Hennessy Advisors Inc. Trims Stock Holdings in Energy Transfer LP $ET

Hennessy Advisors Inc. lowered its stake in shares of Energy Transfer LP (NYSE:ET) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 537,596 shares of the pipeline company’s stock after selling 32,164 shares during the period. Hennessy Advisors Inc.’s holdings in Energy Transfer were worth $10,279,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ET. Arrow Investment Advisors LLC raised its stake in shares of Energy Transfer by 4.9% during the 2nd quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company’s stock valued at $208,000 after purchasing an additional 505 shares during the period. Argent Trust Co lifted its holdings in shares of Energy Transfer by 2.1% in the second quarter. Argent Trust Co now owns 26,035 shares of the pipeline company’s stock worth $498,000 after buying an additional 529 shares in the last quarter. State of Wyoming boosted its position in shares of Energy Transfer by 2.5% in the second quarter. State of Wyoming now owns 22,822 shares of the pipeline company’s stock valued at $436,000 after acquiring an additional 548 shares during the period. Keybank National Association OH boosted its position in shares of Energy Transfer by 0.3% in the first quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company’s stock valued at $4,231,000 after acquiring an additional 556 shares during the period. Finally, Marks Wealth LLC increased its holdings in Energy Transfer by 4.7% during the 4th quarter. Marks Wealth LLC now owns 12,560 shares of the pipeline company’s stock worth $207,000 after acquiring an additional 560 shares during the period. 38.22% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ET. Barclays restated an “overweight” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. TD Cowen restated a “buy” rating and issued a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a research report on Monday, August 10th. Truist Financial boosted their price objective on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Morgan Stanley lifted their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.08.

Energy Transfer Stock Down 0.4%

NYSE ET opened at $21.30 on Friday. The stock has a market cap of $73.34 billion, a PE ratio of 14.49, a P/E/G ratio of 0.74 and a beta of 0.55. The stock’s 50 day moving average is $20.22 and its 200 day moving average is $19.52. Energy Transfer LP has a 12 month low of $16.18 and a 12 month high of $21.64. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. The company had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. Energy Transfer’s revenue was up 78.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Research analysts predict that Energy Transfer LP will post 1.66 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Friday, August 7th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 6.4%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer’s payout ratio is currently 92.52%.

Insider Activity

In related news, Director Kelcy L. Warren purchased 647,968 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average cost of $21.26 per share, for a total transaction of $13,775,799.68. Following the acquisition, the director owned 147,901,879 shares of the company’s stock, valued at $3,144,393,947.54. The trade was a 0.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Richard Perry acquired 12,359 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $20.23 per share, with a total value of $250,022.57. Following the completion of the purchase, the director directly owned 208,046 shares in the company, valued at $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 1,012,359 shares of company stock worth $21,513,543. 3.28% of the stock is owned by company insiders.

Energy Transfer Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.