Jennison Associates LLC Sells 725,348 Shares of Energy Transfer LP $ET

Jennison Associates LLC lessened its stake in shares of Energy Transfer LP (NYSE:ET) by 33.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,436,216 shares of the pipeline company’s stock after selling 725,348 shares during the period. Jennison Associates LLC’s holdings in Energy Transfer were worth $26,039,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ET. Ryan Investment Management Inc. bought a new stake in Energy Transfer during the second quarter worth about $31,000. Vision Financial Markets LLC bought a new stake in Energy Transfer during the first quarter worth about $33,000. CNB Bank raised its holdings in Energy Transfer by 111.1% during the second quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 1,000 shares in the last quarter. Stone House Investment Management LLC bought a new stake in Energy Transfer during the first quarter worth about $38,000. Finally, N.E.W. Advisory Services LLC bought a new stake in Energy Transfer during the first quarter worth about $40,000. Institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ET. Cowen began coverage on Energy Transfer in a report on Monday, July 7th. They set a “buy” rating on the stock. Scotiabank initiated coverage on Energy Transfer in a research report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price target on the stock. Barclays reissued an “overweight” rating and set a $25.00 price target on shares of Energy Transfer in a research report on Wednesday, October 15th. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.23.

Insider Transactions at Energy Transfer

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of Energy Transfer stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the purchase, the director directly owned 69,178,477 shares of the company’s stock, valued at $1,200,938,360.72. This trade represents a 1.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.28% of the stock is owned by company insiders.

Energy Transfer Price Performance

Energy Transfer stock opened at $16.77 on Friday. The company has a market capitalization of $57.57 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.01 and a beta of 0.78. The stock’s 50 day moving average is $17.14 and its 200-day moving average is $17.42. 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 LP has a 12 month low of $14.60 and a 12 month high of $21.45.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. The business had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 EPS. Equities research analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 19th. Investors of record on Friday, November 7th will be paid a $0.3325 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, November 7th. This represents a $1.33 annualized dividend and a yield of 7.9%. Energy Transfer’s dividend payout ratio is presently 102.33%.

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.