Avidian Wealth Enterprises LLC Reduces Holdings in Energy Transfer LP $ET

Avidian Wealth Enterprises LLC lowered its stake in Energy Transfer LP (NYSE:ET) by 5.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 101,678 shares of the pipeline company’s stock after selling 6,050 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Energy Transfer were worth $1,843,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Ryan Investment Management Inc. acquired a new position in Energy Transfer in the 2nd quarter valued at about $31,000. Vision Financial Markets LLC purchased a new stake in Energy Transfer during the first quarter worth approximately $33,000. Stone House Investment Management LLC purchased a new position in Energy Transfer in the first quarter valued at about $38,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Energy Transfer during the 1st quarter valued at about $40,000. Finally, Crowley Wealth Management Inc. acquired a new position in shares of Energy Transfer during the second quarter worth $44,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Insider Activity at Energy Transfer

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of Energy Transfer stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the purchase, the director 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 filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ET shares. Cowen assumed coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Scotiabank began coverage on shares of Energy Transfer in a research report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price target on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Finally, TD Cowen started coverage on Energy Transfer in a research note on Monday, July 7th. They set 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Moderate Buy” and an average price target of $22.67.

Energy Transfer Stock Performance

Shares of NYSE ET opened at $16.75 on Wednesday. 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 firm’s 50-day moving average price is $17.21 and its two-hundred day moving average price is $17.38. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $21.45. The stock has a market capitalization of $57.51 billion, a P/E ratio of 12.99, a P/E/G ratio of 1.00 and a beta of 0.78.

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

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.9%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer’s dividend payout ratio is 102.33%.

Energy Transfer 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.