Advisors Asset Management Inc. Cuts Position in Energy Transfer LP (NYSE:ET)

Advisors Asset Management Inc. reduced its stake in shares of Energy Transfer LP (NYSE:ET) by 13.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 257,988 shares of the pipeline company’s stock after selling 40,789 shares during the quarter. Advisors Asset Management Inc.’s holdings in Energy Transfer were worth $4,141,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ET. Tortoise Capital Advisors L.L.C. increased its position in shares of Energy Transfer by 12.7% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after purchasing an additional 4,141,715 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in Energy Transfer by 1.1% during the 2nd quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock worth $261,263,000 after buying an additional 171,720 shares during the last quarter. Chickasaw Capital Management LLC grew its stake in Energy Transfer by 3.1% during the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after buying an additional 466,565 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Energy Transfer by 7.9% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 7,293,510 shares of the pipeline company’s stock valued at $117,061,000 after buying an additional 536,047 shares in the last quarter. Finally, Merewether Investment Management LP boosted its holdings in Energy Transfer by 22.3% in the second quarter. Merewether Investment Management LP now owns 6,591,793 shares of the pipeline company’s stock worth $106,919,000 after acquiring an additional 1,200,501 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Up 0.5 %

NYSE:ET opened at $19.06 on Friday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88. The company’s fifty day moving average price is $16.66 and its 200-day moving average price is $16.18. Energy Transfer LP has a 1-year low of $13.11 and a 1-year high of $19.20. The firm has a market capitalization of $65.26 billion, a P/E ratio of 14.01, a PEG ratio of 0.55 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date was Friday, November 8th. Energy Transfer’s payout ratio is presently 94.85%.

Analyst Ratings Changes

Several research firms have recently issued reports on ET. UBS Group upped their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Bank of America began coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer has a consensus rating of “Buy” and a consensus price target of $20.00.

Energy Transfer 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.