Mechanics Financial Corp Sells 1,703 Shares of Energy Transfer LP (NYSE:ET)

Mechanics Financial Corp lowered its holdings in Energy Transfer LP (NYSE:ET) by 29.9% in the fourth quarter, Holdings Channel reports. The firm owned 4,000 shares of the pipeline company’s stock after selling 1,703 shares during the quarter. Mechanics Financial Corp’s holdings in Energy Transfer were worth $55,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ET. JFG Wealth Management LLC acquired a new stake in shares of Energy Transfer in the fourth quarter valued at about $207,000. Fortitude Advisory Group L.L.C. bought a new stake in shares of Energy Transfer during the 4th quarter worth approximately $189,000. Summit Financial LLC boosted its holdings in shares of Energy Transfer by 7.0% in the 4th quarter. Summit Financial LLC now owns 149,729 shares of the pipeline company’s stock valued at $2,066,000 after buying an additional 9,823 shares during the last quarter. Great Valley Advisor Group Inc. grew its stake in shares of Energy Transfer by 2.2% in the fourth quarter. Great Valley Advisor Group Inc. now owns 137,521 shares of the pipeline company’s stock valued at $1,898,000 after buying an additional 2,919 shares in the last quarter. Finally, Searle & CO. raised its position in Energy Transfer by 34.6% during the fourth quarter. Searle & CO. now owns 20,119 shares of the pipeline company’s stock worth $278,000 after acquiring an additional 5,174 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

Shares of ET stock traded up $0.13 during midday trading on Thursday, hitting $15.61. 4,693,180 shares of the company were exchanged, compared to its average volume of 12,173,047. Energy Transfer LP has a 52 week low of $12.18 and a 52 week high of $16.07. The firm has a market capitalization of $52.60 billion, a P/E ratio of 14.29 and a beta of 1.63. The firm’s 50 day moving average price is $15.42 and its two-hundred day moving average price is $14.37. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.88 and a current ratio of 1.10.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, February 14th. The pipeline company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.29 by $0.08. The company had revenue of $20.53 billion for the quarter, compared to the consensus estimate of $21.46 billion. Energy Transfer had a return on equity of 12.17% and a net margin of 4.85%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 earnings per share. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.56 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Stockholders of record on Monday, May 13th will be issued a dividend of $0.317 per share. The ex-dividend date is Friday, May 10th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 8.12%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is currently 115.60%.

Analyst Ratings Changes

A number of research analysts have recently commented on ET shares. UBS Group decreased their price objective on shares of Energy Transfer from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, February 15th. Mizuho reiterated a “buy” rating and set a $19.00 price target (up previously from $18.00) on shares of Energy Transfer in a report on Thursday, April 18th. Finally, Citigroup boosted their price target on Energy Transfer from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

About Energy Transfer

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.