Energy Transfer LP (NYSE:ET) Stake Reduced by Summit Trail Advisors LLC

Summit Trail Advisors LLC decreased its holdings in shares of Energy Transfer LP (NYSE:ET) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,020 shares of the pipeline company’s stock after selling 3,094 shares during the period. Summit Trail Advisors LLC’s holdings in Energy Transfer were worth $562,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in ET. Empowered Funds LLC boosted its holdings in Energy Transfer by 15.0% during the third quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock worth $5,567,000 after buying an additional 45,172 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in shares of Energy Transfer by 30.9% during the 3rd quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock valued at $3,885,000 after acquiring an additional 57,184 shares during the last quarter. GFS Advisors LLC boosted its stake in shares of Energy Transfer by 19,380.5% during the 3rd quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock worth $963,000 after acquiring an additional 59,692 shares in the last quarter. Icon Wealth Advisors LLC grew its holdings in shares of Energy Transfer by 239.0% in the 3rd quarter. Icon Wealth Advisors LLC now owns 563,458 shares of the pipeline company’s stock worth $9,044,000 after acquiring an additional 397,260 shares during the last quarter. Finally, MAI Capital Management raised its position in shares of Energy Transfer by 5.9% during the third quarter. MAI Capital Management now owns 698,113 shares of the pipeline company’s stock worth $11,205,000 after purchasing an additional 39,029 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. UBS Group increased their target price on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Bank of America initiated 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer has an average rating of “Buy” and an average target price of $20.00.

Energy Transfer Trading Up 1.2 %

Shares of NYSE ET opened at $19.19 on Wednesday. The business has a 50 day simple moving average of $16.78 and a 200 day simple moving average of $16.22. Energy Transfer LP has a 52 week low of $13.11 and a 52 week high of $19.35. The stock has a market cap of $65.71 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.61 and a beta of 1.66. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08.

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

Energy Transfer Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a dividend of $0.3225 per share. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 6.72%. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

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.