Linscomb Wealth Inc. Lowers Holdings in Energy Transfer LP (NYSE:ET)

Linscomb Wealth Inc. decreased its stake in Energy Transfer LP (NYSE:ET) by 6.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,603 shares of the pipeline company’s stock after selling 4,491 shares during the quarter. Linscomb Wealth Inc.’s holdings in Energy Transfer were worth $1,145,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Bahl & Gaynor Inc. boosted its stake in shares of Energy Transfer by 16.6% in the second quarter. Bahl & Gaynor Inc. now owns 266,569 shares of the pipeline company’s stock worth $4,324,000 after buying an additional 38,000 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Energy Transfer by 6.9% in the second quarter. LPL Financial LLC now owns 4,212,788 shares of the pipeline company’s stock worth $68,331,000 after buying an additional 271,435 shares during the last quarter. HHM Wealth Advisors LLC boosted its stake in shares of Energy Transfer by 40.2% in the second quarter. HHM Wealth Advisors LLC now owns 5,934 shares of the pipeline company’s stock worth $96,000 after buying an additional 1,700 shares during the last quarter. Marco Investment Management LLC boosted its position in Energy Transfer by 15.5% during the second quarter. Marco Investment Management LLC now owns 26,106 shares of the pipeline company’s stock worth $423,000 after purchasing an additional 3,505 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. purchased a new position in Energy Transfer during the second quarter worth approximately $64,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Performance

NYSE ET opened at $15.84 on Thursday. The company has a market cap of $54.21 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 0.47 and a beta of 1.66. The stock’s 50 day simple moving average is $16.07 and its 200-day simple moving average is $15.76. Energy Transfer LP has a 1-year low of $12.90 and a 1-year high of $16.50. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92.

Energy Transfer (NYSE:ET) last released its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $20.73 billion during the quarter, compared to analysts’ expectations of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The business’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 EPS. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.4 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 8.08%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is currently 117.43%.

Analyst Ratings Changes

A number of equities analysts have issued reports on ET shares. JPMorgan Chase & Co. increased their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. Morgan Stanley increased their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Mizuho increased their price target on 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 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. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.29.

Insider Activity at Energy Transfer

In related news, CEO Thomas E. Long purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the completion of the acquisition, the chief executive officer now owns 4,308,859 shares in the company, valued at $67,562,909.12. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Energy Transfer 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 bought at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the purchase, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas E. Long bought 20,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were acquired at an average cost 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. Over the last 90 days, insiders purchased 3,040,000 shares of company stock valued at $47,667,200. 3.28% of the stock is currently owned by insiders.

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.