Kovack Advisors Inc. Trims Stake in Energy Transfer LP $ET

by · The Cerbat Gem

Kovack Advisors Inc. reduced its position in Energy Transfer LP (NYSE:ET – Free Report) by 2.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 47,027 shares of the pipeline company’s stock after selling 1,090 shares during the period. Kovack Advisors Inc.’s holdings in Energy Transfer were worth $853,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Ryan Investment Management Inc. acquired a new position in Energy Transfer in the 2nd quarter valued at about $31,000. Vision Financial Markets LLC acquired a new position in Energy Transfer in the 1st quarter valued at about $33,000. CNB Bank increased its position in Energy Transfer by 111.1% in the 2nd quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 1,000 shares during the period. Stone House Investment Management LLC acquired a new position in Energy Transfer in the 1st quarter valued at about $38,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Energy Transfer in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. TD Cowen assumed coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating and a $22.00 price target on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. UBS Group restated a “buy” rating and issued a $22.00 price target on shares of Energy Transfer in a research report on Wednesday, October 15th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Finally, Barclays reiterated an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research report on Wednesday, October 15th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.23.

Check Out Our Latest Report on Energy Transfer

Energy Transfer Stock Performance

NYSE ET opened at $16.85 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. The business’s 50 day moving average is $17.13 and its two-hundred day moving average is $17.42. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $21.45. The stock has a market capitalization of $57.82 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.01 and a beta of 0.78.

Energy Transfer (NYSE:ET – Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $19.24 billion for the quarter, compared to analysts’ expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The company’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. Research analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 19th. Investors of record on Friday, November 7th will be issued a $0.3325 dividend. The ex-dividend date is Friday, November 7th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 7.9%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 102.33%.

Insider Buying and Selling at Energy Transfer

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the acquisition, the director directly owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.28% of the stock is currently owned by corporate insiders.

Energy Transfer Profile

(Free Report)

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.

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