Energy Transfer LP (NYSE:ET) is Kamunting Street Capital Management L.P.’s 2nd Largest Position

Kamunting Street Capital Management L.P. grew its holdings in Energy Transfer LP (NYSE:ET) by 19.7% during the second quarter, HoldingsChannel.com reports. The firm owned 912,295 shares of the pipeline company’s stock after acquiring an additional 150,000 shares during the quarter. Energy Transfer makes up about 13.7% of Kamunting Street Capital Management L.P.’s holdings, making the stock its 2nd biggest holding. Kamunting Street Capital Management L.P.’s holdings in Energy Transfer were worth $14,797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. LRI Investments LLC bought a new position in shares of Energy Transfer in the first quarter worth about $29,000. Ables Iannone Moore & Associates Inc. purchased a new stake in Energy Transfer in the 4th quarter valued at about $34,000. Hudson Edge Investment Partners Inc. bought a new position in Energy Transfer in the 2nd quarter worth about $42,000. EdgeRock Capital LLC bought a new position in Energy Transfer in the 2nd quarter worth about $42,000. Finally, Adirondack Trust Co. purchased a new position in shares of Energy Transfer during the fourth quarter worth approximately $42,000. 38.22% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ET has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Mizuho upped their target price on Energy Transfer from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Morgan Stanley raised their price target on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, UBS Group lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.14.

Insider Activity at Energy Transfer

In other news, EVP Gregory G. Mcilwain purchased 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were acquired at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the acquisition, the executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Kelcy L. Warren acquired 3,000,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the acquisition, the director now directly owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Gregory G. Mcilwain acquired 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was bought at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at $9,270,188.48. The disclosure for this purchase can be found here. Insiders bought 3,040,000 shares of company stock valued at $47,667,200 over the last 90 days. Insiders own 3.28% of the company’s stock.

Energy Transfer Stock Up 0.4 %

Shares of NYSE ET opened at $16.27 on Tuesday. Energy Transfer LP has a 12-month low of $12.90 and a 12-month high of $16.50. The stock’s fifty day simple moving average is $16.05 and its two-hundred day simple moving average is $15.84. The stock has a market capitalization of $54.83 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 0.46 and a beta of 1.66. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38.

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

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were given a $0.32 dividend. The ex-dividend date was Friday, August 9th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.87%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s payout ratio is presently 117.43%.

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.