Pinnacle Financial Partners Inc Sells 27,273 Shares of Energy Transfer LP (NYSE:ET)

Pinnacle Financial Partners Inc lessened its stake in Energy Transfer LP (NYSE:ET) by 61.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,074 shares of the pipeline company’s stock after selling 27,273 shares during the period. Pinnacle Financial Partners Inc’s holdings in Energy Transfer were worth $334,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. FMR LLC increased its holdings in shares of Energy Transfer by 44.0% during the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after buying an additional 10,195,768 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Energy Transfer by 1,491.0% in the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock valued at $67,020,000 after acquiring an additional 3,913,266 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Energy Transfer by 36.7% during the third quarter. BNP Paribas Financial Markets now owns 11,563,478 shares of the pipeline company’s stock worth $185,594,000 after purchasing an additional 3,106,631 shares in the last quarter. Citigroup Inc. boosted its position in shares of Energy Transfer by 45.9% during the third quarter. Citigroup Inc. now owns 9,581,762 shares of the pipeline company’s stock worth $153,787,000 after purchasing an additional 3,013,973 shares in the last quarter. Finally, Pathway Financial Advisers LLC boosted its position in shares of Energy Transfer by 1,837.4% during the third quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company’s stock worth $21,489,000 after purchasing an additional 1,269,778 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Price Performance

ET stock opened at $19.40 on Monday. The company has a 50 day simple moving average of $19.87 and a 200 day simple moving average of $17.93. The stock has a market cap of $66.55 billion, a price-to-earnings ratio of 15.15, a P/E/G ratio of 0.64 and a beta of 1.69. Energy Transfer LP has a 1 year low of $14.52 and a 1 year high of $21.45. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.12 and a quick ratio of 0.88.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.06). Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. Research analysts anticipate that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Friday, February 7th were given a $0.325 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.30 annualized dividend and a yield of 6.70%. The ex-dividend date of this dividend was Friday, February 7th. Energy Transfer’s dividend payout ratio is 101.56%.

Wall Street Analyst Weigh In

Several research firms recently commented on ET. Barclays boosted their price objective on shares of Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Stifel Nicolaus boosted their price objective on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their price objective on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group lifted their target price 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, Royal Bank of Canada lifted their target price on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.50.

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.