Summit Asset Management LLC Sells 1,470 Shares of Energy Transfer LP (NYSE:ET)

Summit Asset Management LLC lessened its holdings in Energy Transfer LP (NYSE:ET) by 9.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,645 shares of the pipeline company’s stock after selling 1,470 shares during the quarter. Summit Asset Management LLC’s holdings in Energy Transfer were worth $267,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ET. Stonegate Investment Group LLC lifted its stake in Energy Transfer by 1.4% during the 4th quarter. Stonegate Investment Group LLC now owns 34,320 shares of the pipeline company’s stock valued at $672,000 after acquiring an additional 482 shares in the last quarter. Private Client Services LLC lifted its stake in Energy Transfer by 3.1% during the 4th quarter. Private Client Services LLC now owns 16,915 shares of the pipeline company’s stock valued at $331,000 after acquiring an additional 511 shares in the last quarter. Wealthspire Advisors LLC lifted its stake in Energy Transfer by 0.4% during the 4th quarter. Wealthspire Advisors LLC now owns 130,202 shares of the pipeline company’s stock valued at $2,551,000 after acquiring an additional 535 shares in the last quarter. Daymark Wealth Partners LLC lifted its stake in Energy Transfer by 0.3% during the 4th quarter. Daymark Wealth Partners LLC now owns 160,678 shares of the pipeline company’s stock valued at $3,148,000 after acquiring an additional 547 shares in the last quarter. Finally, Platform Technology Partners lifted its stake in Energy Transfer by 0.8% during the 4th quarter. Platform Technology Partners now owns 67,299 shares of the pipeline company’s stock valued at $1,318,000 after acquiring an additional 553 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on ET shares. Barclays raised their price objective on Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. The Goldman Sachs Group raised their price objective on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, December 19th. Wells Fargo & Company lifted their target price on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Stifel Nicolaus lifted their target price on Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada lifted their target price on Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.50.

Energy Transfer Stock Down 2.7 %

Shares of NYSE ET opened at $19.40 on Friday. Energy Transfer LP has a one year low of $14.52 and a one year high of $21.45. 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 firm’s 50 day simple moving average is $19.87 and its two-hundred day simple moving average is $17.91. The stock has a market capitalization of $66.55 billion, a P/E ratio of 15.15, a PEG ratio of 0.64 and a beta of 1.69.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. As a group, analysts expect that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th were paid a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.70%. The ex-dividend date of this dividend was Friday, February 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio is 101.56%.

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.