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What Institutional Activity in Energy Transfer in Q4 Suggests

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Feb. 20 2019, Updated 4:55 p.m. ET

Energy Transfer

All the top institutional investors substantially increased their holdings in midstream major Energy Transfer (ET) during the fourth quarter. Energy Transfer Equity and Energy Transfer Partners completed their merger in Q4 2018. Also, ET fell to multiyear lows after stringent weakness in the energy and midstream space (AMLP) in December last year.

According to a recent 13F filing, Harvest Fund Advisors increased its stake by adding net ~72 million shares of Energy Transfer in the fourth quarter. Harvest Fund Advisors held a 4.7% stake in Energy Transfer as of December 31.

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Institutions are betting big on ET

Among the top buyers, UBS Financial Services bought net ~44 million shares of Energy Transfer and increased its stake to 3.2% as of December 31. Goldman Sachs & Company added more than 42 million shares, while Tortoise Capital Advisors bought 41.4 million shares of Energy Transfer during the fourth quarter. Tortoise Capital Advisors bought net 1.6 million shares of Energy Transfer during the third quarter.

Citi Investment Research added almost 37 million shares of ET and held a 2.3% stake at the end of Q4 2018. In Q3, Citi Investment Research sold more than 5.6 million shares of ET.

Price target

Energy Transfer has a median target price of $21.24 compared to its current market price of $15.05, which implies an estimated upside of 41% for the next 12 months.

Currently, 18 analysts track Energy Transfer stock. Eight of the analysts recommended a “strong buy,” eight recommended a “buy,” and two recommended a “hold.” None of the analysts recommended a “sell.”

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