Kingswood Wealth Advisors LLC Reduces Stock Position in Energy Transfer LP $ET

Kingswood Wealth Advisors LLC cut its holdings in shares of Energy Transfer LP (NYSE:ET) by 90.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,771 shares of the pipeline company’s stock after selling 373,895 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Energy Transfer were worth $685,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ryan Investment Management Inc. acquired a new position in shares of Energy Transfer in the 2nd quarter worth approximately $31,000. Vision Financial Markets LLC acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $33,000. Stone House Investment Management LLC acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $38,000. HWG Holdings LP acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $38,000. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Trading Up 0.2%

NYSE:ET opened at $16.70 on Thursday. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The stock has a market cap of $57.33 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 0.98 and a beta of 0.78. The business has a fifty day moving average of $17.39 and a 200-day moving average of $17.50. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15.

Energy Transfer (NYSE:ET) last released its quarterly earnings results 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 return on equity of 11.08% and a net margin of 5.80%.The company had revenue of $19.24 billion during the quarter, compared to analysts’ expectations of $24.07 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. Equities analysts predict that Energy Transfer LP will post 1.46 earnings per share 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. 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 7.9%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio (DPR) is currently 102.33%.

Analysts Set New Price Targets

Several brokerages have recently commented on ET. Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating for the company. Morgan Stanley decreased their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, August 26th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday. TD Cowen assumed coverage on Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating and a $22.00 price objective for the company. Finally, Wells Fargo & Company restated an “overweight” rating and set a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Fourteen research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Energy Transfer has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Insider Buying and Selling at Energy Transfer

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of Energy Transfer stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the purchase, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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.