Crescent Grove Advisors LLC Cuts Holdings in Energy Transfer LP $ET

Crescent Grove Advisors LLC lessened its holdings in Energy Transfer LP (NYSE:ET) by 36.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,877 shares of the pipeline company’s stock after selling 79,309 shares during the period. Crescent Grove Advisors LLC’s holdings in Energy Transfer were worth $2,617,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of ET. Morgan Stanley increased its position in shares of Energy Transfer by 41.6% in the fourth quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock valued at $1,423,256,000 after buying an additional 25,366,594 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of Energy Transfer by 8.0% during the 4th quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after buying an additional 6,192,066 shares in the last quarter. Mizuho Markets Americas LLC acquired a new stake in Energy Transfer in the 1st quarter valued at $61,760,000. SCS Capital Management LLC grew its stake in Energy Transfer by 1,859.8% in the 2nd quarter. SCS Capital Management LLC now owns 1,942,908 shares of the pipeline company’s stock valued at $37,148,000 after acquiring an additional 1,843,771 shares during the period. Finally, Invesco Ltd. increased its holdings in Energy Transfer by 3.2% in the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after acquiring an additional 1,773,042 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ET. Royal Bank Of Canada restated an “outperform” rating and set a $23.00 price target (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, July 21st. Truist Financial increased their target price on Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Stifel Nicolaus raised their target price on Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Zacks Research cut Energy Transfer from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. One 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.08.

Insider Buying and Selling

In related news, Director James Richard Perry acquired 12,359 shares of Energy Transfer stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, for a total transaction of $250,022.57. Following the completion of the purchase, the director owned 208,046 shares in the company, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Stock Down 1.0%

Shares of NYSE ET opened at $21.20 on Thursday. The company has a market capitalization of $72.99 billion, a P/E ratio of 14.42, a P/E/G ratio of 0.76 and a beta of 0.55. 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 has a 50 day simple moving average of $19.89 and a 200-day simple moving average of $19.39. Energy Transfer LP has a 1 year low of $16.18 and a 1 year high of $21.64.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.21. The firm had revenue of $34.33 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $0.32 EPS. On average, equities research analysts predict that Energy Transfer LP will post 1.63 earnings per share for the current year.

Energy Transfer Increases Dividend

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

Energy Transfer Company 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.