Mon Jan 27 20:20:00 IST 2025: **NXG Investment Management Increases Stake in Energy Transfer LP; Other Institutional Investors Also Active**

NEW YORK, NY – February 28, 2024 – NXG Investment Management (formerly Cushing Asset Management LP), significantly increased its holdings in Energy Transfer LP (NYSE: ET) during the fourth quarter of 2023, according to a recent SEC filing. The firm added 293,088 shares, representing a 4% increase, bringing its total ownership to 7,586,598 shares. This makes Energy Transfer the largest holding in NXG’s portfolio, accounting for 9.8% of its assets, valued at approximately $148.6 million.

This activity follows a trend of increased institutional investor interest in Energy Transfer. Several other firms also adjusted their positions during recent quarters, including Princeton Global Asset Management LLC (65% increase), Assetmark Inc. (2138.5% increase), GAMMA Investing LLC (new position), HWG Holdings LP (new position), and Sugarloaf Wealth Management LLC (43.6% increase). Collectively, institutional investors now own 38.22% of Energy Transfer’s stock.

Energy Transfer’s stock price closed at $20.93 on Friday, down $0.13, with a trading volume exceeding its average. The company recently reported quarterly earnings of $0.32 per share, meeting analyst expectations, and declared a quarterly dividend of $0.3225 per share.

Analyst sentiment towards Energy Transfer remains positive. Several firms, including Royal Bank of Canada, Wells Fargo, Barclays, and Bank of America, have recently raised their price targets or initiated coverage with buy ratings. The stock currently holds a “Moderate Buy” consensus rating, with an average price target of $20.82.

Despite the positive outlook, Energy Transfer’s recent performance and financial metrics show mixed results. While revenue was slightly up year-over-year, it missed analyst estimates. The company maintains a high dividend payout ratio (94.85%) and a debt-to-equity ratio of 1.40.

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