Energy Transfer Founder Stocks Up Amidst Company’s Progress

Founded in 1996, Energy Transfer LP (ET:US) possesses and manages one of the most extensive and varied collections of energy assets in the United States, strategically located across all major domestic production areas. 

Ranked No. 43 in the Fortune 500 list, Energy Transfer has a present Market Capitalization of around $52.17 billion. The stock, ET, closed at $15.48 in its last trading session and is up by 11.53% year-to-date.

Chairman Buys In

Kelcy Lee Warren, Founder and Exec. Chairman at Energy Transfer, has been a frequent investor in ET stock.

She recently purchased $9.215 million worth of company shares on June 17, 2024. Not only was this the company’s first reported insider buying in 2024, but also Warren’s first insider purchase since November 2023. 

Warren co-founded Energy Transfer in 1996 and led the company from its inception to one of the largest and most diversified publicly traded energy companies. All in all, he holds almost 40 years of experience in the energy industry and has been serving as Chair of the Board since 2021.

ET Progresses WTG Midstream Merger

More recently, Energy Transfer announced it was taking the next steps in its acquisition of WTG Midstream Holdings LLC (WTG). The company filed its premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for the acquisition. The deal is anticipated to close in the third quarter of 2024, subject to HSR Act approval and standard closing conditions.

Previously on June 11, it was disclosed that Energy Transfer would be joining the Permian Strategic Partnership (PSP) 

The PSP is an alliance of 25 prominent energy companies and higher education institutions in the Permian Basin - an oil and gas production region in West Texas - who work together in the responsible development of extensive oil and natural gas resources.

After a satisfactory performance in 2023, the energy sector is expected to push into high gear in 2024. Several investment firms - from UBS Group to Citigroup - have given ET stock a buy rating with a potential upside. Combined with the co-founder’s Insider buying, these progresses give ET a bullish sentiment.