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Energy Transfer LP

Energy Transfer LP

ET
$20.32USD↑+0.59%+0.12 today

MARKET CAP

69.9B

P/E (TTM)

16.9x

FWD P/E

13.0x

DAY RANGE

$20 – $20

52W RANGE

$16
$21

AI Summary

Stalk
StalkMedium

ET is in a Stage 2 advancing uptrend with confirmed higher highs and higher lows above rising EMAs. Price has extended above EMAs into extreme overbought territory, offering no clear execution edge. The Growth at Reasonable Price strategy advises patience, waiting for a pullback into the rising EMA9/EMA20 confluence for a structurally sound entry.

  • ↑Organic growth CapEx of $5.5–5.9B planned for 2026 drives EBITDA guidance to $18.2–18.6B.
  • ↑105k miles of pipelines, incl. Hugh Brinson and Desert Southwest expansions, underpin capacity growth.
  • ↓LNG projects like Lake Charles require 80% equity backing before proceeding, risking delays.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Energy Transfer LP (NYSE: ET) is a prominent player in the midstream energy sector in the United States, providing essential transportation, storage, and processing services for natural gas, crude oil, and NGLs (natural gas liquids). With a vast network of over 105,000 miles of pipelines, Energy Transfer is strategically positioned to leverage ongoing growth in energy demand, particularly from the emerging markets of data centers and gas-fired power generation, which are part of the broader theme of transitioning towards cleaner energy solutions.

Bull says

  • ↑Organic growth CapEx of $5.5–5.9B planned for 2026 drives EBITDA guidance to $18.2–18.6B.
  • ↑105k miles of pipelines, incl. Hugh Brinson and Desert Southwest expansions, underpin capacity growth.
  • ↑Q1 DCF rose to ~$2.7B from $2.3B YOY, supporting distributions and reinvestment.
  • ↑Middle East tensions redirect global demand, bolstering U.S. LNG, NGL, and oil exports.
  • ↑Long-term contracts with data centers ensure stable volumes and mid-teen project returns.
  • ↑High earnings yield and solid profitability indicate attractive return potential for income investors.

Bear says

  • ↓LNG projects like Lake Charles require 80% equity backing before proceeding, risking delays.
  • ↓Negative book‐to‐price and quality scores signal valuation concerns and shaky balance sheet quality.
  • ↓Regulatory permitting delays and commodity volatility could undercut project timelines and cash flows.
  • ↓NGL transport overbuild and fierce midstream competition may pressure margins and volumes.
  • ↓Signs of weakening Bakken and dry gas demand could dampen throughput growth.
  • ↓Low liquidity and large size may hinder trading ease and amplify price swings.

Investment themes with ET

Midstream↓ -0.47%

SUN · EPD · PAA

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-07-2026neutral

Transcript signals

Bull points

  • We're already out there ordering compressors, ordering pipe. We will be completing that over the next several years, and we're very excited about that.
  • there are 30, 60 days left for them to make some elections that we've got to wait for them to make before we ultimately bring that project to full FID.
  • We are very optimistic over the coming year of replacing volumes that may be coming off over the next year or two, and we are highly confident over the next year or so that we will have the vast majority of that locked in at least into the 2030s, you know, early 2030s.

Bear points

  • there's not been anything of any meaningful discussions on any type partners on that.
  • could you say there's a bottleneck in the Permian Basin today? Absolutely.
  • Not real clear how quickly all the companies and all the bases are going to pick up,
Read full transcript analysis ›