Pinnacle Financial Partners Inc Has $712,000 Holdings in Energy Transfer LP (NYSE:ET)

Pinnacle Financial Partners Inc decreased its position in shares of Energy Transfer LP (NYSE:ET) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,347 shares of the pipeline company’s stock after selling 1,683 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Energy Transfer were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of ET. Princeton Global Asset Management LLC increased its holdings in Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. grew its holdings in Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after buying an additional 1,668 shares in the last quarter. LRI Investments LLC purchased a new stake in Energy Transfer in the 1st quarter valued at $29,000. HWG Holdings LP bought a new position in Energy Transfer during the 2nd quarter valued at $33,000. Finally, Sugarloaf Wealth Management LLC boosted its holdings 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 acquiring an additional 750 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Trading Up 0.3 %

Shares of Energy Transfer stock opened at $17.15 on Friday. The company’s 50-day moving average price is $16.37 and its 200-day moving average price is $16.08. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a 12-month low of $13.11 and a 12-month high of $17.71. The company has a market cap of $58.70 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.52 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $21.59 billion. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. On average, equities analysts expect that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be given a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 7.52%. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Energy Transfer

In other Energy Transfer news, EVP Gregory G. Mcilwain purchased 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at approximately $9,270,188.48. This represents a 3.50 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.28% of the stock is currently owned by insiders.

Energy Transfer 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.