Essex Financial Services Inc. Trims Stock Holdings in Energy Transfer LP (NYSE:ET)

Essex Financial Services Inc. lowered its stake in shares of Energy Transfer LP (NYSE:ET) by 7.2% during the 4th quarter, HoldingsChannel reports. The fund owned 40,646 shares of the pipeline company’s stock after selling 3,174 shares during the period. Essex Financial Services Inc.’s holdings in Energy Transfer were worth $796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in Energy Transfer during the fourth quarter valued at approximately $29,000. Princeton Global Asset Management LLC grew its position in shares of Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. grew its position in shares of Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares in the last quarter. Financial Life Planners bought a new position in shares of Energy Transfer in the fourth quarter worth $37,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Energy Transfer in the fourth quarter worth $41,000. 38.22% of the stock is owned by institutional investors.

Energy Transfer Stock Performance

Energy Transfer stock opened at $19.70 on Thursday. The firm has a fifty day simple moving average of $19.73 and a two-hundred day simple moving average of $17.71. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a twelve month low of $13.95 and a twelve month high of $21.45. The company has a market capitalization of $67.45 billion, a PE ratio of 14.49, a P/E/G ratio of 0.52 and a beta of 1.69.

Energy Transfer (NYSE:ET) last released its earnings results 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 net margin of 5.90% and a return on equity of 12.38%. Research analysts expect that Energy Transfer LP will post 1.37 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.60%. The ex-dividend date of this dividend is 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 94.85%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wells Fargo & Company upped 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. Bank of America started coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. Royal Bank of Canada lifted their target price on shares of Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. The Goldman Sachs Group increased their price target on shares of Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, December 19th. Finally, Barclays lifted their price objective on shares of Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.18.

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.