Chicago Partners Investment Group LLC Sells 2,751 Shares of Energy Transfer LP $ET

Chicago Partners Investment Group LLC cut its position in shares of Energy Transfer LP (NYSE:ET) by 0.1% in the second quarter, Holdings Channel reports. The firm owned 3,277,148 shares of the pipeline company’s stock after selling 2,751 shares during the period. Energy Transfer accounts for 1.7% of Chicago Partners Investment Group LLC’s investment portfolio, making the stock its 10th largest holding. Chicago Partners Investment Group LLC’s holdings in Energy Transfer were worth $57,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Chelsea Counsel Co. raised its position in 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 in the last quarter. Prevail Innovative Wealth Advisors LLC raised its holdings in shares of 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 valued at $2,181,000 after purchasing an additional 89,173 shares in the last quarter. Highland Capital Management LLC acquired a new stake in shares of Energy Transfer in the 2nd quarter valued at $930,000. Northern Trust Corp boosted its holdings in Energy Transfer by 223.5% in the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock worth $19,883,000 after purchasing an additional 738,885 shares in the last quarter. Finally, Appaloosa LP increased its position in Energy Transfer by 0.9% during the first quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company’s stock worth $92,155,000 after buying an additional 42,500 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

Shares of NYSE ET opened at $16.44 on Friday. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The company has a market cap of $56.43 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.97 and a beta of 0.78. The business’s 50 day moving average is $17.23 and its two-hundred day moving average is $17.38. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business had revenue of $19.24 billion for the quarter, compared to the consensus estimate of $24.07 billion. During the same quarter last year, the company posted $0.35 earnings per share. Energy Transfer’s quarterly revenue was down 7.2% on a year-over-year basis. On average, equities analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 8.0%. The ex-dividend date was Friday, August 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is presently 102.33%.

Wall Street Analyst Weigh In

ET has been the subject of a number of analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Barclays reaffirmed an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research report on Wednesday. Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They set a “buy” rating on the stock. Finally, Morgan Stanley dropped their price target on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Thirteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

Insider Activity at Energy Transfer

In related news, Director Kelcy L. Warren bought 1,350,000 shares of Energy Transfer stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the purchase, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

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.