PNC Financial Services Group Inc. Has $4.48 Million Position in Energy Transfer LP (NYSE:ET)

Key Points

• PNC Financial Services Group Inc. decreased its stake in Energy Transfer LP by 27.5%, owning 240,742 shares worth approximately $4.48 million as of the end of the most recent quarter.
• Energy Transfer recently declared a quarterly dividend of $0.33 per share, representing an annualized payout of $1.32 and a yield of 7.5%.
• Despite a 7.2% year-over-year decline in revenue, the company reported earnings of $0.32 per share, meeting analysts' expectations during its last earnings announcement.

PNC Financial Services Group Inc. decreased its stake in Energy Transfer LP (NYSE:ET - Free Report) by 27.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,742 shares of the pipeline company's stock after selling 91,302 shares during the period. PNC Financial Services Group Inc.'s holdings in Energy Transfer were worth $4,475,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital A Wealth Management LLC bought a new stake in shares of Energy Transfer during the 4th quarter worth approximately $26,000. Fourth Dimension Wealth LLC acquired a new position in Energy Transfer during the fourth quarter worth $29,000. HWG Holdings LP bought a new stake in Energy Transfer during the first quarter worth $38,000. N.E.W. Advisory Services LLC acquired a new stake in Energy Transfer in the first quarter valued at $40,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Energy Transfer in the fourth quarter valued at $46,000. Institutional investors own 38.22% of the company's stock.

Insider Activity

In other news, Director James Richard Perry sold 1,369 shares of Energy Transfer stock in a transaction that occurred on 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 sale, the director directly owned 24,523 shares in the company, valued at approximately $453,185.04. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.28% of the stock is currently owned by insiders.

Energy Transfer Stock Performance

Shares of NYSE ET opened at $17.62 on Friday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.12 and a quick ratio of 0.92. The firm has a market cap of $60.48 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 0.93 and a beta of 0.83. The stock's fifty day moving average price is $17.79 and its two-hundred day moving average price is $18.16. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.32. Energy Transfer had a net margin of 5.80% and a return on equity of 11.07%. The company had revenue of $19.24 billion during the quarter, compared to analysts' expectations of $24.07 billion. During the same quarter in the previous year, the business posted $0.35 earnings per share. Energy Transfer's quarterly revenue was down 7.2% on a year-over-year basis. On average, equities analysts forecast that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date is Friday, August 8th. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio (DPR) is currently 102.33%.

Analyst Upgrades and Downgrades

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

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.

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