Energy Transfer LP (NYSE:ET) Shares Sold by Mechanics Financial Corp

Mechanics Financial Corp reduced its holdings in Energy Transfer LP (NYSE:ET) by 29.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,000 shares of the pipeline company’s stock after selling 1,703 shares during the quarter. Mechanics Financial Corp’s holdings in Energy Transfer were worth $55,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Alps Advisors Inc. lifted its holdings in Energy Transfer by 14.5% in the third quarter. Alps Advisors Inc. now owns 73,666,501 shares of the pipeline company’s stock worth $1,033,541,000 after purchasing an additional 9,341,798 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Energy Transfer by 38.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,621,485 shares of the pipeline company’s stock valued at $353,576,000 after acquiring an additional 7,097,074 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Energy Transfer by 1,447.6% during the fourth quarter. International Assets Investment Management LLC now owns 3,756,955 shares of the pipeline company’s stock valued at $518,460,000 after acquiring an additional 3,514,195 shares during the period. Nomura Holdings Inc. bought a new stake in Energy Transfer during the third quarter worth approximately $42,932,000. Finally, Barclays PLC lifted its position in Energy Transfer by 31.1% in the third quarter. Barclays PLC now owns 12,378,222 shares of the pipeline company’s stock worth $173,666,000 after purchasing an additional 2,933,353 shares during the period. Institutional investors own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ET. UBS Group lowered their price target on Energy Transfer from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, February 15th. Citigroup lifted their target price on Energy Transfer from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Mizuho reissued a “buy” rating and issued a $19.00 price target (up from $18.00) on shares of Energy Transfer in a report on Thursday, April 18th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Energy Transfer has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Energy Transfer Trading Up 0.8 %

Shares of Energy Transfer stock traded up $0.13 on Thursday, reaching $15.61. 4,693,180 shares of the company were exchanged, compared to its average volume of 12,173,047. The company has a current ratio of 1.10, a quick ratio of 0.88 and a debt-to-equity ratio of 1.37. Energy Transfer LP has a fifty-two week low of $12.18 and a fifty-two week high of $16.07. The firm has a market capitalization of $52.60 billion, a price-to-earnings ratio of 14.29 and a beta of 1.63. The stock has a fifty day moving average price of $15.42 and a 200-day moving average price of $14.37.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, February 14th. The pipeline company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.08. The company had revenue of $20.53 billion during the quarter, compared to analyst estimates of $21.46 billion. Energy Transfer had a net margin of 4.85% and a return on equity of 12.17%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 earnings per share. On average, analysts expect that Energy Transfer LP will post 1.56 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 13th will be given a dividend of $0.317 per share. This represents a $1.27 annualized dividend and a yield of 8.12%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, May 10th. Energy Transfer’s payout ratio is presently 115.60%.

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.