Spire Wealth Management Sells 42,390 Shares of Energy Transfer LP $ET

Spire Wealth Management reduced its position in shares of Energy Transfer LP (NYSE:ET) by 40.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 62,849 shares of the pipeline company’s stock after selling 42,390 shares during the quarter. Spire Wealth Management’s holdings in Energy Transfer were worth $1,139,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC grew its position in Energy Transfer by 1.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 39,845 shares of the pipeline company’s stock valued at $723,000 after buying an additional 565 shares during the period. Indiana Trust & Investment Management Co grew its position in shares of Energy Transfer by 5.1% during the 1st quarter. Indiana Trust & Investment Management Co now owns 11,796 shares of the pipeline company’s stock valued at $219,000 after acquiring an additional 576 shares during the period. Beam Wealth Advisors Inc. increased its stake in shares of Energy Transfer by 1.5% in the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company’s stock worth $742,000 after purchasing an additional 585 shares in the last quarter. Bogart Wealth LLC raised its holdings in Energy Transfer by 1.9% in the 2nd quarter. Bogart Wealth LLC now owns 32,788 shares of the pipeline company’s stock worth $594,000 after purchasing an additional 604 shares during the period. Finally, MCF Advisors LLC lifted its position in Energy Transfer by 7.2% during the second quarter. MCF Advisors LLC now owns 9,195 shares of the pipeline company’s stock valued at $167,000 after purchasing an additional 616 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ET shares. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Barclays restated an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research note on Wednesday, October 15th. UBS Group reissued a “buy” rating and issued a $22.00 price objective on shares of Energy Transfer in a research note on Wednesday, October 15th. Finally, Morgan Stanley decreased their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.23.

Energy Transfer Price Performance

ET stock opened at $16.85 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The company’s fifty day moving average price is $17.13 and its 200-day moving average price is $17.42. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The company has a market capitalization of $57.82 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.01 and a beta of 0.78.

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

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 19th. Investors of record on Friday, November 7th will be given a $0.3325 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.33 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date is Friday, November 7th. Energy Transfer’s dividend payout ratio (DPR) is presently 102.33%.

Insider Buying and Selling

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the company’s stock in a transaction that occurred on 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 completion of the purchase, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.28% of the company’s stock.

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.