Meridian Wealth Management LLC Sells 1,594 Shares of Energy Transfer LP (NYSE:ET)

by · The Markets Daily

Meridian Wealth Management LLC trimmed its stake in Energy Transfer LP (NYSE:ET – Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,527 shares of the pipeline company’s stock after selling 1,594 shares during the period. Meridian Wealth Management LLC’s holdings in Energy Transfer were worth $1,726,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Fortis Capital Management LLC grew its stake in Energy Transfer by 2.0% during the 3rd quarter. Fortis Capital Management LLC now owns 31,956 shares of the pipeline company’s stock valued at $513,000 after purchasing an additional 634 shares during the last quarter. Princeton Global Asset Management LLC lifted its holdings in shares of Energy Transfer by 65.0% in the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares during the period. Veracity Capital LLC lifted its holdings in shares of Energy Transfer by 2.0% in the 2nd quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after buying an additional 659 shares during the period. Haverford Trust Co lifted its holdings in shares of Energy Transfer by 0.7% in the 3rd quarter. Haverford Trust Co now owns 102,176 shares of the pipeline company’s stock valued at $1,640,000 after buying an additional 675 shares during the period. Finally, Morton Capital Management LLC CA lifted its holdings in shares of Energy Transfer by 1.6% in the 2nd quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock valued at $720,000 after buying an additional 699 shares during the period. 38.22% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Check Out Our Latest Analysis on Energy Transfer

Energy Transfer Stock Performance

NYSE ET opened at $19.06 on Friday. The stock has a market capitalization of $65.26 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.61 and a beta of 1.66. Energy Transfer LP has a twelve month low of $13.11 and a twelve month high of $19.20. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The stock has a 50-day moving average of $16.66 and a 200 day moving average of $16.18.

Energy Transfer (NYSE:ET – Get Free Report) last announced its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates 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 quarter in the prior year, the firm earned $0.31 earnings per share. The business’s revenue was up .2% compared to the same quarter last year. Sell-side analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.77%. Energy Transfer’s payout ratio is currently 94.85%.

About Energy Transfer

(Free Report)

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.

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