Essex Financial Services Inc. Sells 3,174 Shares of Energy Transfer LP (NYSE:ET)

Essex Financial Services Inc. lowered its position in Energy Transfer LP (NYSE:ET) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,646 shares of the pipeline company’s stock after selling 3,174 shares during the period. Essex Financial Services Inc.’s holdings in Energy Transfer were worth $796,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Mill Creek Capital Advisors LLC lifted its stake in shares of Energy Transfer by 107.8% in the fourth quarter. Mill Creek Capital Advisors LLC now owns 28,610 shares of the pipeline company’s stock valued at $560,000 after buying an additional 14,843 shares in the last quarter. Focus Financial Network Inc. lifted its position in Energy Transfer by 5.3% in the 4th quarter. Focus Financial Network Inc. now owns 26,438 shares of the pipeline company’s stock valued at $518,000 after acquiring an additional 1,340 shares in the last quarter. Summit Trail Advisors LLC lifted its position in Energy Transfer by 64.3% in the 4th quarter. Summit Trail Advisors LLC now owns 57,532 shares of the pipeline company’s stock valued at $1,127,000 after acquiring an additional 22,512 shares in the last quarter. Sapient Capital LLC boosted its stake in Energy Transfer by 28.8% during the 4th quarter. Sapient Capital LLC now owns 14,864 shares of the pipeline company’s stock valued at $291,000 after purchasing an additional 3,325 shares during the last quarter. Finally, Savant Capital LLC increased its holdings in Energy Transfer by 10.9% during the 4th quarter. Savant Capital LLC now owns 32,242 shares of the pipeline company’s stock worth $632,000 after purchasing an additional 3,180 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

ET has been the topic of a number of recent research reports. The Goldman Sachs Group raised their target price on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, December 19th. Bank of America initiated coverage on Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective on the stock. Wells Fargo & Company upped their target price 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. Stifel Nicolaus raised their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada boosted their price target 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 research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.18.

Energy Transfer Stock Down 0.6 %

ET opened at $19.70 on Thursday. The company’s 50-day moving average price is $19.73 and its two-hundred day moving average price is $17.71. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a twelve month low of $13.95 and a twelve month high of $21.45. The stock has a market cap of $67.45 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 0.52 and a beta of 1.69.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.06). Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. As a group, equities analysts expect that Energy Transfer LP will post 1.37 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Friday, February 7th will be issued a $0.325 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.30 annualized dividend and a yield of 6.60%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is 94.85%.

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.