True North Advisors 13F: Exits Energy Transfer (ET) Stake

True North Advisors completely exited its position in Energy Transfer LP (ET), selling all 106,116 shares according to a Form 13F filed with the SEC on October 22, 2026. The disposal wiped out the firm's entire prior stake, which had been valued at the start of the reporting period.

ET Energy Transfer LP

$20.04 ▲ +27.32% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Other Institutional Activity in Energy Transfer LP

Other major investment managers adjusted their holdings in the midstream company during the period. Alps Advisors Inc. grew its holdings by 945,545 shares, ending with 86,904,208 shares worth about $1.74 billion after a 1.1% increase. Tortoise Capital Advisors, LLC cut its stake by 1,464,005 shares, leaving it with 37,997,055 shares valued at roughly $761.5 million following a 3.7% decrease. Blackstone Inc lifted its position significantly by adding 4,661,915 shares for a 15.0% boost, bringing its total to 35,782,842 shares worth about $717.1 million. Energy Income Partners, LLC grew its holdings by 446,188 shares, resulting in a stake of 25,654,536 shares worth about $514.1 million after a 1.8% increase.

Energy Transfer LP Stock Up 2.6%

Energy Transfer LP closed at $20.04 on the October 22, 2026 filing date and recently traded around $20.05. The shares trade below the 50-day moving average of $20.83 while staying above the 200-day moving average of $19.55. The stock has moved between a 52-week low of $16.18 and a 52-week high of $21.84.

Recent Earnings

Energy Transfer LP reported trailing twelve-month revenue of $107.38 billion and earnings of $1.42 per share. The company posted a net profit margin of 4.9% alongside a return on equity of 14.6% and year-over-year revenue growth of 78.4%. The next earnings release is scheduled for November 3, 2026.

Dividend

The company pays an annual dividend rate of $1.36 per share, giving it a dividend yield of 6.76% with a payout ratio of 91.4%.

Insider Buying and Selling at Energy Transfer LP

Company insiders made several notable stock purchases ahead of the filing. Director Kelcy L. Warren bought 2,000,000 shares on August 20, 2025, valued at $34.7 million, and another 2,000,000 shares on November 20, 2025, worth $33.8 million. Warren later acquired 1,000,000 shares for roughly $21.3 million on August 19, 2026. Additionally, Director James Richard Perry purchased 12,359 shares at an average price of $20.23 on August 7, 2026, in a transaction worth $250,000.

Analysts Set New Price Targets

Research firms updated their views on the pipeline operator prior to the filing. Citigroup maintained a buy rating on August 7, 2026, raising its price target from $23.00 to $24.00. TD Cowen maintained a buy rating on August 10, 2026, lifting its target from $24.00 to $25.00. Truist Securities kept a buy rating on August 12, 2026, while increasing its target from $23.00 to $25.00. Morgan Stanley maintained an equal-weight rating on August 18, 2026, taking its target from $23.00 to $25.00. JP Morgan maintained an overweight rating on September 4, 2026, moving its target from $24.00 to $25.00. Overall, the stock holds a consensus strong buy rating across 23 analyst opinions with a mean price target of $24.74.

About Energy Transfer LP

Energy Transfer LP operates an extensive network of energy infrastructure assets across the United States. The company handles natural gas transportation and storage, crude oil gathering and transmission, and refined products services through multiple operating segments and specialized joint ventures.

Bottom Line

Investors will watch for upcoming financial results when the company reports earnings on November 3, 2026. Further institutional filings will provide additional insight into how portfolio managers handle their positions in the energy sector.