Envestnet Asset Management Inc. Sells 46,864 Shares of Energy Transfer LP (NYSE:ET)

Envestnet Asset Management Inc. decreased its holdings in shares of Energy Transfer LP (NYSE:ET) by 5.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 866,995 shares of the pipeline company’s stock after selling 46,864 shares during the period. Envestnet Asset Management Inc.’s holdings in Energy Transfer were worth $16,117,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ET. Brighton Jones LLC boosted its holdings in Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after purchasing an additional 11,844 shares during the last quarter. Natixis Advisors LLC raised its position in Energy Transfer by 44.5% in the fourth quarter. Natixis Advisors LLC now owns 27,243 shares of the pipeline company’s stock worth $534,000 after acquiring an additional 8,393 shares during the period. Parallel Advisors LLC raised its position in Energy Transfer by 26.0% in the fourth quarter. Parallel Advisors LLC now owns 19,990 shares of the pipeline company’s stock worth $392,000 after acquiring an additional 4,126 shares during the period. Signaturefd LLC raised its position in Energy Transfer by 7.8% in the fourth quarter. Signaturefd LLC now owns 29,564 shares of the pipeline company’s stock worth $579,000 after acquiring an additional 2,145 shares during the period. Finally, GM Advisory Group LLC raised its position in Energy Transfer by 14.0% in the fourth quarter. GM Advisory Group LLC now owns 26,468 shares of the pipeline company’s stock worth $519,000 after acquiring an additional 3,259 shares during the period. Institutional investors own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Energy Transfer from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, May 19th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $23.00 price target on shares of Energy Transfer in a report on Tuesday, March 25th. TD Cowen started coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a “buy” rating and a $22.00 price target on the stock. Mizuho lifted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, May 20th. Finally, Wells Fargo & Company dropped their price objective on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.58.

Energy Transfer Trading Up 0.5%

NYSE:ET opened at $17.54 on Friday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.92 and a current ratio of 1.12. The firm has a market cap of $60.18 billion, a P/E ratio of 13.28, a P/E/G ratio of 0.57 and a beta of 0.79. The firm has a 50-day simple moving average of $17.82 and a 200-day simple moving average of $18.37. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $21.02 billion during the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. Energy Transfer’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. Equities analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 20th. Shareholders of record on Friday, May 9th were given a dividend of $0.3275 per share. This represents a $1.31 annualized dividend and a yield of 7.47%. The ex-dividend date of this dividend was Friday, May 9th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 99.24%.

Insiders Place Their Bets

In other news, Director James Richard Perry sold 1,369 shares of the company’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $18.48, for a total value of $25,299.12. Following the sale, the director directly owned 24,523 shares of the company’s stock, valued at $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.28% of the company’s stock.

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.