Transfer during the second quarter worth $930,000. Northern Trust Corp raised its position in Energy Transfer by 223.5% during the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock valued at $19,883,000 after buying an additional 738,885 shares during the period. Finally, Appaloosa LP grew its stake in Energy Transfer by 0.9% in the first quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company’s stock valued at $92,155,000 after purchasing an additional 42,500 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

ET has been the subject of a number of recent research reports. Morgan Stanley dropped their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, August 26th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Scotiabank assumed coverage on Energy Transfer in a research report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price objective for the company. TD Cowen initiated coverage on Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Cowen started coverage on Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating on the stock. Fourteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Insiders Place Their Bets

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the stock in a transaction on 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 acquisition, the director directly owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.28% of the stock is currently owned by insiders.

Energy Transfer Stock Performance

Shares of NYSE:ET opened at $16.30 on Friday. The company has a market capitalization of $55.95 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.96 and a beta of 0.78. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The firm’s 50-day moving average is $17.34 and its 200 day moving average is $17.46. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

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

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were paid a $0.33 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.1%. Energy Transfer’s payout ratio is presently 102.33%.

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.