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

Bank of New York Mellon Corp reduced its position in shares of Energy Transfer LP (NYSE:ET) by 23.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Watts Gwilliam & Co. LLC bought a new stake in shares of Energy Transfer during the 4th quarter valued at about $1,297,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Energy Transfer by 4.0% during 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 period. Forvis Mazars Wealth Advisors LLC grew its stake in shares of Energy Transfer by 164.1% during 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 period. Kingsview Wealth Management LLC grew its stake 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 period. Finally, Paragon Capital Management Ltd grew its stake in shares of Energy Transfer by 435.5% during 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 period. 38.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ET shares. Barclays boosted 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. UBS Group reiterated a “buy” rating on shares of Energy Transfer in a research note on Tuesday, March 4th. Royal Bank of Canada boosted their price objective on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Stifel Nicolaus boosted their price target on Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, The Goldman Sachs Group boosted their price target on Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.55.

Energy Transfer Stock Down 1.1 %

Shares of ET opened at $18.65 on Friday. The stock has a market capitalization of $63.98 billion, a price-to-earnings 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’s 50 day simple moving average is $19.57 and its 200-day simple moving average is $18.26. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.12 and a quick ratio of 0.88.

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

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th were issued a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 6.97%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, February 7th. Energy Transfer’s dividend payout ratio is 101.56%.

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.