# Energy Transfer LP (ET)

> Source: Nexqual · https://nexqual.com/ET · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Energy Transfer LP (ET), nexqual.com/ET" · informational, not investment advice.

**Price:** USD 20.04 (-0.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.13 · day 19.8–20.26 · 52w 16.18–21.84 · market cap $69.0B · TEX

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Oil & Gas Midstream)
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%

## More
Full page: https://nexqual.com/ET · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ET's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1276187/000127618726000013/et-20251231.htm):

| 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 Fe…" |
| 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 v…" |
| 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 th…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 110.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Company outlook (8-K filed 2026-08-04)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.37 | +9.7% | $32.43B | 12 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.39 | +5.2% | $32.07B | 12 |
| Current fiscal year (ends 2026-12-31) | $1.74 | $1.51 | +14.7% | $123.88B | 15 |
| Next fiscal year (ends 2027-12-31) | $1.70 | $1.62 | +5.2% | $123.58B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±4.5%; earnings reaction alone ±1.9%; last 8 reports averaged ±1.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 19.8% | ±2.3% |
| 2026-11-06 | 14 | 22.6% | ±4.5% |
| 2026-11-13 | 21 | 23.7% | ±5.2% |
| 2026-11-20 | 28 | 21.2% | ±5.1% |
| 2026-11-27 | 35 | 21.7% | ±5.7% |
| 2026-12-04 | 42 | 21.4% | ±6.0% |
| 2026-12-18 | 56 | 20.6% | ±6.6% |
| 2027-01-15 | 84 | 20.2% | ±7.8% |