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Energy Transfer LP

ET

NYSE·Energy·Oil & Gas Midstream·Mkt cap $65.6B

$19.33

▲ +1.47%

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Our plain-language verdict, the thesis, risk factors, and what is changing about the business.

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52-Week Range

$16.18 - $20.70

P/E

14.43

Fwd P/E

12.73

Beta

0.54

Div Yield

7.01%

Avg Vol

13.5M

Shares Out

3.4B

Mkt Cap

$65.6B

Price action

Price chart

Up 6.4% over the trailing year

1W
1M
3M
6M
YTD
1Y
5Y
MAX

Total returns

Price performance

Total return across standard periods - splits & dividends adjusted by FMP. Periods longer than 1Y show annualized in the tooltip.

Why we rate it this way

The thesis at a glance

Bull and bear case · plain-English context across the five lenses we evaluate.

▲

Bull Case

6 reasons

  • Extensive integrated pipeline network spanning 36,645+ miles of natural gas and NGL pipelines
  • Strategic storage capacity with 50+ million barrels of NGL storage and multiple natural gas storage facilities
  • Diversified customer base including utilities, producers, and industrial end-users providing revenue stability
  • Long-term fee-based contracts insulating earnings from commodity price volatility
  • Established market position and operational scale creating barriers to entry for competitors
  • Geographic diversification across major energy-producing regions (Texas, Oklahoma, Pennsylvania, Louisiana)
▼

Bear Case

1 risk

  • Low volatility (beta 0.5).

Growth

Stable outlook

Increased natural gas demand from power generation and industrial sectors

Value

Attractively priced below Midstream & Pipelines peer average

Momentum

Stable

+0.6% over 3m

Quality

Stable

Excellent business quality

Dividend

High yield

7.01% yield

Earnings track record

Recent earnings results

AI-summarized recap of last quarter, plus the surprise on every print.

Next: May 4, 2026

“
Q2 26 RECAP

MAY 5, 2026

Reported EPS of $0.35 vs $0.40 consensus (-12.5% surprise). Revenue of $27.8B vs $25.8B expected (+7.7%).

EPS miss
Rev beat +7.7%

EPS surprise · last 4Q

0 of 1 beats

Q2 26

-12.5%

Next: May 4, 2026

Revenue trend · last 8Q

—

—

-5%

-3%

-7%

-4%

+15%

+32%

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

$20.7B

$20.8B

$19.5B

$21.0B

$19.2B

$20.0B

$22.4B

$27.8B

Margins · last 8Q

Gross

23.8%

Operating

10.7%

Profit

4.5%

View full earnings history →

Wall Street consensus

8 analysts · 88% Buy

Live ratings and price targets aggregated across covering analysts.

Buy

7

88%

Hold

1

13%

Sell

0%

Median Price Target

$23.00

▲ +19.0% vs $19.33

Low $23.00
Median $23.00
High $23.00

Latest: Morgan Stanley · May 27, 2026

1 analyst covering

View full analyst page →

vs Industry

How ET stacks vs Oil & Gas Midstream

Stock metrics vs industry averages. Green = better than industry.

Industry comparison data unavailable for this stock.