Jim Cramer’s Latest Stock Picks

9.  Energy Transfer LP (NYSE:ET)

Number of Hedge Fund Holders: 32

Cramer said that he has moved on from Energy Transfer LP (NYSE:ET) trimming its dividend and highlighted that the stock has come up over time.

“Well, you know, it’s actually come up over time. It trades with the whole group and the group is actually trading very, very well. I just say, you know what… When they cut the dividend, people just never forgave them. I was one of them, but I have forgiven them. You’re in good shape with ET.”

Energy Transfer (NYSE:ET) is a key player in the energy sector, focusing on a wide range of services related to natural gas and crude oil transportation. It has an extensive network of interstate natural gas pipelines and it operates numerous facilities in Texas and Oklahoma. The company also owns and manages natural gas storage facilities and processing plants across multiple states.

Currently, it is advancing its Lake Charles LNG project, having entered into a preliminary contract with a consortium to build this significant facility. The agreement is contingent upon the company making a final investment decision, which hinges on securing the necessary regulatory approvals and attracting additional partners.

The Lake Charles LNG project has been in the works for nearly a decade, facing various challenges along the way. Despite these hurdles, the company has established several commercial agreements with LNG buyers, including Shell, to cover most of the proposed 16.5 million tons of annual export capacity.

In 2024, Energy Transfer (NYSE:ET) plans to allocate approximately $3.1 billion toward growth projects. The investment is largely driven by developments associated with WTG Midstream, as well as expedited projects within its crude oil transportation and services division, which has benefited from the recent acquisition of Crestwood.