Meridian Wealth Management LLC Reduces Stock Position in Energy Transfer LP (NYSE:ET)

Meridian Wealth Management LLC trimmed its holdings in Energy Transfer LP (NYSE:ET) by 1.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 107,527 shares of the pipeline company’s stock after selling 1,594 shares during the quarter. Meridian Wealth Management LLC’s holdings in Energy Transfer were worth $1,726,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Princeton Global Asset Management LLC boosted its position in shares of 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 worth $26,000 after buying an additional 650 shares during the period. Assetmark Inc. boosted its position in shares of Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after buying an additional 1,668 shares during the period. LRI Investments LLC purchased a new position in shares of Energy Transfer during the first quarter worth $29,000. HWG Holdings LP purchased a new position in shares of Energy Transfer during the second quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC boosted its position in shares of Energy Transfer by 43.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after buying an additional 750 shares during the period. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Stock Up 0.5 %

Energy Transfer stock opened at $19.06 on Friday. The stock’s fifty day moving average is $16.66 and its two-hundred day moving average is $16.18. The stock has a market cap of $65.26 billion, a PE ratio of 14.01, a P/E/G ratio of 0.61 and a beta of 1.66. Energy Transfer LP has a 1-year low of $13.11 and a 1-year high of $19.20. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter last year, the company posted $0.31 earnings per share. On average, sell-side analysts expect that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.77%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.85%.

Wall Street Analysts Forecast Growth

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

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.