Energy Transfer

ET • NYSE

Energy Transfer is a oil & gas midstream company in the energy sector on NYSE, led by Kelcy L. Warren, with a market cap of $57.7B. As of Q3 2025, 30% of shares are held by 1,195 institutional investors, with ALPS ADVISORS INC as the largest holder at 2.26%.

Chief Executive Officer and ChairmanKelcy L. Warren

Market Cap$57.7B

Oil & Gas Midstream

Energy

Employees13.8K

Websiteenergytransfer.com

Country

United States of America

Overview

Overview of institutional ownership in ET as of Q3 2025 with a market cap of $58.9B

All Institutions

Institutions: 1,195
Value Held: $17.8B
Shares Held: 1.04B
Avg Position: $14.9M
Median Position: $561.0K

Hedge Funds

Hedge Funds: 49
Value Held: $721.7M
Shares Held: 42.1M
Avg Position: $14.7M
Median Position: $1.6M

Ownership Breakdown

Institutional (non-HF)

28.98%

$17.1B

Hedge Funds

1.23%

$721.7M

Retail & Other

69.8%

$41.1B

Based on market cap of $58.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ET as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
A ALPS ADVISORS INC ETF Provider	Laton Andrew Spahr President	$1.3B 7.42% of portfolio	2.26% 77.7M shares	Q2 2015 Held for 10y 5m	$18.0B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.0B 0.06% of portfolio	1.78% 60.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$992.9M 0.16% of portfolio	1.69% 57.9M shares	Q1 2017 Held for 8y 8m	$633.08B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$953.6M 0.14% of portfolio	1.62% 55.6M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$769.0M 0.05% of portfolio	1.31% 44.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	Thomas Ibberson Florence CEO	$661.9M 8.54% of portfolio	1.12% 38.6M shares	≤ Q2 2013 Held for 12y 5m+	$7.8B
Blackstone Group L.P. Institution	Jonathan D. Gray President	$661.4M 2.85% of portfolio	1.12% 38.5M shares	Q1 2020 Held for 5y 8m	$23.2B
UBS Group AG Institution	Sergio P. Ermotti CEO	$585.8M 0.11% of portfolio	0.99% 34.1M shares	Q4 2014 Held for 10y 11m	$511.54B
FMR LLC Institution	-	$506.0M 0.03% of portfolio	0.86% 29.5M shares	Q3 2013 Held for 12y 2m	$1.92T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$480.8M 0.04% of portfolio	0.82% 28.0M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T

Net Capital Flow

Institutional buying and selling activity for ET in Q3 2025

Net Flow: −$895.0M
Buyers: 532
Sellers: 387
Total Bought: +$525.7M
Total Sold: −$1.4B
Avg Position: $14.8M

Biggest Buyers

Institution	Net Bought	Current Position
A ALPS ADVISORS INC ETF Provider	+$57.8M +3.4M shares	$1.3B 77.7M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$41.2M +2.4M shares	$68.1M 4.0M shares
Invesco Ltd. ETF Provider	+$30.4M +1.8M shares	$992.9M 57.9M shares
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	+$22.3M +1.3M shares	$661.9M 38.6M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$21.5M +1.3M shares	$189.9M 11.1M shares
L LPL Financial LLC Institution	+$19.8M +1.2M shares	$128.0M 7.5M shares
CUSHING MLP ASSET MANAGEMENT, LP Long Only Manager	+$17.7M +1.0M shares	$140.9M 8.2M shares
BERKLEY W R CORP Institution	+$15.7M +915.5K shares	$124.4M 7.3M shares
B BlackRock, Inc. Institution	+$14.5M +846.2K shares	$68.5M 4.0M shares
P Patient Capital Management, LLC Hedge Fund•Value	+$13.9M +811.8K shares	$83.9M 4.9M shares

Biggest Sellers

Institution	Net Sold	Current Position
GOLDMAN SACHS GROUP INC Institution	−$264.7M −15.4M shares	$953.6M 55.6M shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$168.9M −9.3M shares	Sold Off 0 shares
FMR LLC Institution	−$144.9M −8.4M shares	$506.0M 29.5M shares
MORGAN STANLEY RIA/Wealth	−$141.6M −8.3M shares	$1.0B 60.9M shares
Blackstone Group L.P. Institution	−$139.3M −8.1M shares	$661.4M 38.5M shares
B BROOKFIELD ASSET MANAGEMENT INC. RIA/Wealth	−$66.8M −3.9M shares	$174.6M 10.2M shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$60.7M −3.5M shares	$15.4M 898.0K shares
JPMORGAN CHASE & CO Institution	−$40.4M −2.4M shares	$769.0M 44.8M shares
BANK OF AMERICA CORP /DE/ Institution	−$36.7M −2.1M shares	$480.8M 28.0M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$36.6M −2.1M shares	$41.0M 2.4M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ET in Q3 2025

New Positions: 46
New Value: $21.7M
Exited Positions: 81
Exited Value: $258.2M

New Positions

Institution	Position Value
A AR ASSET MANAGEMENT INC RIA/Wealth	$5.5M 318.4K shares
S Stonegate Management LLC Institution	$3.1M 182.0K shares
Vestmark Advisory Solutions, Inc. Fund of Funds	$1.5M 84.9K shares
S Senator Investment Group LP Institution	$1.1M 64.2K shares
T Triad Wealth Partners, LLC RIA/Wealth	$804.4K 46.9K shares
P Perbak Capital Partners LLP Institution	$699.4K 40.8K shares
Sovran Advisors, LLC RIA/Wealth	$675.4K 40.3K shares
Canvas Wealth Advisors, LLC RIA/Wealth	$648.4K 38.6K shares
B Blueprint Financial Advisors LLC RIA/Wealth	$636.1K 37.1K shares
HORAN Wealth, LLC RIA/Wealth	$602.3K 35.1K shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$168.9M 9.3M shares
Merewether Investment Management, LP Hedge Fund•Sector	$23.9M 1.3M shares
A Amitell Capital Pte Ltd Institution	$7.8M 428.1K shares
Warther Private Wealth, LLC RIA/Wealth	$6.0M 333.0K shares
D DCF Advisers, LLC Institution	$5.4M 300.5K shares
Corigliano Investment Advisers, LLC Hedge Fund•Sector	$4.4M 244.0K shares
Cercano Management LLC Family Office	$3.8M 209.3K shares
Robeco Investment Management, Inc. Long Only Manager	$3.6M 197.5K shares
V Virtu Financial LLC Institution	$2.8M 156.6K shares
X XTX Topco Ltd Institution	$2.6M 143.1K shares

Options Activity

Institutions with the largest Call and Put options positions in ET as of Q3 2025

Call Positions: 28
Call Value: $410.4M
Put Positions: 15
Put Value: $203.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$153.0M 89.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$48.8M 28.4K contracts
J JANE STREET GROUP, LLC Institution	$46.4M 27.0K contracts
Caption Management, LLC Hedge Fund•Long/Short	$42.6M 24.9K contracts
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	$42.4M 24.7K contracts
P Philosophy Capital Management LLC Hedge Fund•Multi-Strategy	$19.7M 115.0 contracts
P PEAK6 LLC Institution	$19.0M 11.1K contracts
W WOLVERINE TRADING, LLC Institution	$10.4M 6.0K contracts
UBS OCONNOR LLC Long Only Manager	$10.3M 6.0K contracts
GOLDMAN SACHS GROUP INC Institution	$5.1M 3.0K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$82.3M 48.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$66.8M 38.9K contracts
J JANE STREET GROUP, LLC Institution	$24.8M 14.5K contracts
W WOLVERINE TRADING, LLC Institution	$11.1M 6.5K contracts
GOLDMAN SACHS GROUP INC Institution	$10.3M 6.0K contracts
BANK OF AMERICA CORP /DE/ Institution	$4.7M 2.8K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.1M 1.2K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$1.2M 699.0 contracts
Walleye Trading LLC RIA/Wealth	$441.0K 257.0 contracts
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$92.5K 50.0 contracts

Most Committed Institutions

Institutions with ET as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
First Reserve GP XIII Ltd Private Equity	Alex T Krueger Chairman	85.55% $400.5M	0.68% 23.3M shares	Q4 2023 Held for 1y 11m	$468.2M
S Stephens Group, LLC Institution	-	51.58% $95.7M	0.16% 5.6M shares	Q4 2021 Held for 3y 11m	$185.4M
K Kamunting Street Capital Management, L.P. Institution	-	30.44% $40.8M	0.07% 2.4M shares	Q4 2019 Held for 5y 11m	$134.1M
W WALNUT PRIVATE EQUITY PARTNERS, LLC RIA/Wealth	Steven William Seline CEO	21.26% $35.0M	0.06% 2.0M shares	Q4 2013 Held for 11y 11m	$164.4M
Garrett Wealth Advisory Group, LLC RIA/Wealth	Brandon Wayne Garrett CEO	18.32% $94.0M	0.16% 5.5M shares	Q4 2018 Held for 6y 11m	$513.1M
L Lonestar Capital Management LLC Institution	-	14.74% $18.9M	0.03% 1.1M shares	Q1 2021 Held for 4y 8m	$128.0M
SL ADVISORS, LLC Long Only Manager	Simon Anthony Lack Managing Partner	14.57% $7.4M	0.01% 431.6K shares	Q2 2016 Held for 9y 5m	$50.8M
D DELPHI FINANCIAL GROUP INC/DE Institution	-	14.00% $24.4M	0.04% 1.4M shares	Q4 2017 Held for 7y 11m	$174.4M
A Alden Global Capital LLC Institution	-	13.75% $23.5M	0.04% 1.4M shares	Q1 2023 Held for 2y 8m	$171.1M
Fractal Investments LLC Long Only Manager	Michael Francis Farrell Managing Partner	11.88% $82.3M	0.14% 4.8M shares	Q4 2021 Held for 3y 11m	$693.0M

Hedge Fund Spotlight

Discover hedge funds investing in ET

Avos Capital Management, LLC

Hedge Fund • Sector

Portfolio ManagerJoshua David Blanchfield

Portfolio Value: $214.2M
Positions: 59
Last Reported: Q3 2025

Sector Allocation

Position in Energy Transfer

Market Value: $1.3M
Shares Held: 76.1K
Portfolio Weight: 0.61%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 iShares 0-3 Month Treasury Bond SGOV	ETF ETF	$65.8M	30.72%
2 PIMCO 15+ Year U.S. TIPS Index Fund LTPZ	ETF ETF	$17.9M	8.36%
3 iShares 20+ Year Treasury Bond TLT	ETF ETF	$14.1M	6.58%