Energy Transfer LP (ET) Stock Price & Analysis
Energy Transfer LP (ET) closed at USD 20.04 on Thursday, October 22, 2026, down 0.45% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 20.13; the Oct 22, 2026 session ranged USD 19.8–20.26 on volume of 6,814,161 shares. Market capitalization is $69.00B, with a 52-week range of USD 16.18–21.84 (TEX). Source: Nexqual, retrieved October 23, 2026 at 09:19 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ET.md
Key facts (ET)
- Last four reported quarters (through Jun 30, 2026): revenue $107B, net income $5.29B (4.9% margin), free cash flow $5.22B (SEC filings).
- Valuation: P/E 13.0x, EV/EBITDA 8.1x, net debt $67.4B.
- 4 of 80 tracked superinvestors hold ET (13F, Q2 2026): 0 new, 0 added, 1 reduced, 3 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $21.5M; 0 by opportunistic insiders, 1 by routine insiders.
- Analysts: Buy (mean 1.91 on a 1–5 scale) (23 analysts), mean target USD 24.7 (range 22–28).
- Total return with dividends: 1Y +27.8% vs S&P 500 +14.9%; 5Y +201.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.41, revenue estimate $32.4B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (ET)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $67.4B | $89.9B | $78.6B | $82.7B | $85.5B | $107B |
| Gross profit | $17.0B | $17.6B | $18.0B | $20.7B | $22.0B | — |
| Operating income | $8.79B | $7.74B | $8.29B | $9.14B | $9.03B | $10.8B |
| Net income | $5.47B | $4.76B | $3.94B | $4.81B | $4.43B | $5.29B |
| Free cash flow | $8.34B | $5.67B | $6.42B | $7.34B | $3.85B | $5.22B |
| Gross margin | 25.2% | 19.6% | 23.0% | 25.0% | 25.8% | — |
| Operating margin | 13.0% | 8.6% | 10.6% | 11.1% | 10.6% | 10.0% |
| Net margin | 8.1% | 5.3% | 5.0% | 5.8% | 5.2% | 4.9% |
| Revenue growth | +73.1% | +33.3% | -12.6% | +5.2% | +3.5% | — |
| Cash + short-term investments | $336M | $257M | $161M | $312M | $1.27B | — |
| Total debt | $49.7B | $48.3B | $52.4B | $59.8B | $68.3B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (ET)
P/E 13.0x · P/S 0.6x · EV/EBITDA 8.1x · EV/Sales 1.3x · P/FCF 13.2x · FCF yield 7.56% · Earnings yield 7.66% · Net debt $67.4B · EV $136B
Superinvestors (SEC 13F-HR, Q2 2026) (ET)
4 of 80 tracked investors hold ET. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Leon Cooperman | Omega Family Office | 7.18% | $255M | Unchanged |
| Samantha McLemore | Patient Capital Management | 3.86% | $116M | Reduced -0.1% |
| David Tepper | Appaloosa Management | 0.40% | $30.1M | Unchanged |
| Glenn Greenberg | Brave Warrior Advisors | 0.01% | $287K | Unchanged |
Insider purchases (SEC Form 4, open-market, last ~7 months) (ET)
2 purchases, $21.5M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-18…2026-08-19 | Warren Kelcy L | Director | 1,000,000 | $21.3M | 21.26 | Routine (bought in Aug each year 2023–2025) |
| 2026-08-07 | Perry James Richard | Director | 12,359 | $250K | 20.23 | Too little history (no open-market trades in 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (ET)
Consensus Buy (mean 1.91 on a 1–5 scale), 23 analysts; mean target USD 24.7 (low 22, high 28).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-04 | JP Morgan | Target raised | Overweight | $24 → $25 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $23 → $25 |
| 2026-08-12 | Truist Securities | Target raised | Buy | $23 → $25 |
| 2026-08-10 | TD Cowen | Target raised | Buy | $24 → $25 |
| 2026-08-07 | Citigroup | Target raised | Buy | $23 → $24 |
| 2026-08-05 | Barclays | Target raised | Overweight | $23 → $24 |
| 2026-07-21 | RBC Capital | Target raised | Outperform | $21 → $23 |
| 2026-07-16 | TD Cowen | Target raised | Buy | $23 → $24 |
Total return (dividends reinvested) (ET)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +27.8% | +201.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +27.9% | +24.6% |
| Volatility (annualized) | 17.2% | 24.3% |
| Max drawdown | -10.0% (Sep 2026→Oct 2026) | -22.0% (Jan 2025→Mar 2025) |
ET revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Investment in Sunoco LP | $14.26B | 41.5% | +164.5% |
| Crude oil transportation and services | $11.05B | 32.2% | +92.3% |
| NGL and refined products transportation and services | $7.72B | 22.5% | +29.9% |
| Midstream | $2.82B | 8.2% | -10.0% |
| Interstate transportation and storage | $609.0M | 1.8% | +3.2% |
| Intrastate transportation and storage | $596.0M | 1.7% | -36.0% |
| Investment in USAC | $565.0M | 1.6% | -39.6% |
| Investment In USAC | $342.0M | 1.0% | +36.8% |
| Total revenue | $34.33B | 100% | — |
ET revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Refined product sales | $13.84B | 40.3% | +167.5% |
| Crude sales | $10.30B | 30.0% | +105.1% |
| NGL sales | $5.74B | 16.7% | +27.5% |
| Gathering, transportation and other fees | $3.29B | 9.6% | +6.9% |
| Other | $759.0M | 2.2% | +87.4% |
| Natural gas sales | $400.0M | 1.2% | -62.2% |
| Total revenue | $34.33B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
ET suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Fermi Inc. (FRMI) | “In September 2025, an Energy Transfer affiliate, ETC Marketing, Ltd., and Fermi entered into a gas supply agreement and gas purchase agreement, pursuant to which ETC Marketing, Ltd. has agreed to supply natural gas to Fermi's planned data center facility in Texas.” |
| Customer | Dual Drive Technologies | “We own Dual Drive Technologies, Ltd, which provides compression services to customers engaged in the transportation of natural gas, including our other segments.” |
| Partner | Sunoco LP (SUN) | “Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" and "Energy Transfer" mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sunoco LP and USAC.” |
| Partner | SunocoCorp LLC (SUNC) | “Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" and "Energy Transfer" mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sunoco LP and USAC.” |
| Partner | KINDER MORGAN, INC. (KMI) | “FGT is owned by Citrus, a 50/50 joint venture with Kinder Morgan, Inc.” |
| Partner | Pipeline | “For the year ended December 31, 2025 compared to the prior year, crude oil transportation volumes were higher due to continued growth on our Texas pipeline system, our gathering systems, and from the ET-S Permian joint venture with Sunoco LP, partially offset by lower volumes on our Bakken Pipeline.” |
| Partner | LE GP | “Our general partner, LE GP, LLC, manages and directs all of our activities.” |
| Partner | ENBRIDGE INC (ENB) | “•SESH, a 50/50 joint venture with Enbridge Inc., provides transportation services in Louisiana, Mississippi and Alabama.” |
| Partner | Mi Vida JV | “•In addition, we own a 50% membership interest in Mi Vida JV LLC, a joint venture which owns a 200 MMcf/d cryogenic processing plant in West Texas.” |
| Partner | CVR ENERGY INC (CVI) | “A portion of these operations are conducted through Enable South Central Pipeline, a joint venture with a subsidiary of CVR Energy, Inc., which is operated by us and in which we own a 60% membership interest.” |
| Partner | United Airlines Holdings, Inc. (UAL) | “The FERC stated it will address the application of the United Airlines decision to non-MLP partnership forms as those issues arise in subsequent proceedings.” |
| Partner | DORCHESTER MINERALS, L.P. (DMLP) | “In 2026, Mr. Sturrock was elected to the board of directors of Dorchester Minerals, L.P. (Nasdaq: DMLP), a publicly traded partnership that owns crude oil and natural gas interests in 28 states.” |
| Partner | Ford (F) | “The Partnership is also engaged in midstream services, focusing on providing gathering, processing, compression, treating and transportation of natural gas in some of the most prolific natural gas producing regions in the United States, including the Permian, Anadarko, Arkoma, Hugoton, Powder River and Williston basins, as well as the Eagle Ford, Haynesville, Barnett, Marcellus and Utica shales.” |
Quoted from the company's 10-K filed Feb 19, 2026.
ET company outlook (results filed Aug 4, 2026)
- “EX-99.1 2 ex991eterq22026.htm EX-99.1 Document ENERGY TRANSFER REPORTS SECOND QUARTER 2026 RESULTS AND UPDATES 2026 FINANCIAL GUIDANCE Dallas – August 4, 2026 - Energy Transfer LP (NYSE:ET) ("Energy Transfer" or the "Partnership") today reported financial results for the quarter ended June 30, 2026.”
- “The Partnership now expects its Adjusted EBITDA guidance for the full year of 2026 to range between $18.8 billion and $19.1 billion, compared to the previous range of between $18.2 billion and $18.6 billion.”
- “The Partnership expects to invest $5.6 billion to $5.9 billion in growth capital for 2026.”
- “The project will increase ethane export capacity at the terminal by 240,000 barrels per day (bpd) along with 55,000 bpd of additional LPG capacity.”
Quoted word-for-word from the SEC 8-K results press release.
ET analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.41 | $0.37 | +9.7% | $32.43B | 12 |
| Next quarter (ends Dec 2026) | $0.41 | $0.39 | +5.2% | $32.07B | 12 |
| Current fiscal year (ends Dec 2026) | $1.74 | $1.51 | +14.7% | $123.88B | 15 |
| Next fiscal year (ends Dec 2027) | $1.70 | $1.62 | +5.2% | $123.58B | 16 |
ET options: expected move
Options price a move of about ±4.5% (±$0.90) by Nov 6, 2026, which includes earnings on Nov 3, 2026; the earnings reaction alone is priced at about ±1.9%. Over the last 8 reports the stock moved ±1.7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 19.8% | ±2.3% |
| Nov 6, 2026 | 14 | 22.6% | ±4.5% |
| Nov 13, 2026 | 21 | 23.7% | ±5.2% |
| Nov 20, 2026 | 28 | 21.2% | ±5.1% |
| Nov 27, 2026 | 35 | 21.7% | ±5.7% |
| Dec 4, 2026 | 42 | 21.4% | ±6.0% |
| Dec 18, 2026 | 56 | 20.6% | ±6.6% |
| Jan 15, 2027 | 84 | 20.2% | ±7.8% |
30-day implied volatility 20.9% vs 20.2% realized over the last 30 trading days. Put/call ratio (volume) 1.96. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:19 UTC)
| Price | USD 20.04 |
|---|---|
| Change | ▼ 0.45% (down) |
| Previous Close | USD 20.13 |
| Open | USD 20.12 |
| Day Range | USD 19.8 – 20.26 |
| 52-Week Range | USD 16.18 – 21.84 |
| Volume | 6,814,161 shares |
| Market Cap | $69.00B |
| Exchange | TEX |
Technical Analysis (ET)
Nexqual's technical model rates ET "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:19 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 42.47 (neutral) |
| vs SMA50 | Below (USD 20.81) |
| MACD | -0.21 (negative) |
Analyst Ratings (ET)
Wall Street analysts rate ET "Buy" based on 23 analysts, with a mean price target of USD 24.7 (range USD 22–28), per Nexqual as of October 23, 2026 at 09:19 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 23 |
| Mean Target | USD 24.7 |
| High Target | USD 28 |
| Low Target | USD 22 |
| Buy / Hold / Sell | 20 / 3 / 0 |
Earnings (ET)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.36 |
| Revenue Estimate | $32.43B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.59 vs est 0.37 ▲ beat |
| 2026-03-31 | USD 0.35 vs est 0.38 ▼ miss |
| 2025-12-31 | USD 0.25 vs est 0.36 ▼ miss |
| 2025-09-30 | USD 0.28 vs est 0.33 ▼ miss |
Source: Nexqual, October 23, 2026 at 09:19 UTC.
Financials & Fundamentals (ET)
| Total Revenue | $107.38B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +78.40% |
| Gross Margin | +17.51% |
| Operating Margin | +10.41% |
| Profit Margin | +4.92% |
| ROE | +14.56% |
| Debt / Equity | 1.38 |
| Current Ratio | 1.16 |
| Total Cash | $1.02B |
| Total Debt | $70.24B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $5.22B (4.9% of revenue) |
Source: Nexqual, October 23, 2026 at 09:19 UTC.
Financial Health Score (ET)
Nexqual rates Energy Transfer LP's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:19 UTC.
| Growth | Mixed — Revenue +3.5% YoY (annual), slow |
|---|---|
| Profitability | Mixed — Gross margin 18%, operating 10% (last 12 months) |
| Balance Sheet | Mixed — $1.02B cash and investments vs $68.4B debt (Jun 2026, SEC) |
| Cash Flow | Mixed — FCF $5.22B (last 4 quarters to Jun 2026, SEC), slim 4.9% margin |
| Efficiency | Mixed — ROE 15%, ROA 5.1% |
Ownership (ET)
| Insider Ownership | +10.29% |
|---|---|
| Institutional Ownership | +32.51% |
| Shares Outstanding | 3.44B |
| Float | 2.94B |
| Short % of Float | +0.87% |
Source: Nexqual, October 23, 2026 at 09:19 UTC.
Leadership (ET)
Energy Transfer LP is led by Marshall S. McCrea, Co-CEO & Director of LE GP, LLC, per Nexqual as of October 23, 2026 at 09:19 UTC.
| Co-CEO & Director of LE GP, LLC | Marshall S. McCrea |
|---|---|
| Co-CEO & Director of LE GP, LLC | Thomas E. Long C.P.A. |
| Group Chief Financial Officer of LE GP, LLC | Dylan A. Bramhall |
| Executive Chairman of LE GP, LLC | Kelcy L. Warren |
| Executive Vice President of Operations | Daniel M. Wentworth |
Major Backers & Investors (ET)
Notable institutional backers of Energy Transfer LP include Alps Advisors Inc., Morgan Stanley, ALPS ETF TRUST-ALERIAN MLP ETF, according to Nexqual as of October 23, 2026 at 09:19 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Alps Advisors Inc. | 2.52% |
| Morgan Stanley | 2.49% |
| ALPS ETF TRUST-ALERIAN MLP ETF | 2.45% |
| JPMorgan | 2.35% |
| Goldman Sachs | 1.82% |
| Invesco | 1.6% |
| AIM Investment Fd.s -Invesco SteelPath MLP Income Fd. | 1.27% |
| Tortoise Capital Advisors, LLC | 1.1% |
Source: Nexqual, October 23, 2026 at 09:19 UTC.
From Energy Transfer LP's Latest SEC 10-K Filing (filed 2026-02-19)
Key Strengths & Strategy (as disclosed to the SEC)
- As a result of the proximity of our system to the Waha Hub, the Waha Gathering System has a variety of market outlets for the natural gas that we gather and process, including several major interstate and intrastate pipelines serving California, the Midcontinent and Texas natural gas markets.
- The HPL System is well situated to gather and transport gas in many of the major gas producing areas in Texas including a strong presence in the key Houston Ship Channel and Katy Hub markets, allowing us to play an important role in the Texas natural gas markets.
- Our crude oil acquisition and marketing activities utilize our pipeline and terminal assets, our proprietary fleet of crude oil tractor trailers and truck unloading facilities, as well as third-party assets to service crude oil markets principally in the Midcontinent United States.
- Our refined products operations utilize our integrated pipeline and terminalling assets, as well as acquisition and marketing activities, to service refined products markets in several regions throughout the United States.
Partnerships
- Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol "ET." Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" and "Energy Transfer" mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sunoco LP and USAC.
Legal & Regulatory Risks (Item 1A, quoted)
- Product liability claims and litigation could adversely affect our business and results of operations.
- Product liability is a significant commercial risk. Substantial damage awards have been made in certain jurisdictions against manufacturers and resellers based upon claims for injuries caused by the use of or exposure to various products. There can be no assurance that product liability claims against us would not have a material adverse effect on our business or results of operations.
- Our trucking fleet operations are subject to the Federal Motor Carrier Safety Regulations which are enacted, reviewed and amended by the Federal Motor Carrier Safety Administration ("FMCSA"). Our fleet currently has a "satisfactory" safety rating; however, if our safety rating were downgraded to "unsatisfactory," our business and results of operations could be adversely affected.
- Increased regulation of hydraulic fracturing or produced water disposal could result in reductions or delays in crude oil and natural gas production in our areas of operation, which could adversely impact our business and results of operations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| TRP | TC Energy Corporation | USD 61.98 | ▼ 0.53% |
| KMI | Kinder Morgan, Inc. | USD 33.72 | ▼ 0.74% |
| TRGP | Targa Resources, Inc. | USD 289.54 | ▼ 2.05% |
| EPD | Enterprise Products Partners L. | USD 36.52 | ▼ 0.19% |
| LNG | Cheniere Energy, Inc. | USD 287.01 | ▲ 0.98% |
| OKE | ONEOK, Inc. | USD 93.9 | ▲ 0.84% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:19 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt