Procyon Advisors LLC Has $445,000 Stake in Energy Transfer LP (NYSE:ET)

Procyon Advisors LLC decreased its position in Energy Transfer LP (NYSE:ET) by 12.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 27,707 shares of the pipeline company’s stock after selling 3,894 shares during the period. Procyon Advisors LLC’s holdings in Energy Transfer were worth $445,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. boosted its stake in Energy Transfer by 12.7% in the 2nd 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 during the period. Natixis lifted its position in Energy Transfer by 20.0% in the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock worth $283,463,000 after buying an additional 2,999,300 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in Energy Transfer by 1.1% in 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 in the last quarter. Chickasaw Capital Management LLC lifted its position in Energy Transfer by 3.1% in 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 in the last quarter. Finally, Merewether Investment Management LP lifted its position in Energy Transfer by 22.3% in the 2nd quarter. Merewether Investment Management LP now owns 6,591,793 shares of the pipeline company’s stock worth $106,919,000 after buying an additional 1,200,501 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kelcy L. Warren bought 3,000,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the transaction, the director now directly owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Gregory G. Mcilwain bought 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kelcy L. Warren acquired 3,000,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the acquisition, the director now owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 3,040,000 shares of company stock valued at $47,667,200 in the last quarter. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Down 1.1 %

ET stock opened at $16.37 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. Energy Transfer LP has a 1 year low of $12.90 and a 1 year high of $16.64. The company has a fifty day simple moving average of $16.07 and a 200 day simple moving average of $15.93. The firm has a market cap of $55.17 billion, a PE ratio of 15.02, a PEG ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The business had revenue of $20.73 billion during the quarter, compared to analyst estimates of $22.01 billion. During the same period in the previous year, the firm posted $0.25 EPS. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts anticipate that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were given a dividend of $0.32 per share. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 9th. This represents a $1.28 dividend on an annualized basis and a yield of 7.82%. Energy Transfer’s payout ratio is currently 117.43%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. Mizuho increased their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Finally, UBS Group increased their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $20.00.

About Energy Transfer

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.