Financial Management Professionals Inc. Sells 32,737 Shares of Energy Transfer LP $ET

Financial Management Professionals Inc. lowered its holdings in Energy Transfer LP (NYSE:ET) by 35.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,350 shares of the pipeline company’s stock after selling 32,737 shares during the quarter. Financial Management Professionals Inc.’s holdings in Energy Transfer were worth $1,116,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Basepoint Wealth LLC acquired a new position in Energy Transfer during the fourth quarter worth $25,000. Gables Capital Management Inc. increased its position in shares of Energy Transfer by 60.0% during the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 600 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Energy Transfer during the first quarter worth about $35,000. Sarver Vrooman Wealth Advisors bought a new stake in shares of Energy Transfer during the fourth quarter worth about $32,000. Finally, Financial Life Planners acquired a new stake in shares of Energy Transfer in the 1st quarter worth about $40,000. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Up 2.4%

ET opened at $20.62 on Tuesday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The company’s 50-day moving average is $19.66 and its 200 day moving average is $19.24. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $20.81. The firm has a market capitalization of $71.00 billion, a P/E ratio of 14.03, a PEG ratio of 1.98 and a beta of 0.55.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The business had revenue of $34.33 billion for the quarter, compared to analysts’ expectations of $27.71 billion. During the same period in the previous year, the company earned $0.32 earnings per share. The firm’s revenue for the quarter was up 78.4% compared to the same quarter last year. Research analysts expect that Energy Transfer LP will post 1.52 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date is Friday, August 7th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is presently 92.52%.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director James Richard Perry bought 12,359 shares of Energy Transfer stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $20.23 per share, with a total value of $250,022.57. Following the completion of the acquisition, the director directly owned 208,046 shares in the company, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.28% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ET. JPMorgan Chase & Co. raised their price target on shares of Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Barclays reissued an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. TD Cowen restated a “buy” rating and issued a $25.00 target price (up from $24.00) on shares of Energy Transfer in a report on Monday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, July 21st. Finally, Wall Street Zen upgraded Energy Transfer from a “hold” rating to a “buy” rating in a report on Saturday. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $23.75.

About Energy Transfer

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.