Zacks Investment Research lowered shares of Energy Transfer Equity (NYSE:ETE) from a hold rating to a sell rating in a report released on Tuesday.
According to Zacks, “Energy Transfer Equity, L.P. owns a diversified portfolio of energy assets, including natural gas operations consisting miles of natural gas gathering and transportation pipelines, natural gas treating and processing assets located in Texas and Louisiana, and three natural gas storage facilities located in Texas. “
ETE has been the subject of a number of other reports. Wolfe Research upgraded Energy Transfer Equity from a market perform rating to an outperform rating in a research note on Monday, December 18th. Royal Bank of Canada restated a buy rating and issued a $22.00 target price on shares of Energy Transfer Equity in a research note on Tuesday, January 16th. Bank of America began coverage on Energy Transfer Equity in a research note on Tuesday, January 9th. They issued a neutral rating for the company. Credit Suisse Group began coverage on Energy Transfer Equity in a research note on Thursday, January 4th. They issued an outperform rating and a $23.00 target price for the company. Finally, Robert W. Baird restated a buy rating and issued a $24.00 target price on shares of Energy Transfer Equity in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $21.70.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Thursday, February 8th were paid a dividend of $0.305 per share. This is a positive change from Energy Transfer Equity’s previous quarterly dividend of $0.30. This represents a $1.22 annualized dividend and a yield of 7.39%. The ex-dividend date of this dividend was Wednesday, February 7th. Energy Transfer Equity’s dividend payout ratio is currently 117.31%.
A number of institutional investors have recently added to or reduced their stakes in ETE. Ameriprise Financial Inc. raised its stake in Energy Transfer Equity by 3.4% during the second quarter. Ameriprise Financial Inc. now owns 104,721 shares of the pipeline company’s stock worth $1,898,000 after acquiring an additional 3,422 shares in the last quarter. Advisory Services Network LLC raised its stake in Energy Transfer Equity by 12.6% during the second quarter. Advisory Services Network LLC now owns 9,331 shares of the pipeline company’s stock worth $168,000 after acquiring an additional 1,047 shares in the last quarter. Advisors Capital Management LLC raised its stake in Energy Transfer Equity by 16.3% during the third quarter. Advisors Capital Management LLC now owns 141,024 shares of the pipeline company’s stock worth $2,451,000 after acquiring an additional 19,718 shares in the last quarter. Saratoga Research & Investment Management acquired a new position in Energy Transfer Equity during the third quarter worth $312,000. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Energy Transfer Equity by 14.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 269,891 shares of the pipeline company’s stock worth $4,691,000 after acquiring an additional 33,515 shares in the last quarter. Hedge funds and other institutional investors own 51.15% of the company’s stock.
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Energy Transfer Equity Company Profile
Energy Transfer Equity, L.P. (ETE) owns equity interests in Energy Transfer Partners, L.P. (ETP) and Sunoco LP, which are engaged in diversified energy-related services. The Company’s segments include Investment in ETP, including the consolidated operations of ETP; Investment in Sunoco LP, including the consolidated operations of Sunoco LP; Investment in Lake Charles LNG, including the operations of Lake Charles LNG, and Corporate and Other.
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