Bank of New York Mellon Corp Sells 35,240 Shares of Energy Transfer LP (NYSE:ET)

Bank of New York Mellon Corp lowered its stake in shares of Energy Transfer LP (NYSE:ET) by 23.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 112,052 shares of the pipeline company’s stock after selling 35,240 shares during the quarter. Bank of New York Mellon Corp’s holdings in Energy Transfer were worth $2,195,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Watts Gwilliam & Co. LLC bought a new position in shares of Energy Transfer during the 4th quarter valued at approximately $1,297,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Energy Transfer by 4.0% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 7,586,598 shares of the pipeline company’s stock valued at $148,621,000 after acquiring an additional 293,088 shares during the last quarter. Forvis Mazars Wealth Advisors LLC grew its position in Energy Transfer by 164.1% in the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 60,566 shares of the pipeline company’s stock valued at $1,186,000 after acquiring an additional 37,633 shares during the last quarter. Kingsview Wealth Management LLC grew its position in Energy Transfer by 30.9% in 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. Finally, Paragon Capital Management Ltd grew its position in Energy Transfer by 435.5% in the 4th quarter. Paragon Capital Management Ltd now owns 68,724 shares of the pipeline company’s stock valued at $1,346,000 after acquiring an additional 55,890 shares during the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Trading Down 1.1 %

Shares of NYSE ET opened at $18.65 on Friday. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.12 and a quick ratio of 0.88. The stock has a market capitalization of $63.98 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 0.64 and a beta of 1.72. Energy Transfer LP has a 1-year low of $14.90 and a 1-year high of $21.45. The business has a fifty day moving average price of $19.57 and a 200 day moving average price of $18.26.

Energy Transfer (NYSE:ET) last issued 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 return on equity of 11.56% and a net margin of 5.74%. Equities research analysts expect that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Friday, February 7th were paid 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 6.97%. Energy Transfer’s dividend payout ratio (DPR) is 101.56%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. The Goldman Sachs Group upped their price objective on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. Royal Bank of Canada upped their price objective on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Barclays upped their price objective on Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Wells Fargo & Company increased their price target on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Stifel Nicolaus increased their price target on Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Energy Transfer has a consensus rating of “Moderate Buy” and an average price target of $21.55.

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.