PNC Financial Services Group Inc. Has $5.36 Million Holdings in Energy Transfer LP (NYSE:ET)

PNC Financial Services Group Inc. lowered its position in shares of Energy Transfer LP (NYSE:ET) by 1.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 333,888 shares of the pipeline company’s stock after selling 5,087 shares during the period. PNC Financial Services Group Inc.’s holdings in Energy Transfer were worth $5,359,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Prospera Financial Services Inc grew its holdings in shares of Energy Transfer by 10.3% during the third quarter. Prospera Financial Services Inc now owns 345,963 shares of the pipeline company’s stock worth $5,553,000 after purchasing an additional 32,250 shares during the last quarter. MAI Capital Management grew its holdings in Energy Transfer by 5.9% during the 3rd quarter. MAI Capital Management now owns 698,113 shares of the pipeline company’s stock worth $11,205,000 after acquiring an additional 39,029 shares during the last quarter. TrinityPoint Wealth LLC bought a new stake in Energy Transfer during the 3rd quarter worth approximately $392,000. Thrivent Financial for Lutherans increased its position in Energy Transfer by 57.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 21,671 shares of the pipeline company’s stock valued at $348,000 after acquiring an additional 7,870 shares during the period. Finally, Mizuho Markets Americas LLC raised its stake in shares of Energy Transfer by 62.3% during the third quarter. Mizuho Markets Americas LLC now owns 483,822 shares of the pipeline company’s stock valued at $7,765,000 after acquiring an additional 185,805 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Stock Up 0.5 %

Shares of Energy Transfer stock opened at $19.07 on Friday. The stock’s 50-day moving average is $16.66 and its 200 day moving average is $16.18. Energy Transfer LP has a one year low of $13.11 and a one year high of $19.20. The firm has a market cap of $65.29 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.61 and a beta of 1.66. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data 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 net margin of 5.90% and a return on equity of 12.38%. The company had revenue of $20.77 billion during the quarter, compared to the consensus estimate of $21.59 billion. During the same quarter last year, the firm posted $0.31 EPS. The company’s quarterly revenue was up .2% on a year-over-year basis. Equities research analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were issued a dividend of $0.3225 per share. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 6.76%. Energy Transfer’s dividend payout ratio is currently 94.85%.

Analysts Set New Price Targets

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

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.