Energy Transfer LP $ET Stock Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its holdings in shares of Energy Transfer LP (NYSEAMERICAN:ET) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,772,599 shares of the pipeline company’s stock after selling 151,001 shares during the period. Energy Transfer comprises approximately 7.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Energy Transfer were worth $153,664,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in Energy Transfer by 5.7% during the 1st quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company’s stock worth $597,458,000 after purchasing an additional 1,656,609 shares during the period. Energy Income Partners LLC lifted its holdings in shares of Energy Transfer by 1.8% in the 2nd quarter. Energy Income Partners LLC now owns 25,654,536 shares of the pipeline company’s stock valued at $490,515,000 after buying an additional 447,081 shares during the period. Recurrent Investment Advisors LLC lifted its holdings in shares of Energy Transfer by 3.9% in the 1st quarter. Recurrent Investment Advisors LLC now owns 5,562,381 shares of the pipeline company’s stock valued at $107,354,000 after buying an additional 211,026 shares during the period. BlackRock Inc. lifted its holdings in shares of Energy Transfer by 0.4% in the 2nd quarter. BlackRock Inc. now owns 4,017,925 shares of the pipeline company’s stock valued at $76,823,000 after buying an additional 16,926 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new position in shares of Energy Transfer in the 1st quarter valued at about $61,760,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on ET shares. Capital One Financial started coverage on Energy Transfer in a research note on Tuesday, September 22nd. They issued an “overweight” rating and a $26.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Energy Transfer from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, September 4th. Morgan Stanley boosted their price target on Energy Transfer from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Tuesday, August 18th. Barclays restated an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. Finally, Citigroup reaffirmed a “buy” rating and set a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.60.

Energy Transfer Price Performance

NYSEAMERICAN:ET opened at $20.60 on Tuesday. Energy Transfer LP has a 52 week low of $16.18 and a 52 week high of $21.84. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.45. The stock has a market capitalization of $70.93 billion, a PE ratio of 14.01 and a beta of 0.60. The stock’s 50-day moving average price is $20.81 and its 200-day moving average price is $19.55.

Energy Transfer (NYSEAMERICAN:ET) last announced its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.21. The firm had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%. Energy Transfer’s revenue for the quarter was up 78.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. As a group, equities analysts expect that Energy Transfer LP will post 1.73 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Friday, November 6th will be issued a $0.3425 dividend. The ex-dividend date of this dividend is Friday, November 6th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.37 annualized dividend and a yield of 6.7%. Energy Transfer’s dividend payout ratio is 92.52%.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren bought 647,968 shares of Energy Transfer stock in a transaction dated Wednesday, August 19th. The stock was acquired at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the purchase, the director directly owned 147,901,879 shares in the company, valued at $3,144,393,947.54. This represents a 0.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Perry bought 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, with a total value 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. This trade represents a 6.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 1,012,359 shares of company stock worth $21,513,543. 3.28% of the stock is owned by corporate insiders.

Energy Transfer Company Profile

Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.

The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.