Brave Asset Management Inc. Decreases Stock Holdings in Energy Transfer LP $ET

Brave Asset Management Inc. trimmed its position in shares of Energy Transfer LP (NYSE:ET) by 14.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,178 shares of the pipeline company’s stock after selling 4,000 shares during the period. Brave Asset Management Inc.’s holdings in Energy Transfer were worth $420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Old North State Wealth Management LLC increased its position in shares of Energy Transfer by 1.3% during the 2nd quarter. Old North State Wealth Management LLC now owns 288,126 shares of the pipeline company’s stock valued at $5,224,000 after purchasing an additional 3,822 shares during the last quarter. Dakota Wealth Management bought a new position in shares of Energy Transfer during the 2nd quarter valued at approximately $208,000. Perigon Wealth Management LLC increased its position in shares of Energy Transfer by 6.9% during the 2nd quarter. Perigon Wealth Management LLC now owns 38,941 shares of the pipeline company’s stock valued at $706,000 after purchasing an additional 2,512 shares during the last quarter. Magnus Financial Group LLC increased its position in shares of Energy Transfer by 65.4% during the 2nd quarter. Magnus Financial Group LLC now owns 30,801 shares of the pipeline company’s stock valued at $558,000 after purchasing an additional 12,182 shares during the last quarter. Finally, Jeppson Wealth Management LLC bought a new position in shares of Energy Transfer during the 2nd quarter valued at approximately $343,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares of the company’s stock, valued at $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Performance

ET stock opened at $17.40 on Friday. Energy Transfer LP has a twelve month low of $14.60 and a twelve month high of $21.45. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The business’s fifty day simple moving average is $17.52 and its two-hundred day simple moving average is $17.60. The firm has a market cap of $59.71 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.03 and a beta of 0.85.

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

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.6%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is currently 102.33%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ET. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Morgan Stanley cut their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Scotiabank began coverage on Energy Transfer in a research report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 target price on the stock. Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating on the stock. Finally, 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 objective on the stock. Thirteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

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.