Platform Technology Partners Sells 2,970 Shares of Energy Transfer LP (NYSE:ET)

Platform Technology Partners lowered its position in Energy Transfer LP (NYSE:ET) by 4.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 66,746 shares of the pipeline company’s stock after selling 2,970 shares during the period. Platform Technology Partners’ holdings in Energy Transfer were worth $1,071,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ET. Princeton Global Asset Management LLC grew its stake in Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 650 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Energy Transfer by 2,138.5% in the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 1,668 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of Energy Transfer in the first quarter worth about $29,000. HWG Holdings LP purchased a new stake in shares of Energy Transfer in the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC grew 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 valued at $40,000 after buying an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Buying and Selling

In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was purchased at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the purchase, the executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ET has been the topic of several recent research reports. Royal Bank of Canada upped their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Bank of America began coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Finally, UBS Group increased their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company 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 company has an average rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Trading Down 0.3 %

ET stock opened at $17.24 on Tuesday. Energy Transfer LP has a twelve month low of $13.11 and a twelve month high of $17.71. The stock has a market capitalization of $59.00 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 0.53 and a beta of 1.66. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The firm’s fifty day simple moving average is $16.33 and its two-hundred day simple moving average is $16.06.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.64%. The firm’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 EPS. As a group, analysts anticipate that Energy Transfer LP will post 1.34 earnings per share for the current year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.3225 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 7.48%. Energy Transfer’s payout ratio 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.