5 New Stock Picks of Billionaire Mario Gabelli

In this article, we discuss 5 new stock picks of billionaire Mario Gabelli . If you want to read about some more stocks in the Gabelli portfolio, go directly to 10 New Stock Picks of Billionaire Mario Gabelli.

5. Energy Transfer LP (NYSE:ET)

Number of Hedge Fund Holders: 36     

Energy Transfer LP (NYSE:ET) provides energy-related services. The hedge fund of Mario Gabelli entered the second quarter of 2022 with 22,800 shares of Energy Transfer LP (NYSE:ET) in its portfolio worth more than $228,000, representing a minor portion of the total securities.

On August 16, Barclays analyst Theresa Chen maintained an Overweight rating on Energy Transfer LP (NYSE:ET) stock and increased the price target to $14 from $13, noting that there were unique tailwinds within their North American midstream and refining coverage. 

At the end of the second quarter of 2022, 36 hedge funds in the database of Insider Monkey held stakes worth $598 million in Energy Transfer LP (NYSE:ET), compared to 31 in the previous quarter worth $699 million.

In its Q4 2021 investor letter, Miller Value Partners, an asset management firm, highlighted a few stocks and Energy Transfer LP (NYSE:ET) was one of them. Here is what the fund said:

“Energy Transfer LP (NYSE:ET) rose over the period along with the price of oil climbing 40.59% over the period. The company received positive news that the Dakota Access Pipeline project would not be shut down while the Environmental Impact Statement by the US Army Core of Engineers is drawn up. Energy Transfer reported strong 1Q results with revenue of $17B surpassing expectations for $11.8B with adjusted earnings before income, taxes, depreciation and amortization (EBITDA) hitting $5.04B ahead of consensus of $2.77B. The company raised full year adjusted EBITDA guidance to $12.9-13.3B from $10.6-11.0B previously, with the increase largely related to the benefits realized from Winter Storm Uri. The company paid down $3.7B in debt during the quarter, using strong cash f low to reduce leverage. The company also announced the issuance of $900M in 6.5% Series H perpetual preferreds with the company using the proceeds to repay debt and for general purposes.”