Infrastructure Capital Advisors LLC Sells 838,980 Shares of Energy Transfer LP (NYSE:ET)

Infrastructure Capital Advisors LLC cut its position in Energy Transfer LP (NYSE:ET) by 19.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,451,751 shares of the pipeline company’s stock after selling 838,980 shares during the period. Energy Transfer makes up 7.5% of Infrastructure Capital Advisors LLC’s holdings, making the stock its 5th largest position. Infrastructure Capital Advisors LLC owned approximately 0.10% of Energy Transfer worth $55,401,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ET. Princeton Global Asset Management LLC boosted its stake in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after buying an additional 650 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Energy Transfer by 2,138.5% in the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after buying an additional 1,668 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of Energy Transfer in the first quarter worth about $29,000. HWG Holdings LP purchased a new stake in shares of Energy Transfer in the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC boosted its stake in shares of Energy Transfer by 43.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after buying an additional 750 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

NYSE ET opened at $19.42 on Friday. The company has a market cap of $66.49 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 0.62 and a beta of 1.66. The stock’s 50 day simple moving average is $16.91 and its 200-day simple moving average is $16.27. Energy Transfer LP has a 1-year low of $13.11 and a 1-year high of $19.71. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88.

Energy Transfer (NYSE:ET) last released its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 earnings per share. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a $0.3225 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 6.64%. Energy Transfer’s dividend payout ratio is presently 94.85%.

Analyst Upgrades and Downgrades

ET has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. UBS Group increased their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Bank of America initiated coverage on Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average 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.