Allianz Asset Management GmbH Sells 634,400 Shares of Energy Transfer LP (NYSE:ET)

Allianz Asset Management GmbH cut its stake in Energy Transfer LP (NYSE:ET - Free Report) by 13.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,249,014 shares of the pipeline company's stock after selling 634,400 shares during the period. Allianz Asset Management GmbH owned approximately 0.12% of Energy Transfer worth $78,989,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Wedbush Securities Inc. boosted its holdings in Energy Transfer by 44.2% in the 4th quarter. Wedbush Securities Inc. now owns 135,281 shares of the pipeline company's stock valued at $2,650,000 after purchasing an additional 41,438 shares during the period. Greenland Capital Management LP bought a new position in shares of Energy Transfer during the 4th quarter worth about $2,253,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Energy Transfer during the 4th quarter worth about $597,000. Bank of Montreal Can lifted its holdings in shares of Energy Transfer by 12,090.8% during the 4th quarter. Bank of Montreal Can now owns 12,455,613 shares of the pipeline company's stock worth $244,005,000 after acquiring an additional 12,353,441 shares during the period. Finally, Strong Tower Advisory Services bought a new position in shares of Energy Transfer during the 1st quarter worth about $2,604,000. 38.22% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on ET. JPMorgan Chase & Co. reduced their price objective on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, May 19th. TD Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating and a $22.00 target price for the company. Wells Fargo & Company dropped their target price on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Mizuho increased their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Finally, Cowen initiated coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, Energy Transfer has an average rating of "Moderate Buy" and an average target price of $22.58.

Energy Transfer Stock Performance

Shares of ET stock traded up $0.20 on Thursday, hitting $17.64. The company's stock had a trading volume of 9,406,799 shares, compared to its average volume of 15,636,401. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.92 and a current ratio of 1.12. The stock's 50 day moving average is $17.80 and its 200-day moving average is $18.31. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The company has a market capitalization of $60.55 billion, a PE ratio of 13.36, a PEG ratio of 0.90 and a beta of 0.79.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $21.02 billion for the quarter, compared to the consensus estimate of $22.28 billion. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Equities research analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Energy Transfer

In other news, Director James Richard Perry sold 1,369 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $18.48, for a total value of $25,299.12. Following the completion of the transaction, the director owned 24,523 shares of the company's stock, valued at approximately $453,185.04. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.28% of the stock is owned by insiders.

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.