Short Interest in Energy Transfer LP Unit (NYSE:ET) Rises By 8.3%

Energy Transfer LP Unit (NYSE:ET) was the recipient of a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 105,202,400 shares, an increase of 8.3% from the June 30th total of 97,148,600 shares. Based on an average daily volume of 10,940,000 shares, the days-to-cover ratio is currently 9.6 days. Approximately 4.7% of the shares of the stock are sold short.

In other Energy Transfer LP Unit news, Director Michael K. Grimm acquired 3,888 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average cost of $14.14 per share, for a total transaction of $54,976.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas P. Mason sold 75,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $13.97, for a total value of $1,047,750.00. The disclosure for this sale can be found here. 3.28% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Westside Investment Management Inc. purchased a new position in Energy Transfer LP Unit in the second quarter valued at $1,981,000. Cullen Frost Bankers Inc. boosted its holdings in Energy Transfer LP Unit by 0.3% in the second quarter. Cullen Frost Bankers Inc. now owns 261,315 shares of the pipeline company’s stock valued at $3,679,000 after purchasing an additional 886 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in Energy Transfer LP Unit by 3.4% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 29,502 shares of the pipeline company’s stock valued at $415,000 after purchasing an additional 960 shares during the period. GAM Holding AG boosted its holdings in Energy Transfer LP Unit by 8.8% in the second quarter. GAM Holding AG now owns 11,904 shares of the pipeline company’s stock valued at $168,000 after purchasing an additional 960 shares during the period. Finally, Moloney Securities Asset Management LLC boosted its holdings in Energy Transfer LP Unit by 4.7% in the second quarter. Moloney Securities Asset Management LLC now owns 22,001 shares of the pipeline company’s stock valued at $310,000 after purchasing an additional 994 shares during the period. Institutional investors and hedge funds own 57.41% of the company’s stock.

Several research analysts recently weighed in on the company. Evercore ISI set a $18.00 price objective on Energy Transfer LP Unit and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Raymond James reiterated an “average” rating and issued a $19.00 price objective on shares of Energy Transfer LP Unit in a research report on Friday, June 21st. Citigroup set a $20.00 price objective on Energy Transfer LP Unit and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Co increased their price objective on Energy Transfer LP Unit from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Finally, Piper Jaffray Companies assumed coverage on Energy Transfer LP Unit in a research report on Wednesday, July 17th. They issued an “overweight” rating and a $22.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $19.67.

Shares of ET traded down $0.05 during midday trading on Thursday, hitting $13.09. 10,689,601 shares of the stock were exchanged, compared to its average volume of 10,718,798. Energy Transfer LP Unit has a 52-week low of $11.68 and a 52-week high of $18.38. The stock has a fifty day simple moving average of $14.36 and a 200 day simple moving average of $14.78. The firm has a market cap of $35.10 billion, a P/E ratio of 11.38 and a beta of 1.54. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.81 and a current ratio of 1.06.

Energy Transfer LP Unit (NYSE:ET) last released its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). Energy Transfer LP Unit had a return on equity of 9.18% and a net margin of 4.99%. The firm had revenue of $13.88 billion for the quarter, compared to analysts’ expectations of $14.49 billion. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts forecast that Energy Transfer LP Unit will post 1.44 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Tuesday, August 6th will be given a dividend of $0.305 per share. The ex-dividend date is Monday, August 5th. This represents a $1.22 annualized dividend and a dividend yield of 9.32%. Energy Transfer LP Unit’s dividend payout ratio is currently 106.09%.

Energy Transfer LP Unit Company Profile

Energy Transfer LP provides energy-related services in the United States and China. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and approximately 12,200 miles of interstate natural gas pipelines. It sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.

Read More: How Short Selling Works

Receive News & Ratings for Energy Transfer LP Unit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energy Transfer LP Unit and related companies with MarketBeat.com's FREE daily email newsletter.