Leon Cooperman Stock Portfolio: Top 12 Picks

2. Energy Transfer L.P. (NYSE:ET)

Total Number of Shares Owned: 12,272,800

Total Value of Shares Owned: $199,064,816

Number of Hedge Fund Investors: 32

During FQ2 2024, Energy Transfer L.P. (NYSE:ET) achieved an adjusted EBITDA of $3.76 billion, a notable increase from $3.1 billion in Q2 2023. This growth was fueled by record volumes in its crude oil and natural gas liquids (NGL) pipelines and exports. Additionally, Energy Transfer L.P. (NYSE:ET)’s NGL and refined products segments also performed well, with adjusted EBITDA rising to $1.07 billion, driven by high transportation volumes and terminal operations, alongside gains from hedging strategies.

Energy Transfer L.P. (NYSE:ET)’s strategic acquisitions, including Crestwood and Lotus, have significantly enhanced its capacity and transportation volumes, particularly in the Permian Basin. These acquisitions, coupled with new projects like the Red Lake 3 processing plant and a joint venture with Sunoco in the Permian Basin, position the company for robust future growth. The acquisition of WTG also strengthens its access to the increasing supply of natural gas and NGL.

Although Energy Transfer L.P. (NYSE:ET) faces some operational challenges, such as shipper refunds affecting revenues in specific segments, the overall outlook remains positive. Strong fundamentals in the energy infrastructure sector, rising export volumes, and increasing customer demand suggest that Energy Transfer L.P. (NYSE:ET) is well-positioned for continued success.