FineMark National Bank & Trust Sells 3,035 Shares of Energy Transfer LP $ET

FineMark National Bank & Trust lowered its stake in shares of Energy Transfer LP (NYSE:ET) by 7.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,894 shares of the pipeline company’s stock after selling 3,035 shares during the quarter. FineMark National Bank & Trust’s holdings in Energy Transfer were worth $669,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ET. Ryan Investment Management Inc. acquired a new stake in shares of Energy Transfer in the second quarter worth $31,000. Vision Financial Markets LLC bought a new position in Energy Transfer in the 1st quarter worth $33,000. CNB Bank lifted its position in Energy Transfer by 111.1% during the 2nd quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 1,000 shares during the last quarter. Stone House Investment Management LLC acquired a new position in Energy Transfer during the 1st quarter worth $38,000. Finally, N.E.W. Advisory Services LLC bought a new stake in Energy Transfer during the first quarter valued at about $40,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Insider Buying and Selling

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,000,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The stock was purchased at an average price of $16.95 per share, for a total transaction of $16,950,000.00. Following the completion of the purchase, the director directly owned 104,577,803 shares in the company, valued at approximately $1,772,593,760.85. This trade represents a 0.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Scotiabank dropped their price objective on Energy Transfer from $23.00 to $21.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. UBS Group reiterated a “buy” rating and set a $22.00 price target on shares of Energy Transfer in a report on Wednesday, October 15th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Morgan Stanley dropped their target price on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Finally, Barclays reiterated an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research note on Wednesday, October 15th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Energy Transfer has a consensus rating of “Moderate Buy” and a consensus target price of $22.08.

Energy Transfer Stock Performance

ET opened at $16.63 on Friday. The stock has a market cap of $57.08 billion, a PE ratio of 12.89, a P/E/G ratio of 1.01 and a beta of 0.76. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The stock’s 50 day simple moving average is $16.91 and its 200-day simple moving average is $17.40. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.06). Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business had revenue of $19.95 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same period last year, the firm earned $0.32 EPS. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. Sell-side analysts forecast that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 19th. Investors of record on Friday, November 7th were given a $0.3325 dividend. This represents a $1.33 annualized dividend and a yield of 8.0%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, November 7th. Energy Transfer’s dividend payout ratio (DPR) is currently 106.40%.

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.