Principal Street Partners LLC Sells 3,931 Shares of Energy Transfer LP (NYSE:ET)

Principal Street Partners LLC lessened its stake in Energy Transfer LP (NYSE:ET) by 11.5% in the third quarter, HoldingsChannel reports. The firm owned 30,319 shares of the pipeline company’s stock after selling 3,931 shares during the period. Principal Street Partners LLC’s holdings in Energy Transfer were worth $491,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ET. Princeton Global Asset Management LLC lifted its holdings in 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 acquiring an additional 650 shares in the last quarter. Assetmark Inc. lifted its holdings 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. LRI Investments LLC acquired a new position in shares of Energy Transfer in the 1st quarter valued at approximately $29,000. HWG Holdings LP acquired a new position in shares of Energy Transfer in the 2nd quarter valued at approximately $33,000. Finally, Sugarloaf Wealth Management LLC increased its stake in Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 750 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Performance

Energy Transfer stock remained flat at $18.97 during mid-day trading on Tuesday. 670,116 shares of the company were exchanged, compared to its average volume of 13,622,764. 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 LP has a 1-year low of $13.11 and a 1-year high of $19.35. The firm’s 50 day simple moving average is $16.72 and its 200 day simple moving average is $16.20. The stock has a market cap of $64.95 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 0.61 and a beta of 1.66.

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

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.80%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.85%.

Analyst Upgrades and Downgrades

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

Energy Transfer Company 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.