Energy Transfer LP (NYSE:ET) Stock Position Cut by Covenant Asset Management LLC

Covenant Asset Management LLC lessened its stake in Energy Transfer LP (NYSE:ET) by 42.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,360 shares of the pipeline company’s stock after selling 23,599 shares during the quarter. Covenant Asset Management LLC’s holdings in Energy Transfer were worth $614,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Princeton Global Asset Management LLC grew its position in Energy Transfer by 65.0% in the 3rd 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 in the last quarter. Assetmark Inc. grew its position in Energy Transfer by 2,138.5% in the 3rd 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 in the last quarter. GAMMA Investing LLC bought a new position in shares of Energy Transfer during the 4th quarter valued at about $29,000. Financial Life Planners bought a new position in shares of Energy Transfer during the 4th quarter valued at about $37,000. Finally, Continuum Advisory LLC boosted its position in shares of Energy Transfer by 44.8% during the 3rd quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 729 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ET. The Goldman Sachs Group raised their price objective on shares of Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. Wells Fargo & Company upped their price objective on shares of Energy Transfer from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Royal Bank of Canada upped their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Barclays upped their price objective on shares of Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Stifel Nicolaus upped their price objective on shares of Energy Transfer from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $21.18.

Energy Transfer Price Performance

NYSE ET opened at $19.98 on Friday. The company has a 50 day simple moving average of $19.76 and a 200-day simple moving average of $17.74. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88. The firm has a market capitalization of $68.42 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. Energy Transfer LP has a 52-week low of $14.09 and a 52-week high of $21.45.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. Equities research analysts predict that Energy Transfer LP will post 1.37 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Friday, February 7th will be given a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a yield of 6.51%. The ex-dividend date is Friday, February 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

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.