Edge Capital Group LLC Lowers Stock Holdings in Energy Transfer LP (NYSE:ET)

Edge Capital Group LLC reduced its position in Energy Transfer LP (NYSE:ET) by 8.0% in the 2nd quarter, Holdings Channel reports. The fund owned 99,009 shares of the pipeline company’s stock after selling 8,612 shares during the period. Edge Capital Group LLC’s holdings in Energy Transfer were worth $1,257,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ET. Moneta Group Investment Advisors LLC boosted its holdings in shares of Energy Transfer by 109,332.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 145,943,387 shares of the pipeline company’s stock valued at $1,732,348,000 after purchasing an additional 145,810,023 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Energy Transfer by 20.9% in the 4th quarter. Morgan Stanley now owns 76,339,168 shares of the pipeline company’s stock valued at $906,146,000 after purchasing an additional 13,220,435 shares during the last quarter. FMR LLC lifted its holdings in shares of Energy Transfer by 7.2% during the 1st quarter. FMR LLC now owns 28,241,913 shares of the pipeline company’s stock valued at $352,177,000 after acquiring an additional 1,886,054 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Energy Transfer by 11,733.6% during the 2nd quarter. Exchange Traded Concepts LLC now owns 1,515,523 shares of the pipeline company’s stock valued at $19,247,000 after acquiring an additional 1,502,716 shares in the last quarter. Finally, Wexford Capital LP lifted its holdings in shares of Energy Transfer by 733.7% during the 2nd quarter. Wexford Capital LP now owns 1,678,919 shares of the pipeline company’s stock valued at $2,889,000 after acquiring an additional 1,477,547 shares in the last quarter. Institutional investors and hedge funds own 33.79% of the company’s stock.

Energy Transfer Stock Performance

Shares of ET stock opened at $13.13 on Friday. Energy Transfer LP has a 12 month low of $11.37 and a 12 month high of $14.15. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.05 and a quick ratio of 0.64. The firm has a market capitalization of $41.29 billion, a P/E ratio of 12.39 and a beta of 1.66. The company’s fifty day moving average price is $13.64 and its two-hundred day moving average price is $13.12.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, October 30th will be given a $0.313 dividend. The ex-dividend date is Friday, October 27th. This represents a $1.25 annualized dividend and a dividend yield of 9.54%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.31. Energy Transfer’s payout ratio is presently 117.92%.

Insider Transactions at Energy Transfer

In related news, Chairman Kelcy L. Warren bought 1,000,000 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was bought at an average price of $13.53 per share, with a total value of $13,530,000.00. Following the transaction, the chairman now owns 65,578,477 shares of the company’s stock, valued at $887,276,793.81. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Thomas P. Mason bought 7,500 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was bought at an average price of $13.33 per share, with a total value of $99,975.00. Following the transaction, the executive vice president now owns 1,707,720 shares of the company’s stock, valued at $22,763,907.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Kelcy L. Warren bought 1,000,000 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was bought at an average cost of $13.53 per share, with a total value of $13,530,000.00. Following the transaction, the chairman now directly owns 65,578,477 shares in the company, valued at approximately $887,276,793.81. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 3,017,500 shares of company stock valued at $39,778,975. Insiders own 3.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ET shares. The Goldman Sachs Group started coverage on shares of Energy Transfer in a report on Thursday, October 5th. They set a “neutral” rating and a $14.00 target price on the stock. Morgan Stanley restated an “overweight” rating and set a $17.00 target price on shares of Energy Transfer in a report on Thursday, July 20th. Pickering Energy Partners started coverage on shares of Energy Transfer in a report on Tuesday, October 3rd. They set an “outperform” rating on the stock. JPMorgan Chase & Co. lifted their target price on shares of Energy Transfer from $17.00 to $18.00 in a report on Tuesday, October 10th. Finally, Mizuho lifted their target price on shares of Energy Transfer from $17.00 to $18.00 in a report on Tuesday, July 18th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $16.50.

Energy Transfer Profile

Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,945 miles of interstate natural gas pipeline.