Jennison Associates LLC Sells 1,985,249 Shares of Energy Transfer LP (NYSE:ET)

Jennison Associates LLC reduced its stake in Energy Transfer LP (NYSE:ET) by 45.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,424,454 shares of the pipeline company’s stock after selling 1,985,249 shares during the period. Jennison Associates LLC’s holdings in Energy Transfer were worth $47,495,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonegate Investment Group LLC grew its stake in Energy Transfer by 1.4% in the 4th quarter. Stonegate Investment Group LLC now owns 34,320 shares of the pipeline company’s stock valued at $672,000 after buying an additional 482 shares during the last quarter. Private Client Services LLC grew its position in shares of Energy Transfer by 3.1% in the fourth quarter. Private Client Services LLC now owns 16,915 shares of the pipeline company’s stock valued at $331,000 after purchasing an additional 511 shares during the last quarter. Daymark Wealth Partners LLC increased its stake in shares of Energy Transfer by 0.3% during the fourth quarter. Daymark Wealth Partners LLC now owns 160,678 shares of the pipeline company’s stock worth $3,148,000 after purchasing an additional 547 shares during the period. Marcum Wealth LLC lifted its holdings in Energy Transfer by 4.6% during the 4th quarter. Marcum Wealth LLC now owns 12,847 shares of the pipeline company’s stock worth $252,000 after purchasing an additional 561 shares during the last quarter. Finally, Financial Freedom LLC grew its holdings in Energy Transfer by 26.8% in the 4th quarter. Financial Freedom LLC now owns 2,906 shares of the pipeline company’s stock valued at $57,000 after buying an additional 614 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Price Performance

Shares of ET stock opened at $20.77 on Wednesday. Energy Transfer LP has a twelve month low of $13.79 and a twelve month high of $21.45. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The business has a fifty day simple moving average of $19.63 and a 200 day simple moving average of $17.54. The company has a market cap of $71.10 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.54 and a beta of 1.69.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The firm’s revenue was up .2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 EPS. On average, sell-side analysts forecast that Energy Transfer LP will post 1.36 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.325 per share. The ex-dividend date is Friday, February 7th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.30 annualized dividend and a dividend yield of 6.26%. Energy Transfer’s dividend payout ratio is 94.85%.

Analysts Set New Price Targets

ET has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Royal Bank of Canada boosted their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Barclays raised their target price 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. The Goldman Sachs Group increased their price target on Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, December 19th. Finally, Bank of America initiated coverage on Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and a consensus target price of $20.82.

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.