Covenant Asset Management LLC Sells 23,599 Shares of Energy Transfer LP (NYSE:ET)

Covenant Asset Management LLC trimmed its position in Energy Transfer LP (NYSE:ET - Free Report) by 42.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,360 shares of the pipeline company's stock after selling 23,599 shares during the quarter. Covenant Asset Management LLC's holdings in Energy Transfer were worth $614,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Princeton Global Asset Management LLC raised its position in Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company's stock worth $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. grew its stake in shares of Energy Transfer by 2,138.5% in the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company's stock valued at $28,000 after purchasing an additional 1,668 shares during the period. GAMMA Investing LLC acquired a new position in shares of Energy Transfer in the 4th quarter worth approximately $29,000. Financial Life Planners bought a new position in shares of Energy Transfer during the 4th quarter worth approximately $37,000. Finally, Continuum Advisory LLC boosted its stake in Energy Transfer by 44.8% in the 3rd quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company's stock valued at $40,000 after buying an additional 729 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Trading Up 1.5 %

ET traded up $0.30 during mid-day trading on Tuesday, reaching $20.29. The stock had a trading volume of 13,521,025 shares, compared to its average volume of 16,985,334. The firm's fifty day simple moving average is $19.80 and its two-hundred day simple moving average is $17.81. The stock has a market capitalization of $69.48 billion, a P/E ratio of 14.92, a P/E/G ratio of 0.52 and a beta of 1.69. Energy Transfer LP has a 52 week low of $14.52 and a 52 week high of $21.45. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08.

Energy Transfer (NYSE:ET - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.06). Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. On average, equities analysts predict that Energy Transfer LP will post 1.37 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Friday, February 7th will be issued a $0.325 dividend. This is a positive change from Energy Transfer's previous quarterly dividend of $0.32. This represents a $1.30 annualized dividend and a yield of 6.41%. The ex-dividend date of this dividend is Friday, February 7th. Energy Transfer's dividend payout ratio is currently 101.56%.

Wall Street Analysts Forecast Growth

ET has been the subject of several recent analyst reports. The Goldman Sachs Group increased their price objective on Energy Transfer from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, December 19th. Royal Bank of Canada increased their target price on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an "outperform" rating in a research report on Monday, December 9th. Barclays boosted their price target on shares of Energy Transfer from $22.00 to $25.00 and gave the company an "overweight" rating in a research report on Monday, January 13th. Wells Fargo & Company raised their price objective on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Finally, Stifel Nicolaus boosted their target price on Energy Transfer from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.18.

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.