Henson Edgewater Management LLC Lowers Position in Energy Transfer LP $ET

Henson Edgewater Management LLC reduced its position in shares of Energy Transfer LP (NYSE:ET) by 15.9% during the second quarter, Holdings Channel reports. The firm owned 132,625 shares of the pipeline company’s stock after selling 25,155 shares during the period. Energy Transfer makes up 1.6% of Henson Edgewater Management LLC’s holdings, making the stock its 20th largest holding. Henson Edgewater Management LLC’s holdings in Energy Transfer were worth $2,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Osbon Capital Management LLC purchased a new stake in shares of Energy Transfer in the 2nd quarter valued at about $25,000. Basepoint Wealth LLC purchased a new position in shares of Energy Transfer during the fourth quarter worth about $25,000. Gables Capital Management Inc. grew its holdings 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 purchasing an additional 600 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Energy Transfer in the first quarter worth approximately $35,000. Finally, Sarver Vrooman Wealth Advisors purchased a new stake in Energy Transfer in the fourth quarter valued at approximately $32,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on ET. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Zacks Research cut shares of Energy Transfer from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Barclays reaffirmed an “overweight” rating and set a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a report on Wednesday, August 5th. UBS Group reissued a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Finally, Citigroup restated a “buy” rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Energy Transfer has an average rating of “Moderate Buy” and a consensus price target of $24.08.

Energy Transfer Price Performance

ET opened at $21.30 on Friday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 1.16. Energy Transfer LP has a 52-week low of $16.18 and a 52-week high of $21.64. The stock has a market capitalization of $73.34 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55. The stock’s 50 day moving average price is $20.22 and its 200-day moving average price is $19.52.

Energy Transfer (NYSE:ET) last announced its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping 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%.The business’s revenue was up 78.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 EPS. On average, equities research analysts predict that Energy Transfer LP will post 1.66 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were issued a $0.34 dividend. 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. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer’s dividend payout ratio is presently 92.52%.

Insider Activity

In other news, Director James Richard Perry purchased 12,359 shares of Energy Transfer stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average price of $20.23 per share, with a total value of $250,022.57. Following the completion of the transaction, the director directly owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelcy L. Warren purchased 647,968 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $3,144,393,947.54. The trade was a 0.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 1,012,359 shares of company stock valued at $21,513,543 over the last ninety days. Corporate insiders own 3.28% of the company’s stock.

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.