Main Street Financial Solutions LLC Has $351,000 Position in Energy Transfer LP (NYSE:ET)

Main Street Financial Solutions LLC cut its stake in shares of Energy Transfer LP (NYSE:ET) by 12.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,838 shares of the pipeline company’s stock after selling 3,181 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Energy Transfer were worth $351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Princeton Global Asset Management LLC lifted its holdings in shares of 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 worth $26,000 after purchasing an additional 650 shares in the last quarter. Veracity Capital LLC lifted its stake in shares of Energy Transfer by 2.0% in the second quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after buying an additional 659 shares in the last quarter. Haverford Trust Co grew its holdings in shares of Energy Transfer by 0.7% during the third quarter. Haverford Trust Co now owns 102,176 shares of the pipeline company’s stock valued at $1,640,000 after buying an additional 675 shares during the last quarter. Morton Capital Management LLC CA increased its position in shares of Energy Transfer by 1.6% during the second quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock worth $720,000 after acquiring an additional 699 shares in the last quarter. Finally, Rockwood Wealth Management LLC lifted its position in Energy Transfer by 0.5% in the 2nd quarter. Rockwood Wealth Management LLC now owns 128,122 shares of the pipeline company’s stock valued at $2,078,000 after acquiring an additional 700 shares in the last quarter. 38.22% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ET shares. Royal Bank of Canada increased their price target on Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Bank of America started coverage on Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Finally, UBS Group upped their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $20.00.

Energy Transfer Stock Performance

Shares of ET opened at $17.15 on Friday. Energy Transfer LP has a 1 year low of $13.11 and a 1 year high of $17.71. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.92. The stock’s fifty day moving average price is $16.37 and its two-hundred day moving average price is $16.08. The firm has a market cap of $58.70 billion, a PE ratio of 12.61, a PEG ratio of 0.52 and a beta of 1.66.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. The company’s revenue was up .2% compared to the same quarter last year. On average, equities research analysts forecast that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be paid a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 7.52%. Energy Transfer’s dividend payout ratio is currently 94.85%.

Insiders Place Their Bets

In other Energy Transfer news, EVP Gregory G. Mcilwain purchased 20,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was purchased at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the transaction, the executive vice president now owns 591,211 shares in the company, valued at $9,270,188.48. The trade was a 3.50 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate 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.