Energy Transfer LP (NYSE:ET) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its position in Energy Transfer LP (NYSE:ET) by 8.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,635 shares of the pipeline company’s stock after selling 11,589 shares during the quarter. Fifth Third Bancorp’s holdings in Energy Transfer were worth $2,135,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ET. Veracity Capital LLC raised its holdings in Energy Transfer by 2.0% in the second quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after buying an additional 659 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Energy Transfer in the 2nd quarter valued at $213,000. SeaCrest Wealth Management LLC lifted its holdings in shares of Energy Transfer by 4.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 26,374 shares of the pipeline company’s stock valued at $428,000 after acquiring an additional 1,157 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new position in shares of Energy Transfer during the 2nd quarter valued at $185,000. Finally, Parsons Capital Management Inc. RI boosted its position in Energy Transfer by 3.4% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 764,646 shares of the pipeline company’s stock worth $12,403,000 after purchasing an additional 25,150 shares during the period. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Price Performance

ET stock opened at $16.02 on Thursday. The stock’s 50 day moving average is $16.03 and its two-hundred day moving average is $15.59. Energy Transfer LP has a 52-week low of $12.89 and a 52-week high of $16.50. The company has a market capitalization of $53.99 billion, a PE ratio of 14.70, a P/E/G ratio of 0.42 and a beta of 1.66. The company has a quick ratio of 1.00, a current ratio of 1.18 and a debt-to-equity ratio of 1.37.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.22% and a net margin of 4.85%. The company had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. During the same quarter last year, the firm posted $0.25 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts predict that Energy Transfer LP will post 1.49 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.99%. The ex-dividend date was Friday, August 9th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio is 117.43%.

Insider Transactions at Energy Transfer

In other news, Director Kelcy L. Warren acquired 3,000,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the acquisition, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kelcy L. Warren acquired 3,000,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the purchase, the director now directly owns 123,385,650 shares of the company’s stock, valued at approximately $1,934,686,992. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas E. Long bought 20,000 shares of the stock in a transaction on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the purchase, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at $67,562,909.12. The disclosure for this purchase can be found here. Corporate insiders own 3.28% of the company’s stock.

Wall Street Analysts Forecast Growth

ET has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. UBS Group boosted their price target on Energy Transfer from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Mizuho increased their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Morgan Stanley lifted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Stifel Nicolaus upped their target price on shares of Energy Transfer from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.29.

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.