Energy Transfer LP $ET Stock Holdings Trimmed by Jennison Associates LLC

Key Points

• Energy Transfer raised its quarterly dividend to $0.3375 (annualized $1.35), implying a 6.8% yield but with a payout ratio above 110%, which could raise sustainability concerns.
• Q1 results showed an EPS of $0.25 (below estimates of $0.34) while revenue jumped 29.6% to $25.32 billion, indicating strong top-line growth despite an earnings shortfall.
• Jennison Associates trimmed its stake by 5.3% (selling 84,029 shares) to about 1.51M shares (~$25M), even as large institutions like Alps Advisors and Invesco materially increased their holdings, leaving institutional ownership at 38.22%.

Jennison Associates LLC lowered its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 5.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,514,712 shares of the pipeline company's stock after selling 84,029 shares during the period. Jennison Associates LLC's holdings in Energy Transfer were worth $24,978,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Alps Advisors Inc. raised its stake in Energy Transfer by 4.5% during the 3rd quarter. Alps Advisors Inc. now owns 77,651,021 shares of the pipeline company's stock valued at $1,332,492,000 after acquiring an additional 3,366,734 shares in the last quarter. Invesco Ltd. raised its stake in shares of Energy Transfer by 3.2% in the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company's stock worth $992,923,000 after buying an additional 1,773,042 shares in the last quarter. Energy Income Partners LLC raised its stake in shares of Energy Transfer by 1.4% in the 3rd quarter. Energy Income Partners LLC now owns 23,351,183 shares of the pipeline company's stock worth $400,706,000 after buying an additional 326,653 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Energy Transfer by 2.6% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,898,420 shares of the pipeline company's stock worth $375,777,000 after buying an additional 544,944 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Energy Transfer in the 3rd quarter worth $264,309,000. Institutional investors own 38.22% of the company's stock.

Energy Transfer Stock Performance

Shares of NYSE ET opened at $19.97 on Friday. The business's 50-day moving average price is $18.99 and its two-hundred day moving average price is $17.73. Energy Transfer LP has a one year low of $15.80 and a one year high of $20.28. The company has a market capitalization of $68.69 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 1.10 and a beta of 0.57. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.22 and a quick ratio of 0.90.

Energy Transfer (NYSE:ET - Get Free Report) last issued its quarterly earnings data on Tuesday, February 17th. The pipeline company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.09). The company had revenue of $25.32 billion for the quarter, compared to analyst estimates of $23.56 billion. Energy Transfer had a net margin of 5.11% and a return on equity of 10.17%. The business's revenue was up 29.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 EPS. Analysts anticipate that Energy Transfer LP will post 1.52 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th will be given a $0.3375 dividend. The ex-dividend date is Friday, May 8th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 6.8%. This is an increase from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's dividend payout ratio is 110.74%.

Key Headlines Impacting Energy Transfer

Here are the key news stories impacting Energy Transfer this week:

• Positive Sentiment: US Capital Advisors raised multiple 2026–2027 EPS estimates for ET, lifting quarterly and full-year forecasts — a direct fundamental upgrade that supports higher earnings expectations and dividend sustainability.
• Positive Sentiment: Analyst/bull commentary predicts further upside for ET (a published piece argues ET could reach $25 in 2026), which can boost investor sentiment and attract momentum buying. Prediction: Energy Transfer Will Hit $25 in 2026
• Positive Sentiment: Energy Transfer appointed Jim S. Holotik to the USA Compression general partner board, strengthening governance ties with a related business and potentially smoothing coordination on compression/operations projects. USA Compression Adds Independent Director to General Partner Board
• Neutral Sentiment: Zacks / Yahoo industry pieces note conservative upstream capex is adding uncertainty for pipeline MLPs, but they list ET among survivors — this suggests resilience but also that growth could be muted until upstream activity recovers. 3 Oil Pipeline MLP Stocks to Gain Despite Industry Challenges
• Neutral Sentiment: Coverage note: a recent analyst update nudged ET’s fair value slightly higher (to ~$22.26) and highlighted mixed target moves — this creates a modest tailwind but keeps some investors cautious about near-term upside. How The Investment Story For Energy Transfer (ET) Is Shifting With New Analyst Signals
• Neutral Sentiment: Quarterly preview coverage is reminding investors to watch Q1 metrics (volumes, fee-based revenue and project execution) that will determine whether upgraded estimates hold. Energy Transfer LP (ET) Q1 Earnings on the Horizon: Analysts' Insights on Key Performance Measures
• Negative Sentiment: Macro headwind — Reuters reports a U.S. natural gas glut while Europe/Asia scramble for LNG; domestic oversupply can force lower gas prices and takeaway constraints in some basins, a direct negative for pipeline throughput, volumes and margin recovery. While Asia and Europe scramble for natural gas, the US glut has nowhere to go

Analyst Upgrades and Downgrades

ET has been the topic of a number of research reports. Morgan Stanley boosted their price objective on Energy Transfer from $19.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 10th. TD Cowen boosted their price objective on Energy Transfer from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, February 18th. Wells Fargo & Company boosted their price objective on Energy Transfer from $23.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, March 13th. Barclays reissued an "overweight" rating and issued a $22.00 price objective (down from $25.00) on shares of Energy Transfer in a research note on Monday, January 12th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Energy Transfer in a research note on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.60.

Energy Transfer Company Profile

Energy Transfer NYSE: ET is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company's operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.

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