Summit Asset Management LLC Reduces Position in Energy Transfer LP (NYSE:ET)

Summit Asset Management LLC decreased its holdings in Energy Transfer LP (NYSE:ET) by 9.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,645 shares of the pipeline company’s stock after selling 1,470 shares during the quarter. Summit Asset Management LLC’s holdings in Energy Transfer were worth $267,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC purchased a new position in Energy Transfer during the fourth quarter valued at $29,000. Princeton Global Asset Management LLC lifted its position in Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares during the period. Assetmark Inc. lifted its position in Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after buying an additional 1,668 shares during the period. Financial Life Planners bought a new position in shares of Energy Transfer during the fourth quarter valued at $37,000. Finally, Citizens National Bank Trust Department bought a new position in shares of Energy Transfer during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Trading Down 2.7 %

Energy Transfer stock opened at $19.40 on Friday. The business has a 50-day simple moving average of $19.87 and a two-hundred day simple moving average of $17.91. The company has a market cap of $66.55 billion, a P/E ratio of 15.15, a P/E/G ratio of 0.64 and a beta of 1.69. Energy Transfer LP has a 52-week low of $14.52 and a 52-week high of $21.45. The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. Analysts predict that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Friday, February 7th were issued a $0.325 dividend. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.30 dividend on an annualized basis and a yield of 6.70%. Energy Transfer’s payout ratio is currently 101.56%.

Analyst Ratings Changes

ET has been the subject of several analyst reports. Royal Bank of Canada raised their price target on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Barclays raised their price target on Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, January 13th. The Goldman Sachs Group raised their price target on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, December 19th. Stifel Nicolaus raised their price target on Energy Transfer from $21.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company lifted their price objective on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

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.