Energy Transfer LP (ET +1.27%) is a "midstream" energy company. "Upstream" companies focus on exploring and producing oil and/or gas, while "downstream" companies focus on refining and selling it. Midstream businesses connect those companies -- via moving, storing, and processing oil and/or gas.
Image source: Getty Images.
Here's its performance in recent years:
Period
Average Annual Total Gain
Past 3 years
18.79%
Past 5 years
20.05%
Past 10 years
6.46%
Past 15 years
9.39%
Source: Morningstar.com, as of Oct. 20, 2026. Total gain includes dividend reinvestment.
And here's how those numbers would have increased a $1,000 investment:
$1,000 would have grown to $1,676 over the past three years. $1,000 would have grown to $2,494 over the past five years. $1,000 would have grown to $1,870 over the past 10 years. $1,000 would have grown to $3,843 over the past 15 years. Looking forward, not back Investors should spend more time looking forward than back, though. So ... is Energy Transfer a company worth investing in now? Let's take a look.
It boasts about 140,000 miles of pipeline and related infrastructure, spanning 44 states and present in all of America's major production basins.
It's growing and plans to keep growing -- in part via acquisitions. For example, it recently struck a deal to buy Vaquero Midstream for about $2.6 billion. Vaquero brings a 300-mile pipeline, several gas-processing trains, and, importantly, long-term, fee-based contracts -- which can provide reliable cash flow for about the next decade.
An especially attractive thing about Energy Transfer is its dividend yield -- recently a whopping 7%! It cut its payout back in 2020 to restructure itself a bit, but it's been increasing it again -- for nearly 20 quarters in a row.
Note, too, that Energy Transfer is a master limited partnership (MLP), so it gets treated a little differently come tax time. If you own it, you'll need to file a K-1 tax form.
Give Energy Transfer some consideration for your long-term portfolio -- after learning more about it, of course.
Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Chickasaw Capital Management ve třetím čtvrtletí snížila svůj podíl v Energy Transfer o 1,3 % prodejem 197 032 akcií; nadále drží 15 164 014 akcií v hodnotě 299 793 000 USD.
Chickasaw Capital Management LLC lowered its stake in shares of Energy Transfer LP (NYSE:ET – Free Report) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,164,014 shares of the pipeline company’s stock after selling 197,032 shares during the period. Energy Transfer accounts for about 10.7% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Chickasaw Capital Management LLC owned approximately 0.44% of Energy Transfer worth $299,793,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also bought and sold shares of ET. Alps Advisors Inc. raised its position in shares of Energy Transfer by 8.0% in the 4th quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock worth $1,382,573,000 after acquiring an additional 6,192,066 shares in the last quarter. Mizuho Markets Americas LLC bought a new stake in Energy Transfer during the first quarter valued at about $61,760,000. SCS Capital Management LLC boosted its position in Energy Transfer by 1,859.8% during the second quarter. SCS Capital Management LLC now owns 1,942,908 shares of the pipeline company’s stock valued at $37,148,000 after purchasing an additional 1,843,771 shares in the last quarter. Bank of America Corp DE grew its stake in Energy Transfer by 5.7% in the first quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company’s stock valued at $597,458,000 after purchasing an additional 1,656,609 shares during the last quarter. Finally, Empirical Finance LLC grew its stake in Energy Transfer by 86.8% in the first quarter. Empirical Finance LLC now owns 1,404,756 shares of the pipeline company’s stock valued at $27,112,000 after purchasing an additional 652,711 shares during the last quarter. Institutional investors own 38.22% of the company’s stock.
Analyst Upgrades and Downgrades Several analysts have commented on ET shares. TD Cowen reissued a “buy” rating and set a $25.00 price target (up from $24.00) on shares of Energy Transfer in a research report on Monday, August 10th. Wall Street Zen raised shares of Energy Transfer from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of Energy Transfer from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, September 4th. Morgan Stanley increased their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. Finally, Capital One Financial assumed coverage on shares of Energy Transfer in a research note on Tuesday, September 22nd. They issued an “overweight” rating and a $26.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.36.
View Our Latest Research Report on Energy Transfer Energy Transfer Stock Down 1.3% Energy Transfer stock opened at $20.48 on Thursday. The stock has a 50-day moving average of $20.90 and a two-hundred day moving average of $19.98. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. Energy Transfer LP has a one year low of $16.18 and a one year high of $21.84.
Energy Transfer (NYSE:ET – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The business had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. During the same quarter last year, the company earned $0.32 earnings per share. The company’s quarterly revenue was up 78.4% on a year-over-year basis. Equities research analysts forecast that Energy Transfer LP will post 1.73 earnings per share for the current fiscal year.
Energy Transfer Increases Dividend The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.36 annualized dividend and a yield of 6.6%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.3375. Energy Transfer’s payout ratio is presently 92.52%.
Trending Headlines about Energy Transfer Here are the key news stories impacting Energy Transfer this week:
Positive Sentiment: Vaquero acquisition expands midstream footprint: Energy Transfer agreed to acquire Vaquero Midstream for approximately $2.625 billion, including $1.95 billion in cash and about 33.3 million newly issued ET common units. The transaction is expected to close in the fourth quarter and should add assets and volumes to ET’s operations. Reuters article Positive Sentiment: Analyst sees meaningful upside: A Seeking Alpha analysis resumed coverage with a Buy rating and a $26 price target, citing expected strong volume growth, robust downstream utilization and ET’s roughly 90% fee-based business model. The analysis forecasts mid-single-digit revenue growth and margin expansion in fiscal 2027, supported in part by rising power demand from data centers. Seeking Alpha article Positive Sentiment: Income appeal remains a key support: Coverage continues to highlight ET’s high distribution yield, diversified assets and predominantly fee-based cash flows. Those characteristics may attract income-oriented investors, particularly as the company offers exposure to energy infrastructure without taking on as much direct commodity-price risk. 247WallSt article Neutral Sentiment: Acquisition economics will be watched: The Vaquero deal could be accretive if acquired volumes and cash flow meet expectations, but ET must deploy $1.95 billion of cash while issuing units to fund part of the purchase. Investors will likely focus on leverage, integration progress and the effect of unit issuance on per-unit cash flow. Negative Sentiment: Yield competition is increasing: With the 10-year Treasury yielding 5.31%, ET’s distribution must offer sufficient compensation for the additional business and financing risks of a pipeline partnership. Higher risk-free yields could limit valuation expansion for high-yield stocks, even with attractive distributions. Insider Activity at Energy Transfer In related news, Director James Perry purchased 12,359 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $20.23 per share, with a total value of $250,022.57. Following the completion of the acquisition, the director owned 208,046 shares in the company, valued at approximately $4,208,770.58. This represents a 6.32% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kelcy L. Warren acquired 647,968 shares of the stock in a transaction dated Wednesday, August 19th. The shares were bought at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the purchase, the director directly owned 147,901,879 shares of the company’s stock, valued at approximately $3,144,393,947.54. This trade represents a 0.44% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 1,012,359 shares of company stock worth $21,513,543. 3.28% of the stock is owned by insiders.
Energy Transfer Profile (Free Report)
Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.
The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.
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Energy Transfer nabízí očekávaný výnos 6,6 %, přičemž výplaty spotřebují asi polovinu ročního distribuovatelného peněžního toku. Její plynovody přepravují zhruba 30 % zemního plynu vytěženého v USA.
I initially invested in Energy Transfer (ET -1.35%), one of the largest midstream companies in the U.S., about 18 months ago. I've increased my position several times since then, and the stock now accounts for 4.2% of my portfolio with a 23% gain.
Many investors buy Energy Transfer for its high forward yield of 6.6%, which is still higher than the 10-Year Treasury's 5.3%. That distribution is easily sustainable because it consumes only around half of its distributable cash flow (DCF) each year. That's also one of my top reasons for buying Energy Transfer, but there are plenty of other reasons to accumulate this pipeline stock.
Image source: Getty Images.
It's resistant to volatile commodity prices Energy Transfer operates over 140,000 miles of pipeline in 44 states. It delivers crude oil, natural gas, natural gas liquids, and other refined products through its pipelines and marine export terminals. As a midstream company, it simply charges downstream and upstream companies "tolls" to use its infrastructure, so it's well insulated from volatile commodity prices.
It's exposed to the cloud and AI boom U.S. data centers get more than 40% of their grid electricity from natural gas, according to the International Energy Agency (IEA). Energy Transfer's pipelines transport about 30% of all the natural gas produced in the United States, and it generates roughly 40% of its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from its natural gas assets. Therefore, the ongoing expansion of the power-hungry cloud infrastructure and AI markets should boost Energy Transfer's natural gas volumes for the foreseeable future.
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It's more tax-efficient than other high-yield investments Energy Transfer is a master limited partnership (MLP), which shields it from corporate taxes. MLPs also blend a return of capital with their own income in their distributions, so you'll only pay federal and state taxes on the income (unit depreciation) portion of those payments.
In other words, Energy Transfer's yield is more tax-efficient than standard C-corporations paying similar yields. By comparison, The Williams Companies (WMB +2.05%) -- another major pipeline player with even more exposure to the natural gas and AI markets -- pays corporate taxes to the government and fully taxable dividends to its investors because it isn't an MLP.
It's undervalued relative to its growth Lastly, Energy Transfer looks undervalued relative to its growth potential. From 2025 to 2028, analysts expect Energy Transfer's earnings per unit (EPU) to grow at a 14% CAGR. At $20, it still looks like a bargain at 12 times this year's EPU.
That low valuation -- along with its high yield, wide moat, and exposure to the AI boom -- makes Energy Transfer a safe stock to buy and hold even as rising Treasury yields rattle the market. It's not an exciting investment, but it will help you sleep better at night.
Energy Transfer koupí Vaquero Midstream za 2,6 miliardy USD. Transakci zafinancuje téměř 2 miliardami USD v hotovosti a emisí 33,3 milionu nových podílů.
Energy Transfer (ET -1.38%) agreed to acquire Vaquero Midstream for $2.6 billion. The leading master limited partnership (MLP) will pay nearly $2 billion in cash and issue 33.3 million new units to fund the deal. The company expects the purchase to close in the fourth quarter.
Here's a look at the deal and what it means for investors in the MLP.
Image source: The Motley Fool.
What Energy Transfer is buyingVaquero Midstream is a midstream services business operating in the Delaware Basin of Texas. The company owns a 300-mile pipeline network that serves leading oil and gas producers in one of the most active parts of the Delaware Basin. Additionally, it operates the Caymus Processing Complex, which has three gas-processing trains with a combined capacity of about 675 MMcf/d. That site can support two additional trains, increasing its total processing capacity to 1.2 Bcf/d.
Long-term, fee-based contracts with an average remaining life of approximately 10 years support its assets, providing stable, predictable cash flow. Its assets already interconnect with Energy Transfer's assets in the area. As a result, it will further strengthen the pipeline company's position in this fast-growing region. Vaquero's assets will supply additional volumes of natural gas and natural gas liquids that will flow downstream, where Energy Transfer can provide these customers with pipeline transportation, fractionation, terminalling, and export services.
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The bolt-on acquisition is a strong strategic fit for Energy Transfer. It is very complementary to its existing assets in the Delaware Basin, strengthening its integrated network. That should make it easy to integrate these assets into its existing footprint.
Energy Transfer expects this transaction to be immediately accretive to its distributable cash flow per unit. As a result, it will enhance its ability to sustain and grow its 6.5%-yielding distribution. The MLP currently expects to grow that payout by 3% to 5% each year.
Meanwhile, the deal adds long-term growth potential. Energy Transfer can expand the Caymus Processing Complex to support growing customer volumes in the region. Additionally, it could provide further downstream growth opportunities as more volume flows through its existing assets.
The acquisition enhances Energy Transfer's already strong growth profile. The MLP currently expects to invest between $5.6 billion and $5.9 billion on expansion projects this year. Notable projects include the $2.7 billion Hugh Brinson pipeline (phase two in-service date in the first quarter 2027) and the up to $5.6 billion Desert Southwest pipeline expansion (fourth-quarter 2029 in-service date). These and other projects are helping support the growing demand for natural gas from AI data centers and LNG export terminals.
This deal checks all the boxesEnergy Transfer has a long history of consolidating the energy midstream sector. The Vaquero deal follows its historical playbook, as it's highly strategic and will be immediately accretive to its distributable cash flow. That reduces risks like integration, though the deal still needs to pass regulatory approval. With a strong financial position, Energy Transfer can easily fund the cash portion of the deal while continuing to invest in growing its operations and distribution. As a result, it should enhance the MLP's growth profile, further strengthening the investment thesis.
Energy Transfer nabízí očekávaný distribuční výnos 6,64 %. Pro hrubý měsíční příjem 250 USD by bylo zapotřebí přibližně 2 205 podílových jednotek v hodnotě zhruba 45 136 USD.
Energy Transfer (ET -0.12%) is one of the largest U.S.-listed master limited partnerships (MLPs) specializing in the ownership of pipelines and other midstream energy assets. Based on current prices, Energy Transfer has a forward distribution yield of 6.64%.
In other words, add up its quarterly cash distributions and divide by the current stock price, and you'll get approximately this figure. Considering this, let's run the numbers and see how many shares of this pipeline stock you'd need to own in order to earn $250 monthly.
Image source: Getty Images.
Building a $250-per-month income stream from Energy Transfer stock Considering the complexities of MLPs and taxation, we will focus on a gross dividend income of $250 per month from an Energy Transfer position, for purposes of our calculation. A monthly payout of $250 comes out to $3,000 per year. Energy Transfer pays $1.36 per share in annual distributions.
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Divide $3,000 by $1.36, and you get 2,205 shares, worth around $45,136 based on Energy Transfer's current stock price. From this position, you'd generate around $2,998.80 in dividend income annually, or just under $250 per month.
The case for reinvesting your distributions If you have just over $45,000, buying Energy Transfer is a great way to get an upper-single-digit forward yield from your investment. Besides the relatively high forward distribution rate, this MLP has a long track record of steadily raising its payout by several percentage points each year, which helps ensure your investment keeps up with inflation.
However, what if, instead of spending your Energy Transfer distributions or investing them elsewhere, you chose to reinvest cash distributions into more MLP units? Over the past five years, Energy Transfer has generated total returns, or price appreciation plus distributions, totaling 204% (24.9% annually), versus just 93% (14% annually) for the S&P 500 (^GSPC +0.47%) . Although total returns can vary over time, this figure alone demonstrates the compounding potential of this stock.
Společnosti Enterprise Products Partners a Energy Transfer nabízejí forwardový výnos 6,19 %, respektive 6,64 %; investice ve výši 100 000 USD rozdělená mezi obě společnosti by při současné výši distribucí přinesla ročně 6 413,47 USD.
Two midstream partnerships just got cheaper while their payouts stayed the same, pushing their yields above 6% and opening a window that income investors rarely see without taking on serious commodity risk.
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Energy pays some of the highest yields in the market, and it carries a risk most income sectors avoid: commodity prices. When crude falls, an integrated major can lean on its refining business. A pure producer sees its cash flow rise and fall with oil and gas prices. A midstream operator collects fees on the volumes moving through its pipelines, plants and export docks, so its cash flow holds up better in a downturn.
Both names below are midstream partnerships. Over the past month, one fell 8.05% and the other fell 4.87%, while their distributions stayed the same. As a result, both forward yields are now above 6%. A $50,000 stake in each of these two ultra-high-yield names would generate the following. The total investment is $100,000, and it would produce more than $6,000 of passive income each year. Each yield is the latest quarterly distribution annualized.
Enterprise Products Partners Yield: 6.19% (forward, on a $2.24 annualized distribution and a $36.19 unit price) Units for $50,000: 1,381.6 Annual Passive Income: ~$3,094.78 Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) runs an integrated North American midstream network that handles NGLs, crude oil, natural gas, petrochemicals and refined products. As an MLP, it passes nearly all of its available cash to unitholders, and its fee-based contracts support a payout well above the broader market’s. Second-quarter 2026 pipeline volumes hit a record 14.7 million barrels per day of oil equivalent.
Dividend safety is Enterprise’s strongest point. In Q2 2026, distributable cash flow reached a record $2.3 billion. That covered the distribution 1.9x and left $1.1 billion for growth projects and buybacks. Net leverage is at the company’s 3.0 target, and 97% of its debt is fixed rate. Enterprise paid 44.5 cents every quarter of 2020, and its growth streak now extends 27 consecutive years.
The bull case rests on $6.5 billion of growth projects under construction. These include an LPG export expansion on the Houston Ship Channel that is due by the end of 2026. One concern is that the record quarter exaggerates the normal run rate. Management credited about $200 million of Q2 results to unusually strong global demand in April and May and said those price differences “have largely normalized.” Because Enterprise is an MLP, holding its units in an IRA can generate unrelated business taxable income (UBTI).
Energy Transfer Yield: 6.64% (forward, on a $1.36 annualized distribution and a $20.49 unit price) Units for $50,000: 2,440.2 Annual Passive Income: ~$3,318.69 Energy Transfer (NYSE:ET) runs a diversified U.S. midstream system. It moves and stores natural gas, collects and processes gas and ships NGLs, refined products and crude oil. Its high payout comes from the same MLP structure.
Coverage looks solid today. Q1 2026 distributable cash flow rose to $2.70 billion from $2.31 billion a year earlier. Q2 adjusted EBITDA climbed 31% to $5.07 billion, and management raised full-year guidance to $18.8 billion to $19.1 billion. The $0.34 Q2 distribution was the 19th consecutive quarterly increase.
The partnership’s record in the last downturn is its weak spot. In November 2020, Energy Transfer cut its quarterly payout to $0.1525 from $0.305 and kept it there through 2021. The key risk is that under stress, management protected the balance sheet first. The bull case is rising gas demand. The Hugh Brinson Pipeline is scaling toward 1.5 Bcf/d. New supply agreements will deliver about 900 MMcf/d to data centers run by Oracle (NYSE:ORCL), and the Transwestern Desert Southwest expansion was expanded to as much as 2.3 Bcf/d. The same UBTI issue applies to IRA holders.
How $100,000 Splits Across Both Partnerships Name Yield Annual Dividend Income Enterprise Products Partners 6.19% $3,094.78 Energy Transfer 6.64% $3,318.69 Total 6.41% $6,413.47 What Midstream Cash Flow Delivers Each Year Together, these two positions generate $6,413.47 in annual passive income from a $100,000 investment, producing a combined yield of 6.41%. Enterprise Products Partners adds $3,094.78, and Energy Transfer rounds out the group with $3,318.69.
Enterprise is the stronger income anchor of the pair. It has 1.9x coverage and a distribution that held steady through 2020. Energy Transfer offers the higher yield and the bigger growth pipeline, but its payout cut means its coverage should be checked every quarter (the warning signs that a fat yield is about to be trimmed are the whole subject of our free dividend trap guide). Fee-based midstream income depends more on volumes than on prices, and that steady quarterly cash flow tops the $6,000 target with room to spare.
Contact [email protected] for any questions or corrections.
In the latest close session, Energy Transfer LP (ET - Free Report) was up +1.67% at $20.10. The stock's change was more than the S&P 500's daily gain of 0.2%. Elsewhere, the Dow gained 0.04%, while the tech-heavy Nasdaq added 0.04%.
The energy-related services provider's stock has dropped by 8.22% in the past month, falling short of the Oils-Energy sector's loss of 2.32% and the S&P 500's loss of 0.35%.
The investment community will be closely monitoring the performance of Energy Transfer LP in its forthcoming earnings report. The company is expected to report EPS of $0.4, up 42.86% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $35.6 billion, showing a 78.41% escalation compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.73 per share and a revenue of $122.42 billion, indicating changes of +42.98% and +43.13%, respectively, from the former year.
Any recent changes to analyst estimates for Energy Transfer LP should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.76% higher. Currently, Energy Transfer LP is carrying a Zacks Rank of #3 (Hold).
With respect to valuation, Energy Transfer LP is currently being traded at a Forward P/E ratio of 11.43. This indicates a discount in contrast to its industry's Forward P/E of 13.42.
Also, we should mention that ET has a PEG ratio of 0.66. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 1.88 as trading concluded yesterday.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 59, finds itself in the top 24% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Energy Transfer ve čtvrtletí zvýšila tržby na 34,3 miliardy USD, čistý zisk téměř zdvojnásobila na 2,03 miliardy USD a zvedla celoroční výhled upraveného EBITDA na 18,8 až 19,1 miliardy USD.
Nearly a year ago, Energy Transfer NYSE: ET announced a change in strategy that might have looked like a retreat. Today, it looks a lot less like one.
The diversified midstream energy partnership has seen its distributable cash flow soar, its earnings jump, revenue rise 79%, and its dividend yield hit above 6%.
The new strategy has worked. Investors, however, need a closer look before jumping in to ride the good news.
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A Strategic Shift Pays OffEnergy Transfer Today
ET
Energy Transfer
$20.43 +0.04 (+0.17%)
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This is a fair market value price provided by Massive. Learn more.
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In December 2025, after 12 years of extended effort, Energy Transfer announced it was killing the project that was supposed to define its next decade. It would no longer pursue a major liquefied natural gas (LNG) export terminal in Louisiana. Instead, the company said, it would redirect capital toward its pipeline backlog.
For its most recent quarter, reported Aug. 4, the move clearly paid off. The limited partnership announced that revenue cleared consensus by a wide margin as it rose to $34.3 billion compared with $19.2 billion a year ago. Net income nearly doubled to $2.03 billion from $1.09 billion a year ago.
On an adjusted basis, EBITDA came in at roughly $5.07 billion, up sharply from $3.87 billion a year earlier. Net income per common unit hit 59 cents, blowing past the 39 cents that analysts had modeled.
Overall, quarterly results were remarkable as the company said volumes nearly across the board set records during the three months, with NGL transportation up 13%, NGL exports 25% higher, and crude oil transportation up 4%.
Confident in the trend, management raised full-year adjusted EBITDA guidance to a range of $18.8 billion to $19.1 billion, and analysts have since raised their own earnings estimates for the year in response.
Cash Flow Fuels a Growing PayoutBeyond the impressive cumulative results and more important to unitholders, distributable cash flow attributable to partners rose to approximately $2.6 billion from $1.96 billion.
For unitholders, the payout remains the central attraction. In July, the partnership raised its quarterly cash distribution for the 19th consecutive time, to 34 cents. At the recent unit price, that works out to a yield of roughly 6.6%, and management has committed to 3% to 5% annual distribution growth.
AI Data Centers Drive New DemandWhile the company does not break out specific figures, some of the additional growth has clearly come from the rise of artificial intelligence and data centers.
Earlier this year, the company began supplying natural gas to the first of three Oracle NYSE: ORCL data centers and signed an agreement to do the same at a large AI hyperscale campus in central Texas. A third agreement, with CloudBurst, was reached in February to supply an AI-focused data center in Texas.
Just as notable, the company said existing customers are coming back to enlarge commitments they already made.
Energy Transfer Stock Forecast Today12-Month Stock Price Forecast:
$24.36
18.56% Upside
Moderate Buy
Based on 17 Analyst Ratings
Current Price$20.55High Forecast$26.00Average Forecast$24.36Low Forecast$22.00Energy Transfer Stock Forecast Details
Analysts See More UpsideAnalysts have been impressed. Among the 17 analysts following the company, Energy Transfer is rated a consensus Moderate Buy.
Fourteen of the analysts have placed a Buy rating on the units, with two of those labeling it a Strong Buy. Three others recommend Hold.
With the units already up roughly 24% year-to-date, the consensus 12-month price target is $24.36, implying healthy upside. The highest price target is $26, while the lowest is $22, representing little disagreement where the units might be headed from their current price of $20.50.
Debt and Spending Add RiskEven with the recent positive news, though, there are risks and shifts that prospective unitholders should know.
The balance sheet shows roughly $68.4 billion of debt as of June 30. That’s manageable, but spending is not slowing. Management has said it expects to keep spending $5 billion or more annually on organic growth projects through 2029.
That’s probably fine as long as American electricity and gas demand keeps climbing, which is likely. Still, if the AI-driven power demand behind some of these new projects arrives more slowly than promised, the debt will still be there.
Investors Face Structural ChangesTwo structural quirks also matter for investors. Energy Transfer is a master limited partnership, so buyers own units rather than shares and receive a Schedule K-1. For some, that can complicate tax filings and might create complications inside retirement accounts.
Separately, the partnership is also moving its primary listing to the Texas Stock Exchange in October, the first major company of its size to leave the New York Stock Exchange for that venue. The potential impact on liquidity and index eligibility is untested.
Growth Depends on the AI BoomEven enticed by a full Buy rating, prospective investors are well-advised to understand what they would be buying.
In essence, investors are helping underwrite a large multiyear construction program, a heavy debt load, and a demand thesis tied to growing electricity demand and artificial intelligence. That is not necessarily a bad bet, as it proved in the second quarter. But it’s also not necessarily predictable.
The anticipated growth in electricity demand, the future of AI data center buildouts, and the company’s position in a competitive field are where Energy Transfer's bets mostly lie. Then again, management did walk away from the Louisiana project and delivered the company where it is today.
Should You Invest $1,000 in Energy Transfer Right Now?Before you consider Energy Transfer, you'll want to hear this.
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Čtyři z pěti dividendových titulů v seznamu nyní nabízejí výnos nad 5 %, ale každý nese jiné strukturální riziko. AT&T už pod hranicí 5 % není, protože letos vzrostl o 6,82 % YTD a jeho výnos je nyní 4,23 %.
Five NYSE-listed dividend stocks are promising yields above 5%, but each one hides a specific structural catch that most income investors overlook until it costs them. Knowing the tradeoff before you buy changes everything.
High yields exist for reasons, and the promise of this roster is to name each reason out loud. Across telecom, tobacco and midstream energy, four of these five NYSE-listed dividend payers currently clear the 5% mark. But after AT&T’s 2022 payout reset, the stock has rallied enough this year that its yield now prints at 4.23%. We are flagging that clearly rather than dropping it, because the tradeoff story is exactly what income investors need to see.
Verizon Communications Verizon (NYSE:VZ | VZ Price Prediction) traded around $50.67 on Friday, Sept. 11, with a dividend yield of 5.59% on a forward annualized payout of $2.83 per share. The Q2 2026 dividend was raised to 70 cents from 69 cents, extending a payout that has stepped higher every year in the visible modern record back through the mid-2000s.
Safety reads well on the cash-flow line. Q2 2026 free cash flow was $6.43 billion, up 27.1%, and management raised full-year 2026 free cash flow guidance to $21.94 to $22.14 billion against a buyback target of up to $4.5 billion. Trailing EPS of $3.79 comfortably covers the annual payout. The complication is leverage: total unsecured debt sits at $136.5 billion and net unsecured debt to adjusted EBITDA rose to 2.5x from 2.2x at year-end 2025 after the Frontier acquisition closed on Jan. 20.
The bull case: A Dow telecom yielding above 5% with rising fiber connections (roughly 10.9 million, up 43.3% YoY), a fresh multi-year fiber pact with Corning covering 80 million miles of fiber, improving postpaid churn of 0.92%, and a forward P/E of 9. What you trade for that yield is capital intensity and leverage. Wireless equipment revenue fell 20% YoY and ARPA slipped 1.4%, so pricing power is not the story here.
Altria Group Altria (NYSE:MO) traded around $68.97 on Sept. 11 and yields 6.44%, putting it in ultra-high-yield territory. The next quarterly payment of $1.11 is scheduled for October 9, 2026, up from $1.06. The company disclosed its 60th dividend increase in the past 56 years, one of the longest raise streaks in the S&P 500.
Coverage math looks fine at the P&L: FY2026 adjusted diluted EPS guidance of $5.56 to $5.72 against a forward annualized payout of $4.44. FY2025 dividends paid were $7.0 billion, and the smokeable segment produced $2.68B in adjusted operating income at a 65.1% margin in Q1 2026. The balance sheet caveat is real: Altria carries negative stockholders’ equity of $3.2 billion after years of buybacks and impairments, with only $3.53B in cash.
The bull case: A defensive cash machine with a beta of 0.494 and a forward P/E of 12. What you trade for the yield is secular volume decline: domestic cigarette industry volume fell 5%, Marlboro retail share dropped 1.4 points to 39.7%, on! nicotine pouch share slipped 4.2 points to 13.4%, and NJOY ACE will not return in 2026. The risk you cannot hedge is regulatory.
AT&T AT&T (NYSE:T) traded around $26.24 on Sept. 11. Editor flag: The current dividend yield is 4.23%, below the 5% headline threshold, because the stock has run 6.82% YTD while the payout has held at 27 cents per quarter since the WarnerMedia spin reset it from 52 cents per in 2022. Under a strict reading of the headline, this one should be flagged for substitution.
The safety picture is arguably the cleanest on the list. Q2 2026 free cash flow was $4.67 billion, and management is guiding FY2026 to free cash flow above $18 billion, rising to more than $19 billion in 2027 and more than $21 billion in 2028. Total shareholder returns are pegged at over $45 billion from 2026 to 2028, including roughly $24 billion in buybacks. Net debt to adjusted EBITDA sits at 2.68x against a 2.5x target.
The bull case: 432,000 postpaid phone net adds, 38.6 million fiber locations targeting 40M+ by year-end and a trailing P/E of 8. What you trade for the yield is legacy runoff: copper revenue fell 25.9% YoY, and legacy EBITDA is expected to turn negative after 2027. Investors buying today are also buying a smaller yield than the header advertises.
Energy Transfer Energy Transfer (NYSE:ET) traded around $21.52 on Sept. 11 and yields an ultra-high 6.25%. The Q2 2026 distribution of 34 cents per unit marked the 19th consecutive quarterly distribution increase, with the payout tracking higher every quarter across the visible 2024 through 2026 record.
Tax structure warning: Energy Transfer is a Master Limited Partnership. It issues a Schedule K-1 rather than a Form 1099, and units held inside a retirement account can generate Unrelated Business Taxable Income. Read that twice before you buy ET in an IRA.
Coverage is the strongest on this list. Q1 2026 distributable cash flow was $2.7 billion, adjusted EBITDA hit $5.07 billion in Q2 2026, up 31%, and management raised FY2026 adjusted EBITDA guidance to $18.8 to $19.1 billion.
The bull case: Fee-based volume growth (NGL transport +13%, NGL exports +25%, crude transport +4%) plus emerging AI power demand via the Nexus Hubbard hyperscale project and Oklahoma power plants. What you trade for the yield is commodity exposure on non-fee margins, rising interest expense on an expanded capital structure, and the K-1 tax hassle.
Pembina Pipeline Pembina Pipeline (NYSE:PBA) traded around $47.76 on Sept. 11. and yields 5.87%. Good news on structure: Pembina is a Canadian corporation, not a partnership, so U.S. shareholders receive a Form 1099 rather than a K-1. Bad news for planning: the dividend is declared in Canadian dollars (C 73 cents per share for Q3 2026, roughly U.S. 52 cents at a 0.7101 exchange rate) and Canada applies a withholding tax on dividends paid to U.S. investors.
Q2 2026 EPS came in at 82 cents, beating the 75-cent consensus, on revenue of $2.15 billion, up 20.1%. Operating cash flow was $897 million, up 13.5%, and management raised FY2026 adjusted EBITDA guidance to C$4.35 to C$4.55 billion. The balance sheet shows $12.4 billion of shareholders’ equity against $14.1 billion of liabilities, with a buyback authorization for up to 5% of shares.
The bull case: A Canadian midstream operator sanctioning roughly C$3 billion in net new projects, including the C$4.6 billion Greenlight Electricity Centre serving a Meta data centre and Cedar LNG on track for late 2028 first exports, all targeting 5% to 7% compound annual fee-based EBITDA per share growth through 2030. What you trade for the yield is FX volatility, cross-border tariff risk, and narrower NGL frac spreads pressuring the Marketing segment.
Tying the Roster Together Four of these five names clear the 5% bar today, and each one asks the holder to accept a specific structural tradeoff: Verizon’s leverage after Frontier, Altria’s shrinking cigarette volumes, Energy Transfer’s K-1 and commodity mix, and Pembina’s currency and cross-border exposure. AT&T is the odd name out after this year’s rally, but it may still be the sturdiest cash-flow story on the list. Ranked purely on coverage and payout durability, ET and VZ lead, MO offers the deepest raise history, and PBA gives you the cleanest tax form. None of these five trip the classic distress signals, but if you are shopping further down the yield curve, there are seven warning signs that a big payout is about to be cut, and we listed all of them in a free report.
Contact [email protected] for any questions or corrections.
Energy Transfer plánuje přesunout své kotování z NYSE na Texas Stock Exchange, zatímco akcie letos posílily o 31 % a jsou na rekordu. Ve 2. čtvrtletí tržby vzrostly na 34,3 mld. USD a čistý zisk na 2,53 mld. USD.
Buy ET. The news is a catalyst (NYSE→Texas Stock Exchange) layered on top of real fundamentals: strong midstream cash flow, rising revenue, and debt paydown. Technicals confirm momentum: breakout above $20.3, above key moving averages, ADX ~40, with upside target $25. Key risk: the stock breaks back below $20.3 and the breakout fails, signaling the rally was just exchange-news hype and fundamentals don’t keep improving.
Key Risk: ET falls back below $20.3 and the breakout reverses.
MLP/Dividend Midstream Basket
Buy a midstream dividend basket (e.g., ET plus peers like Enterprise Products Partners (EPD) and Magellan Midstream (MMP)). The second-order effect of ET’s listing move is credibility and liquidity migration toward the Texas venue, which can lift the whole “high-yield, stable cash flow” midstream complex as investors rotate into the group. Key risk: a broad midstream selloff from falling natural gas/oil prices or widening credit spreads that crush dividend and valuation support.
Key Risk: Energy prices or credit conditions turn and midstream multiples compress fast.
Energy Transfer stock continued its strong rally, reaching its all-time high, as energy prices continued rising. ET also jumped to a record high as the company prepares to make a big move from New York to Texas. It has jumped by over 26% in the last 12 months and 31% this year.
ET stock has done well in the past decade, making it one of the best-performing energy companies in the United States. This surge has turned it into a $75 billion juggernaut and the biggest one in the industry.
Now, the company is preparing to make a big move. According to the Wall Street Journal, it is planning to shift its listing from the New York Stock Exchange (NYSE) to the Texas Stock Exchange. That move will make it the biggest defector to the exchange upstart that is challenging the dominance of the NYSE and Nasdaq.
Launched in 2024, the exchange is backed by top companies like BlackRock, Citadel Securities, Charles Schwab, and Citigroup. Most notably, Kelcy Warren, Energy Transfer’s executive chairman, is an investor in the company with a 30% stake.
READ MORE: Here’s why MLP stocks like Energy Transfer, Enterprise Partners are soaring
For starters, Energy Transfer is a company involved in the transportation of energy products in the US. It owns the largest intrastate pipeline in the US, providing energy logistics to major trading hubs in the country.
The company’s midstream services include natural gas gathering, compression, treating, dehydration, and processing. Its business is now thriving as US gas and oil production continues to grow. The US is now producing over 13 million barrels of oil per day, and exporting a significant amount because of the US-Iran war.
The most recent results showed that Energy Transfer’s revenue jumped to $34.3 billion in the second quarter and $62.1 billion in the first six months of the year. Its net income, on the other hand, rose to $2.53 billion from $1.4 billion in the same period last year.
The soaring revenue made it possible to pay down its massive debt. It spent $934 million in interest expense in the last quarter and $1.88 billion in the first six months of the year.
This revenue growth will continue, with analysts expecting its annual revenue to jump by 44% to $122 billion. This performance makes it one of the best dividend stocks in the US.
ET stock chart | Source: TradingView
The weekly chart shows that the ET stock has been in a strong bull run in the past few years and is now at the highest point on record. It has recently crossed the important resistance level of $20.3, its highest point on May 18 this year.
It has jumped above the upper side of the ascending triangle pattern. Also, it has remained above all moving averages, while the Average Directional Index (ADX) has jumped to 40.
Therefore, the stock will likely continue rising as bulls target the key resistance level at $25. A drop below $20.3 will invalidate the bullish outlook.
Energy Transfer zvýšila výhled pro rok 2026: upravený EBITDA nyní očekává na 18,8–19,1 miliardy USD. Ve 2. čtvrtletí zisk i tržby výrazně překonaly odhady.
It has been about a month since the last earnings report for Energy Transfer LP (ET - Free Report) . Shares have added about 5.9% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Energy Transfer LP due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Energy Transfer LP before we dive into how investors and analysts have reacted as of late.
Energy Transfer Q2 Earnings Beat Estimates on NGL Growth, View Up
Energy Transfer LP reported second-quarter 2026 earnings of 59 cents per unit, beating the Zacks Consensus Estimate of 39 cents by 51.28%. The bottom line increased 84.4% from 32 cents a year ago.
Total RevenuesRevenues of $34.33 billion surpassed the consensus estimate of $31.09 billion by 10.42% and climbed 78.4% year over year. Record NGL transportation and export volumes, along with stronger crude oil and midstream activity, supported the quarter.
Energy Transfer's Segment DetailsNGL and refined products transportation and services revenues increased 29.9% to $7.72 billion. Segment adjusted EBITDA rose 26.6% to $1.31 billion, reflecting stronger marketing, terminal, transportation, storage and fractionation margins.
NGL transportation volumes climbed 13% to a record 2.64 million barrels per day. Terminal volumes rose to 1.86 million barrels per day. Fractionation volumes increased 3% to 1.19 million barrels per day. Higher Permian volumes and stronger exports aided throughput.
Midstream revenues declined 10% to $2.82 billion, but segment adjusted EBITDA increased 15.1% to $884 million. Gathered volumes rose 4% to a record 22.14 million BBtu per day, helped by higher dry-gas gathering and increased Permian processing activity.
Crude oil transportation and services revenues surged 92.3% to $11.05 billion. Segment adjusted EBITDA grew 13.9% to $834 million. Transportation volumes increased 4% to a record 7.34 million barrels per day, supported by higher activity across the Texas, Permian and Bakken systems.
Intrastate transportation and storage revenues fell 36% to $596 million, while segment adjusted EBITDA increased 32.7% to $377 million. Wider basis differentials and early volumes from the Hugh Brinson Pipeline more than offset lower transported volumes and higher expenses.
Interstate transportation and storage revenues rose 3.2% to $609 million, and segment adjusted EBITDA gained 2.3% to $481 million. Higher parking, storage and liquids revenues offset lower utilization on the Trunkline, Gulf Run and Mississippi River systems.
ET's Investments Add to Earnings GrowthRevenues from the investment in the Sunoco LP segment increased 164.5% to $14.26 billion. The segment adjusted EBITDA more than doubled to $982 million, primarily reflecting recent acquisitions and higher contributions from unconsolidated affiliates.
The investment in USA Compression Partners generated revenues of $342 million, up 36.8%. The segment adjusted EBITDA advanced 30.2% to $194 million, driven by the J-W Power acquisition and growth in USAC's legacy operations.
ET's Operational HighlightsTotal costs and expenses were $30.76 billion, up 81.7% year over year, mainly due to a sharp increase in the cost of products sold. Operating expenses, depreciation, depletion and amortization, and selling, general and administrative expenses also increased.
Operating income rose 54.8% to $3.57 billion. Interest expense, net of capitalized interest, increased 8% to $934 million. Net income attributable to partners advanced 79.5% to $2.09 billion.
ET's Cash Flow and Liquidity ImproveAdjusted EBITDA increased 31% to $5.07 billion. Distributable cash flow attributable to partners, as adjusted, rose 32% to $2.59 billion. Second-quarter growth capital expenditures were $1.10 billion, while maintenance capital expenditures were $307 million.
Current assets totaled $23.11 billion at June 30, 2026, compared with $18.23 billion at the end of 2025. Long-term debt, less current maturities, was $68.39 billion. The revolving credit facility had $3.76 billion of available borrowing capacity.
Energy Transfer Raises 2026 Financial GuidanceEnergy Transfer now expects 2026 adjusted EBITDA of $18.8-$19.1 billion, up from the prior range of $18.2-$18.6 billion. The partnership projects growth capital spending of $5.6-$5.9 billion.
The Hugh Brinson Pipeline entered commercial service and is expected to reach full Phase I capacity of 1.5 Bcf per day by Sept. 1, 2026. ET also completed upgrades adding more than 90,000 barrels per day of capacity to the Lone Star Express pipeline and placed the Mustang Draw I processing plant into service.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 12.93% due to these changes.
VGM ScoresAt this time, Energy Transfer LP has a great Growth Score of A, a score with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Energy Transfer LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerEnergy Transfer LP belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Oneok Inc. (OKE - Free Report) , has gained 10.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Oneok reported revenues of $12.05 billion in the last reported quarter, representing a year-over-year change of +52.8%. EPS of $1.53 for the same period compares with $1.34 a year ago.
For the current quarter, Oneok is expected to post earnings of $1.49 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed +2.4% over the last 30 days.
Oneok has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
Blackhill Capital ve 2. čtvrtletí zvýšil podíl v Energy Transfer o 33,3 % na 1,6 milionu akcií po nákupu dalších 400 000 kusů. Hodnota pozice dosáhla 30,592 milionu USD.
Blackhill Capital Inc. grew its position in Energy Transfer LP (NYSE:ET – Free Report) by 33.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,600,000 shares of the pipeline company’s stock after purchasing an additional 400,000 shares during the period. Energy Transfer makes up approximately 1.3% of Blackhill Capital Inc.’s investment portfolio, making the stock its 6th largest holding. Blackhill Capital Inc.’s holdings in Energy Transfer were worth $30,592,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of ET. Archer Investment Corp raised its position in Energy Transfer by 2,087.8% in the 2nd quarter. Archer Investment Corp now owns 17,502 shares of the pipeline company’s stock valued at $335,000 after buying an additional 16,702 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in Energy Transfer by 4.9% during the 2nd quarter. Kingsview Wealth Management LLC now owns 199,171 shares of the pipeline company’s stock worth $3,808,000 after acquiring an additional 9,254 shares during the last quarter. Beacon Pointe Advisors LLC boosted its position in Energy Transfer by 7.4% during the 2nd quarter. Beacon Pointe Advisors LLC now owns 2,065,797 shares of the pipeline company’s stock worth $39,498,000 after acquiring an additional 142,821 shares during the last quarter. Asset Allocation Strategies LLC grew its stake in shares of Energy Transfer by 1.7% during the 2nd quarter. Asset Allocation Strategies LLC now owns 45,234 shares of the pipeline company’s stock worth $865,000 after acquiring an additional 738 shares in the last quarter. Finally, Centaurus Financial Inc. grew its stake in shares of Energy Transfer by 173.7% during the 2nd quarter. Centaurus Financial Inc. now owns 40,727 shares of the pipeline company’s stock worth $779,000 after acquiring an additional 25,847 shares in the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Energy Transfer In related news, Director Kelcy L. Warren acquired 647,968 shares of Energy Transfer stock in a transaction on Wednesday, August 19th. The stock was purchased at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the transaction, the director directly owned 147,901,879 shares in the company, valued at $3,144,393,947.54. This trade represents a 0.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Richard Perry acquired 12,359 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was bought at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the completion of the acquisition, the director owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 1,012,359 shares of company stock valued at $21,513,543 in the last ninety days. Insiders own 3.28% of the company’s stock.
Analyst Ratings Changes ET has been the topic of a number of research reports. Wall Street Zen raised shares of Energy Transfer from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Barclays reaffirmed an “overweight” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Truist Financial boosted their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Finally, TD Cowen restated a “buy” rating and set a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.08. Get Our Latest Stock Report on ET
Energy Transfer Stock Down 0.4% Energy Transfer stock opened at $21.30 on Friday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The company’s 50-day moving average is $20.22 and its 200-day moving average is $19.52. The firm has a market capitalization of $73.34 billion, a PE ratio of 14.49, a P/E/G ratio of 0.75 and a beta of 0.55. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $21.64.
Energy Transfer (NYSE:ET – Get Free Report) last issued its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.21. The business had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. Energy Transfer’s revenue was up 78.4% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. Sell-side analysts anticipate that Energy Transfer LP will post 1.66 earnings per share for the current year.
Energy Transfer Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.36 annualized dividend and a yield of 6.4%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s payout ratio is 92.52%.
Energy Transfer Company Profile (Free Report)
Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.
Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.
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Energy Transfer se stává jedním z největších dodavatelů zemního plynu pro datová centra spojená s AI. Má už několik smluv, včetně dodávek pro tři datová centra Oracle, Nexus a Crusoe.
If you were making a list of the companies cashing in on the AI data center build-out boom, a gas pipeline company known for paying dividends probably wouldn't be there. That could be a costly omission. Pipeline giant Energy Transfer (ET -0.33%) has quietly become one of the biggest natural gas suppliers to data centers. That's putting it in a strong position to cash in on the AI power boom.
Here's a closer look at why Energy Transfer should be on your AI investment list.
Image source: The Motley Fool.
Turning on the gasData centers need lots of power, and they need it quickly. The country's electric grid can't keep up with the load requirements or the need for speed. As a result, natural gas is becoming a critical solution to the AI power problem. A growing number of data center developers are turning to gas to fuel on-site power from gas turbines and fuel cells.
They're also turning to Energy Transfer as their gas supplier of choice. Its extensive gas infrastructure includes nearly 107,000 miles of pipelines linking supply sources to demand centers. It has signed several deals to supply gas to support AI data center demand.
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One of its biggest deals is with cloud giant Oracle. Energy Transfer will provide about 900,000 Mcf/d of natural gas to three of its U.S. data centers. Oracle is using this gas to power Bloom Energy's advanced fuel cells at one of the sites. It also has a 150,000 Mcf/d deal to supply Nexus with gas for an AI hyperscale campus currently under construction, and an agreement to supply gas to support a 900-megawatt AI factory campus for Crusoe. Additionally, it has an agreement to provide 150,000 Mcf/d of gas to a data center site in Arkansas.
Energy Transfer is also providing more gas to utilities to support growing power demand from AI data centers. It signed a 20-year deal with Entergy to provide at least 250,000 MMBtu/d of gas starting in December 2028. Entergy needs more gas to power data centers, including those Meta Platforms is building in Louisiana. Additionally, it's supplying a total of 300,000 Mcf/d of gas to four new gas-fired power plants in Oklahoma between now and the end of 2028.
High-return investmentsThose projects are only the beginning. Energy Transfer is in advanced discussions with multiple power plants, data centers, and other demand customers for significant additional gas volumes.
Most of its projects will involve building a pipeline lateral from its existing network to connect a new data center or power plant. These projects require a minimal capital investment and generate strong returns. Additionally, growing gas demand is enabling the company to make larger investments, including constructing larger-scale pipelines to transport additional volumes to demand centers and developing additional gathering and processing infrastructure in production basins. Energy Transfer currently has several large-scale gas pipelines under construction, including the $2.7 billion Hugh Brinson and up to $5.6 billion Desert Southwest to support data center and power demand growth in Texas and Arizona, respectively. These larger-scale projects have strong returns.
These investments support Energy Transfer's continued strong growth. It expects to grow its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by at least 17.5% this year. It currently has projects underway that should enter commercial service through early 2030, including those to support growing demand for oil and natural gas liquids. These projects give it strong growth visibility. That supports its view that it can increase its already high-yielding distribution (over 6%) by 3%-5% annually.
There are risks involved with this backlog. Energy Transfer recently ran into a permitting issue that will delay one Oracle-linked gas pipeline project by six months. There will likely also be delays to future data center developments due to local opposition and other issues. Despite that, gas-fueled onsite power remains a faster solution than waiting on the grid.
Don't overlook Energy TransferThe AI data center build-out story is broader than you might think. It's fueling robust demand for natural gas, which is benefiting sleepy pipeline stocks like Energy Transfer. The master limited partnership (an entity that issues a Schedule K-1 Federal tax form) is an overlooked way to cash in on the boom. That cash will come each quarter via its high-yielding payout.
Matt DiLallo has positions in Bloom Energy, Energy Transfer, and Meta Platforms and has the following options: long December 2028 $650 calls on Meta Platforms, short December 2028 $660 calls on Meta Platforms, and short October 2026 $150 puts on Bloom Energy. The Motley Fool has positions in and recommends Bloom Energy, Entergy, Meta Platforms, and Oracle. The Motley Fool has a disclosure policy.
Kelcy Warren, spoluzakladatel Energy Transfer, nakoupil 1,0 milionu jednotek 18. a 19. srpna 2026 poblíž 52týdenního maxima, což trh bere jako silný signál důvěry. Nákupy proběhly bez plánu 10b5-1.
Energy Transfer (NYSE:ET | ET Price Prediction) director and co-founder Kelcy Warren stepped into the open market on August 18 and August 19, 2026, personally directing the accumulation of a large block of common units at prices within pennies of the partnership’s 52-week high. The Form 4 disclosing the buys was filed with the SEC on August 20, 2026. The checkbox for a Rule 10b5-1 trading plan was not checked, meaning this was discretionary buying at Warren’s direction.
What the Filing Actually Says Warren is listed on the form only as Director. The transactions were coded P for open-market purchases. On August 18, 352,032 common units were acquired at a weighted average price of $21.27, with individual fills ranging from $21.175 to $21.30. On August 19, another 647,968 units were acquired at a weighted average of $21.26, with fills between $21.185 and $21.30. Both blocks were indirect, held through Kelcy Warren Partners, a limited partnership owned by Warren, who disclaims beneficial ownership except to the extent of his pecuniary interest. Units owned by that entity following the two transactions stood at 147,901,879.
Buying Into Strength at 52-Week Highs The signal here is unusual because Warren was buying at the highs. Energy Transfer traded around $21.26 on the morning of August 21, 2026, against a 52-week high of $21.64. The units are up 35.6% year to date, 6.5% over one month, 31.6% over one year, and 249.4% over five years. The market cap stands near $73.0 billion, with a beta of 0.562. Insiders typically buy on weakness for tax and psychological reasons. Buying at the highs, discretionarily, through an entity Warren controls, is a stronger signal of conviction about forward fundamentals than a routine dip-buy would be.
The Thesis the Numbers Support Energy Transfer is executing. Q2 2026 delivered EPS of $0.59 against a $0.37 estimate, with revenue of $34.33 billion, up 78.43% year over year. Adjusted EBITDA rose 31% to $5.07 billion, and management raised full-year 2026 guidance to $18.8 billion to $19.1 billion. Growth capital of $5.6 billion to $5.9 billion is being deployed into projects with visible demand. These include the Hugh Brinson Pipeline, Nederland NGL export expansion, and the Transwestern Desert Southwest upsizing. They also include long-term natural-gas supply to Oracle data centers ramping toward approximately 900 MMcf/d across three sites. The partnership just declared its 19th consecutive quarterly distribution increase, at $0.34 per common unit, or $1.36 annualized.
Should a Retirement Investor Follow? The setup is attractive on the numbers. Forward P/E is 13, the distribution yield is 6.4%, and the Wall Street consensus target is $24.48. That yield is also the kind that makes a mid-six-figure balance start generating meaningful monthly income. (We outline what that looks like at $250K in a free income guide.)
One important caveat for income investors: Energy Transfer is a limited partnership and issues a K-1 for tax reporting. That complicates tax filing, can create unrelated business taxable income inside IRAs above certain thresholds, and generally makes ET a better fit for a taxable brokerage account than a retirement wrapper. Warren’s buying at the highs, in size, without a 10b5-1 plan, is a genuine signal of conviction from the person who knows the asset base best. Retail investors who can accept the K-1 mechanics can currently transact within pennies of an insider’s weighted average fills, a data point worth monitoring alongside forward fundamentals.
Contact [email protected] for any questions or corrections.
Energy Transfer zvýšila celoroční výhled upraveného EBITDA na 18,8 až 19,1 miliardy USD po růstu distribučního cash flow o 32 % na 2,59 miliardy USD ve 2. čtvrtletí. Zároveň už 19. čtvrtletí po sobě zvýšila distribuci na 0,34 USD na akcii.
Since reporting its second-quarter 2026 financial results on Aug. 4, Energy Transfer (ET +1.40%) has seen its shares climb more than 2%, trading near its 52-week high of $21.11.
Before the announcement, Energy Transfer units were trading around $20.20 to $20.28. The question is whether the price rise in the energy stock can continue. Three reasons why it can, with one reason why it may not:
Image source: Getty Images.
Surging natural gas demand from data centers
Energy Transfer is a diverse midstream energy company and is uniquely positioned to capture massive, long-term demand for natural gas infrastructure driven by artificial intelligence (AI) data center build-outs, power grid expansions, and Gulf Coast natural gas liquids (NGL) export facilities. In the second quarter, management for the master limited partnership highlighted expanded takeaway capacity in key basins, including the Permian, ensuring high utilization across its expansive pipeline network.
The company reported that its 442-mile Hugh Brinson Pipeline has come online earlier than expected, though full capacity isn't expected until March 2027. The Brinson pipeline moves natural gas from processing facilities in West Texas to existing pipelines south of the Dallas-Fort Worth metroplex, allowing customers the ability to reach several destinations in Texas and Louisiana. As it was, in the second quarter, NGL exports were up 25% year over year, a company record.
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The company also completed upgrades to its Lone Star Express NGL pipeline and pressed into service its third and fourth 10-megawatt natural-gas-fired electricity generation plants. The company's power generation business serves 15 states with approximately 185 plants connected directly or indirectly via its extensive natural gas pipeline network. The company has long-term power agreements that directly or indirectly help hyperscalers such as Oracle, Cloudburst Technologies, and Meta Platforms.
It sees improvements to its free cash flow and capital returns
Energy Transfer reported distributable cash flow of $2.59 billion in the second quarter, up 32% year over year. That rise is what's behind the company's $500 million guidance hike to full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), now in the range of $18.8 billion to $19.1 billion, reflecting strong fee-based cash flows that insulate the business from short-term commodity price swings.
This expanding cash generation directly supports further leverage reduction and continued quarterly distribution growth for unitholders.
Despite its nearly more than 26% rise so far this year in price, the company continues to trade at a modest trailing enterprise-value-to-EBITDA multiple of around 9.7, low compared to its historical averages and its main midstream peers of Enbridge, Enterprise Products Partners, and Kinder Morgan. As institutional confidence improves following consistent operational execution and debt paydown, the stock has room for valuation re-rating.
The company's strong dividend
Energy Transfer just raised its distribution for the 19th consecutive quarter to $0.34 per share , and at the stock's current price, the yield is around 6.43%. That's superior to its main midstream competitors. If it matches its expected distributable cash flow, it has more than enough to cover its dividend and planned capital expenditures.
Watch for a drop in commodity prices
The price of natural gas has declined around 29% since peaking in late January. If sustained low natural gas prices or broader macroeconomic slowdowns force upstream oil and gas producers to trim drilling budgets or shut in production, gathering, and processing (G&P) volumes could contract.
While Energy Transfer relies heavily on fee-based, take-or-pay contracts, prolonged volume declines across regional basins would cap top-line growth and squeeze margins on uncommitted capacity.
Energy Transfer nabízí forwardový dividendový výnos 6,5 % a jeho distribuce kryje silný peněžní tok. Firma navíc zvýšila distribuci už 19 čtvrtletí po sobě.
Energy Transfer (ET +1.52%), one of the largest midstream pipeline companies in the United States, pays a forward yield of 6.5%. That yield might seem high, but it's supported by plenty of cash and long-term catalysts. Let's see why it's still a reliable income play for patient investors.
Why is Energy Transfer a reliable stock?
Energy Transfer operates more than 140,000 miles of pipeline across 44 states. It transports natural gas, liquefied natural gas (LNG), natural gas liquids (NGLs), crude oil, and other refined products, and helps companies export some of their natural gas products.
Image source: Getty Images.
As a pipeline operator, Energy Transfer generates most of its revenue by charging upstream producers and downstream refineries "tolls" to use its infrastructure. That business model is insulated from volatile commodity prices because it only needs those resources to keep flowing through its pipes. However, the soaring demand for oil and natural gas continued to boost crude oil and NGL volumes to record levels in the first half of 2026. It also secured more long-term agreements with utilities and data centers to supply natural gas for the booming cloud infrastructure and artificial intelligence (AI) markets.
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How stable are its distributions?
Energy Transfer is a Master Limited Partnership (MLP), which technically treats you as a partner rather than a regular shareholder. It blends a return of capital with its own cash to pay more tax-efficient distributions instead of traditional dividends. Still, you'll need to report that income separately on a K-1 form every year when you file your taxes.
Energy Transfer, like other MLPs, covers its distributions with its distributable cash flow (DCF). Its DCF has easily covered its total distributions over the past few years, even as the pandemic, inflation, soaring interest rates, and geopolitical conflicts rattled the commodities market.
Metric (Billions USD)
2020
2021
2022
2023
2024
2025
Adjusted Annualized DCF
$5.74
$8.22
$7.45
$7.58
$8.36
$8.21
Total Distributions
$2.47
$1.78
$3.09
$3.99
$4.39
$4.56
Data source: Energy Transfer.
Energy Transfer has raised its payout for 19 consecutive quarters, and it plans to raise its distribution at an annual rate of 3% to 5% as long as its coverage ratio (its adjusted DCF to distributions) -- which came in at 1.8x in 2025 -- stays around that level. That's why it's a reliable income stock, even if it pays a higher yield than many other pipeline companies.
Leo Sun has positions in Energy Transfer. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Ballast Inc. ve 2. čtvrtletí koupila novou pozici v Energy Transfer: 43 000 akcií za zhruba 822 000 USD. Firma zároveň oznámila čtvrtletní dividendu 0,34 USD na akcii.
Ballast Inc. bought a new position in shares of Energy Transfer LP (NYSE:ET – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 43,000 shares of the pipeline company’s stock, valued at approximately $822,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Tema ETFs LLC increased its holdings in Energy Transfer by 47.5% in the 2nd quarter. Tema ETFs LLC now owns 1,366,371 shares of the pipeline company’s stock valued at $26,125,000 after buying an additional 440,228 shares during the period. Redhawk Wealth Advisors Inc. lifted its holdings in shares of Energy Transfer by 48.9% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 45,068 shares of the pipeline company’s stock worth $862,000 after acquiring an additional 14,795 shares during the period. Harrell Investment Partners LLC lifted its holdings in shares of Energy Transfer by 55.8% during the 2nd quarter. Harrell Investment Partners LLC now owns 21,928 shares of the pipeline company’s stock worth $419,000 after acquiring an additional 7,857 shares during the period. Focus Financial Network Inc. lifted its holdings in shares of Energy Transfer by 42.2% during the 2nd quarter. Focus Financial Network Inc. now owns 30,048 shares of the pipeline company’s stock worth $575,000 after acquiring an additional 8,916 shares during the period. Finally, Allied Private Wealth LLC acquired a new stake in shares of Energy Transfer during the 2nd quarter valued at about $229,000. 38.22% of the stock is currently owned by institutional investors.
Energy Transfer Stock Up 0.7% ET opened at $20.93 on Thursday. The firm’s 50-day simple moving average is $19.71 and its 200-day simple moving average is $19.28. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 1.16. Energy Transfer LP has a twelve month low of $16.18 and a twelve month high of $20.96. The firm has a market cap of $72.07 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 2.04 and a beta of 0.55.
Energy Transfer (NYSE:ET – Get Free Report) last announced its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. The business had revenue of $34.33 billion during the quarter, compared to analysts’ expectations of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The firm’s revenue for the quarter was up 78.4% on a year-over-year basis. During the same quarter last year, the company posted $0.32 EPS. Equities research analysts anticipate that Energy Transfer LP will post 1.52 EPS for the current fiscal year.
Energy Transfer Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is presently 92.52%.
Analyst Upgrades and Downgrades A number of research firms recently weighed in on ET. Raymond James Financial reissued a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Scotiabank restated an “outperform” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Weiss Ratings raised Energy Transfer from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday. Barclays reiterated an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Wednesday, August 5th. Finally, TD Cowen reissued a “buy” rating and issued a $25.00 target price (up from $24.00) on shares of Energy Transfer in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Energy Transfer has an average rating of “Buy” and a consensus target price of $23.92.
View Our Latest Analysis on ET
Insider Buying and Selling In other Energy Transfer news, Director James Richard Perry purchased 12,359 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, for a total transaction of $250,022.57. Following the transaction, the director directly owned 208,046 shares in the company, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 3.28% of the stock is currently owned by company insiders.
About Energy Transfer (Free Report)
Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.
Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.
Further Reading Five stocks we like better than Energy Transfer GE Vernova’s AI Power Boom Faces a Profit Test Cardinal Health Earnings: Can Perfection Get Priced In Twice? Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Legacy Jet Builders Stall While Embraer Accelerates to New Highs Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ET – Free Report).
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Energy Transfer zvýšila dividendu už 19 čtvrtletí po sobě a výnos akcie činí 6,7 %. Firma zároveň zvedla výhled upraveného EBITDA pro rok 2026 na 18,8 až 19,1 miliardy USD.
Recently, there's been a flurry of positive dividend activity in the midstream energy sector with both well-known and lesser-heralded pipeline firms boosting payouts.
Energy Transfer (ET +2.29%) is one of the guests at the midstream dividend increase party. Following a July distribution increase of nearly 1%, Energy Transfer's consecutive streak of boosted payouts now spans an impressive 19 quarters, or nearly five years for those keeping score at home. Typically, Energy Transfer delivers gentle upside nudges to its dividend, and investors love the consistency.
Energy Transfer continues raising its dividend and investors should expect that trend to continue. Image source: Getty Images.
Plus, those modest increases add up over time. The stock yields 6.7% and, by some estimates, if its current trajectory of dividend increases continues, the dividend could nearly double over the next decade. That'd be music to the ears of long-term investors. Fortunately, this pipeline stock has the fundamentals to keep good dividend times coming.
Stars aligning for dividend growth Not only did Energy Transfer announce a dividend increase in July, but it also followed that up with a second-quarter earnings report and updated 2026 guidance confirming the distribution is on solid ground and poised for long-term growth.
In the June quarter, Energy Transfer's distributable cash flow (DCF), one of the bedrocks of pipeline operators' dividends, climbed to $2.59 billion from $1.96 billion a year earlier. The midstream company's DCF could continue to improve in the current quarter and beyond, driven by the revised 2026 guidance. Energy Transfer told investors it now expects 2026 full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $18.8 billion to $19.1 billion, up from a prior forecast of $18.2 billion to $18.6 billion.
Regardless of sector, if there's anything that investors should demand of dividend-paying companies, it's rising earnings and cash flow. Those are telltale signs that current dividend obligations can be met and that payouts can grow over the long term.
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Longer-ranging support for the distribution doesn't end there. Energy Transfer is a diverse midstream operator with exposure to natural gas liquids (NGLs) and oil transportation as well as midstream gathering. That diversity matters for multiple reasons. First, management sounded optimistic about improving finances across its various segments. Second, in just a year, NGL projects went from out of fashion to being in high demand, indicating that Energy Transfer's related investments could pay dividends (pun intended).
AI angles Investors seeking artificial intelligence (AI) "derivative" exposure while balancing low-yielding, growth-heavy portfolios with income-generating assets should look to the midstream sector, including Energy Transfer.
All those high-priced data centers need power, but it can take years for traditional utilities to obtain all the permits required to deliver grid power to data centers. Guess which companies are adept at transporting energy? Pipeline operators such as Energy Transfer.
On the company's second-quarter earnings conference call, co-CEO Thomas Long said customers are expressing interest in upping their commitments for Energy Transfer's services that deliver energy to data centers and nearby power facilities. He also mentioned "advanced negotiations" with customers in six states to provide additional natural gas volumes.
Imagine capturing steady dividends while participating in the AI trade. With Energy Transfer, that's a reality, not a dream.
Bank of New York Mellon Corp v 1. čtvrtletí snížila svůj podíl v Energy Transfer o 37,2 % a prodala 102 593 akcií.
Po prodeji společnost držela 172 971 akcií v hodnotě 3,338,000 USD.
Bank of New York Mellon Corp reduced its stake in shares of Energy Transfer LP (NYSE:ET – Free Report) by 37.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 172,971 shares of the pipeline company’s stock after selling 102,593 shares during the quarter. Bank of New York Mellon Corp’s holdings in Energy Transfer were worth $3,338,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC lifted its holdings in Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after buying an additional 11,844 shares during the period. AQR Capital Management LLC lifted its stake in shares of Energy Transfer by 62.8% in the 1st quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company’s stock valued at $391,000 after purchasing an additional 8,118 shares during the period. Geode Capital Management LLC boosted its position in shares of Energy Transfer by 6.2% during the second quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company’s stock valued at $2,455,000 after purchasing an additional 7,901 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Energy Transfer by 436.5% during the second quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company’s stock valued at $76,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its position in shares of Energy Transfer by 5.6% during the second quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company’s stock valued at $923,000 after purchasing an additional 2,700 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.
Energy Transfer Stock Performance ET opened at $20.14 on Friday. The company has a 50 day simple moving average of $19.63 and a two-hundred day simple moving average of $19.21. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93. The firm has a market cap of $69.29 billion, a P/E ratio of 13.70, a PEG ratio of 2.03 and a beta of 0.55. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $20.81.
Energy Transfer (NYSE:ET – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.71%. The firm had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. During the same period last year, the firm earned $0.32 EPS. The company’s revenue was up 78.4% on a year-over-year basis. Equities analysts forecast that Energy Transfer LP will post 1.52 earnings per share for the current fiscal year.
Energy Transfer Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.8%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 7th. Energy Transfer’s dividend payout ratio is currently 91.84%.
Analysts Set New Price Targets A number of brokerages have recently commented on ET. Royal Bank Of Canada restated an “outperform” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, July 21st. TD Cowen reissued a “buy” rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research report on Thursday, July 16th. Morgan Stanley boosted their price objective on shares of Energy Transfer from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 27th. Jefferies Financial Group restated a “buy” rating on shares of Energy Transfer in a report on Wednesday. Finally, Citigroup reaffirmed a “buy” rating and set a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research note on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $23.67.
Check Out Our Latest Stock Analysis on ET
Energy Transfer News Summary Here are the key news stories impacting Energy Transfer this week:
Positive Sentiment: Strong second-quarter results and higher distribution: Energy Transfer reported second-quarter 2026 sales of $34.33 billion and net income of $2.09 billion, while earnings per unit exceeded expectations. The partnership also raised its quarterly cash distribution to $0.34 per common unit, reinforcing its income appeal. Did Strong Q2 Results and a Higher Payout Just Shift Energy Transfer’s Investment Narrative? Positive Sentiment: Growth outlook remains constructive: Analysts point to rising NGL exports, high pipeline and fractionator utilization, multi-year export commitments, and an accelerated capital-spending program as drivers of future EBITDA and distribution growth. Management continues to target roughly 3%–5% annual distribution growth while maintaining leverage near 4.0–4.5 times EBITDA. Energy Transfer Is Now Finally Firing on All Growth Cylinders Positive Sentiment: Value and income appeal: Zacks identified ET as a highly ranked value stock, while other coverage emphasized its approximately 6.6% distribution yield and improving profits. The combination of valuation support, cash income, and recent earnings beats could attract yield-focused investors. Energy Transfer Is a Top-Ranked Value Stock Negative Sentiment: Natural-gas market weakness: Natural-gas futures fell after a larger-than-expected storage build. Lower commodity prices can weigh on sentiment toward energy companies, although Energy Transfer’s fee-based pipeline, storage, and NGL businesses help reduce its direct exposure to gas-price volatility. Nat-Gas Prices Tumble on a Larger-Than-Expected Storage Build Energy Transfer Company Profile (Free Report)
Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.
Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.
See Also Five stocks we like better than Energy Transfer Datadog’s Drop Says More About Expectations Than Earnings D-Wave’s Quantum Breakthrough Couldn’t Save QBTS From a Sell-Off Cloudflare’s Beat-and-Raise Quarter Puts Its AI Edge Story in Focus Solventum Nears Inflection Point As It Begins to Unlock Value Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ET – Free Report).
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As a huge energy arbitrageur, Energy Transfer (ET +0.05%) is one of the best companies in the world at benefiting from energy market volatility. That showed up when the master limited partnership (MLP) reported its Q2 results and once again raised its full-year forecast. The stock is now up about 25% on the year.
Let's dig into the midstream company's results and why the stock still looks like a buy.
Image source: The Motley Fool.
Strong growth ahead In my view, Energy Transfer is one of the most attractive high-yield stocks in the market today. It currently sports a 6.7% yield and intends to raise its distribution by 3% to 5% annually. It has one of the lowest valuations in the midstream MLP segment and some of the best growth opportunities.
Energy Transfer's growth opportunities stem from its robust project backlog. It plans to spend between $5.6 billion and $5.9 billion in growth capital expenditures (capex) this year, with a focus on natural gas infrastructure. That's a significant increase from the $4.5 billion on capex it spent in 2025. These projects are all supported by long-term contracts and are expected to generate mid-teen returns.
Meanwhile, Phase 1 of its Hugh Brinson Pipeline is now in service, earlier than expected, with full capacity anticipated by Sept. 1. Phase 2 is set to come online in Q1 of next year. This is one of Energy Transfer's most important projects, linking natural gas from the West Texas Permian Basin to access points throughout Texas and connecting it with its other pipelines to reach additional states. It will contribute to growth this year and become a bigger contributor in 2027.
Turning to Energy Transfer's Q2 results, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) soared by 31% year over year to $5.07 billion. It saw strength across its five segments, led by its NGL (natural gas liquids) and refined products segment, where adjusted EBITDA climbed 30% to $1.3 billion. This was driven by record exports from the Nederland and Marcus Hook terminals, higher NGL premiums, and better margins from its product optimization and blending operations.
Distributable cash flow to partners, which is operating cash flow minus maintenance capex, climbed 32% to $2.59 billion, up from $1.96 billion a year ago. It paid out $1.17 billion in distributions in the quarter, good for a coverage ratio of 2.2 times, demonstrating that its current distribution appears secure.
The company also once again significantly increased its full-year EBITDA forecast, taking it to a range of $18.8 billion to $19.1 billion. That's up from an earlier projection of $18.2 billion to $18.6 billion and well above its original forecast of $17.3 billion to $17.7 billion. It said additional upside to its forecast will depend on the duration and impact of current market disruptions.
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Still a top high-yield stock to buy Energy Transfer is one of the best combinations of growth and income stocks in the market today. Although some of its outperformance is driven by energy market volatility, the company has always been great at profiting from it, whether due to war, weather, regional or product differentials, or anything else. These opportunities are not always there, but they also are not infrequent.
At the same time, the company has a very robust, high-return project pipeline. Based on its comments, the company's capex this year alone could add more than $900 million in EBITDA once these projects are all up and running. They will come on at different times, but this should be a nice growth driver in the years ahead.
Energy Transfer is also one of the most attractively valued midstream MLPs, trading at a forward enterprise value-to-EBITDA multiple of just 8.5 times. That is a big discount to other MLPs like Plains All American Partners and MPLX , which both trade at more than 11.5 times, and Enterprise Products Partners, which trades at 10.5 times.
As the cheapest midstream MLP with some of the best growth prospects, Energy Transfer is a top stock to own.
In its upcoming report, Energy Transfer LP (ET - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.39 per share, reflecting an increase of 21.9% compared to the same period last year. Revenues are forecasted to be $31.09 billion, representing a year-over-year increase of 61.6%.
The consensus EPS estimate for the quarter has undergone an upward revision of 2.2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Given this perspective, it's time to examine the average forecasts of specific Energy Transfer LP metrics that are routinely monitored and predicted by Wall Street analysts.
Based on the collective assessment of analysts, 'Midstream - Gathered volumes' should arrive at 22052 billion british thermal units per day. The estimate is in contrast to the year-ago figure of 21329 billion british thermal units per day.
According to the collective judgment of analysts, 'Midstream - NGLs produced' should come in at 1,184.63 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1,181.00 thousands of barrels of oil per day.
Analysts predict that the 'Midstream - Equity NGLs' will reach 64.78 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 64.00 thousands of barrels of oil per day.
Analysts expect 'NGL and Refined Products Transportation and Services - NGL transportation volumes' to come in at 2,472.83 thousands of barrels of oil per day. Compared to the present estimate, the company reported 2,331.00 thousands of barrels of oil per day in the same quarter last year.
The combined assessment of analysts suggests that 'NGL and Refined Products Transportation and Services - Refined products transportation volumes' will likely reach 592.25 thousands of barrels of oil per day. Compared to the present estimate, the company reported 599.00 thousands of barrels of oil per day in the same quarter last year.
The average prediction of analysts places 'NGL and Refined Products Transportation and Services - NGL and refined products terminal volumes' at 1,782.19 thousands of barrels of oil per day. The estimate compares to the year-ago value of 1,553.00 thousands of barrels of oil per day.
The consensus estimate for 'NGL and Refined Products Transportation and Services - NGL fractionation volumes' stands at 1,241.74 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,150.00 thousands of barrels of oil per day in the same quarter of the previous year.
It is projected by analysts that the 'Adjusted EBITDA- Investment in USAC' will reach $192.43 million. The estimate compares to the year-ago value of $149.00 million.
The consensus among analysts is that 'Adjusted EBITDA- Intrastate transportation and storage' will reach $372.16 million. The estimate compares to the year-ago value of $284.00 million.
Analysts forecast 'Adjusted EBITDA- Interstate transportation and storage' to reach $474.73 million. The estimate is in contrast to the year-ago figure of $470.00 million.
Analysts' assessment points toward 'Adjusted EBITDA- Investment in Sunoco LP' reaching $844.40 million. The estimate compares to the year-ago value of $454.00 million.
The collective assessment of analysts points to an estimated 'Adjusted EBITDA- NGL and refined products transportation and services' of $1.13 billion. Compared to the current estimate, the company reported $1.03 billion in the same quarter of the previous year.
View all Key Company Metrics for Energy Transfer LP here>>>
Over the past month, shares of Energy Transfer LP have returned +5.3% versus the Zacks S&P 500 composite's +0.2% change. Currently, ET carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Energy Transfer (ET +1.46%) has become a very reliable income investment over the past few years. The master limited partnership (MLP), which sends a Schedule K-1 Federal tax form each year, just notched its 19th consecutive quarterly dividend increase. That pay bump pushes its current yield up to 6.8%.
Here's a look at whether now's the time to buy the high-yielding MLP for income.
Image source: The Motley Fool.
Built back better Energy Transfer recently declared its latest cash distribution. The MLP is raising its quarterly payment to $0.34 per unit ($1.36 annualized), a more than 3% increase compared to the year-ago period. It will pay this distribution on Aug. 19 to unitholders of record as of the close of business on Aug. 7.
That's the 19th quarterly increase in a row. The pipeline company began raising its distribution in late 2021, following a 50% cut in early 2020 to retain additional cash and strengthen its financial position. That strategy has worked to perfection as Energy Transfer is now in the best financial shape in its history. That has allowed it to steadily rebuild its distribution, which is now well above the prior peak of $1.22 per unit.
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Plenty of fuel to continue growing Energy Transfer currently plans to grow its distribution by 3% to 5% per year. That's a very achievable level for the MLP. It currently generates significant excess free cash after paying distributions ($2.7 billion in distributable cash flow in the first quarter, compared to less than $1.2 billion in total distributions paid). That's enabling it to retain substantial excess free cash flow to fund its growth capital program.
The MLP currently expects to invest between $5.5 billion and $5.9 billion into growth capital projects this year. That's part of a multi-year, multi-billion-dollar expansion backlog, with projects expected to enter commercial service through 2030, including $9.5 billion of major gas pipeline projects. It also has many smaller-scale gas pipeline projects underway, as well as crude oil and natural gas liquids (NGL) projects. Meanwhile, it has several additional projects under development to support growing gas power demand, NGL exports, and U.S. oil production. These projects should drive meaningful earnings and cash flow growth as they enter commercial service. The MLP currently expects to grow its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 15% at the midpoint of its guidance range this year. This growth should support its distribution growth plan.
Time to buy the high-yielding MLP? Energy Transfer's strong growth has fueled a more than 20% increase in its unit price this year. Despite that, it trades at the lowest valuation among its MLP peers at 8.5 times forward earnings (compared to the 9.5x-11.5x range). Given its strong growth prospects and financial profile, Energy Transfer looks like a great buy right now. It should continue delivering a growing income stream along with solid price appreciation as its earnings grow, which should fuel high-octane total returns in the coming years.
SummaryEnergy Transfer is upgraded to Strong Buy as project execution risks diminish and EBITDA guidance rises, with no valuation expansion since March.Q1 EBITDA grew ~20% YoY to ~$4.9b, with underlying structural growth and a raised full-year EBITDA guidance to $18.4b–$18.6b.Major projects, including NGL de-bottlenecking and the Hugh Brinson Pipeline, are tracking ahead or on schedule, supporting further EBITDA accretion.Valuation remains compressed at ~8.55x EV/EBITDA, while upcoming project milestones and sustained distribution coverage position ET for potential rerating. matejmo/iStock via Getty Images
In March I had rated Energy Transfer (ET) a Buy and had stopped just short of a Strong Buy because I was watching progress in the large capex builds underway at
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Wall Street analytici vyzdvihují dividendové tituly ConocoPhillips, Energy Transfer a Chevron jako zdroj stabilního příjmu. COP nabízí výnos 3 %, ET 6,8 % a CVX 3,92 %.
The ongoing earnings season, investor concerns about the durability of AI demand and spending, and geopolitical risks are key factors that have been contributing to stock market volatility in recent trading sessions.
In this scenario, investors seeking steady income can consider adding dividend stocks to their portfolios. Recommendations of top Wall Street analysts can help them pick attractive dividend stocks that are backed by solid cash flows to support consistent payments.
Here are three dividend-paying stocks that are highlighted by Wall Street's top pros, as tracked by TipRanks, a platform that ranks analysts based on their past performance.
ConocoPhillips Oil and gas exploration and production company ConocoPhillips is this week's first dividend pick. With a dividend of 84 cents per share (annualized dividend of $3.36 per share), COP offers a dividend yield of 3%. The company is scheduled to announce its second-quarter results on Aug. 6.
Ahead of second-quarter results, Wells Fargo analyst Sam Margolin reiterated a buy rating on COP stock with a price target of $183. Despite the pressure on oil prices from an increase in OPEC production quota, the analyst finds ConocoPhillips and Shell stocks appealing as the earnings season approaches. He cited their operational visibility and resilience as factors backing their appeal.
The 5-star analyst expects ConocoPhillips to meet its production guidance of 2.2 million barrels of oil equivalent per day at the mid-point. He expects lower Waha natural gas prices in the Permian Basin to be offset by stronger Brent crude premiums. Margolin expects capital expenditure to remain within COP's prior guided range of $12.2 billion annualized, with no significant impact on spending on the Northfield East project in Qatar despite the Strait of Hormuz disruption.
Overall, Margolin expects COP to generate about $3.5 billion in free cash flow (before working capital) and earnings per share of $2.94. He expects continued strength in COP's free cash flow and regular dividend growth through the completion of the Willow project in 2028/2029. Prior to the Willow project coming online, the analyst expects free cash flow to grow by about $2 billion in 2027 and 2028, assuming Brent crude averages around $60 per barrel.
"COP's track record of capital efficiency and strong Permian well productivity underpins its ability to pursue long-cycle developments," said Margolin.
Margolin ranks No. 457 among more than 12,300 analysts tracked by TipRanks. His ratings have been successful 70% of the time, delivering an average return of 13.3%. See ConocoPhillips Financials on TipRanks.
Energy TransferEnergy Transfer is a limited partnership that operates 140,000 miles of pipeline and associated energy infrastructure. With a quarterly cash distribution of 33.75 cents per common unit ($1.35 per unit on an annualized basis), ET offers a yield of 6.8%.
Heading into Energy Transfer's Q2 earnings on Aug. 4, Jefferies analyst Julien Dumoulin-Smith reaffirmed a buy rating on ET stock with a price target of $23. The analyst noted that his adjusted earnings before interest, taxes, depreciation, and amortization estimate of $4.46 billion is 1% below the Street's consensus of $4.49 billion.
The 5-star analyst noted that Energy Transfer has slightly outperformed Enterprise Products Partners recently. However, it still trades at a relative discount of 19% compared to EPD, which is below its historical discount range of 17%-20%. Smith believes that ET stock could be re-rated higher if the company provides a clearer long-term strategy for natural gas growth.
Furthermore, Smith expects the current energy market to support a stronger outlook for natural gas liquids and crude oil. "The current energy macro backdrop positions ET to benefit in all three commodities," said the analyst.
He expects Energy Transfer's adjusted EBITDA to grow at a 4.8% compound annual growth rate in 2027-2030, which is 1%-3% above Wall Street's expectations. In fact, Smith sees the possibility of additional upside if ET announces more natural gas projects. He added that investors will await details on final investment decisions on new natural gas projects and any clues about additional projects in the pipeline. The analyst noted that ET has announced new gas projects consistently in recent quarters.
Smith ranks No. 550 among more than 12,300 analysts tracked by TipRanks. His ratings have been profitable 64% of the time, delivering an average return of 10.4%. See Energy Transfer Statistics on TipRanks.
ChevronFinally, let's look at energy giant Chevron, which is scheduled to announce its second-quarter results on July 31. Last month, the company paid a quarterly dividend of $1.78 per share. At an annualized dividend of $7.12, CVX offers a dividend yield of 3.92%.
Ahead of Q2 earnings, Jefferies analyst Lloyd Byrne reiterated a buy rating on Chevron stock and lowered his price target to $216 from $236. Byrne expects the company to report adjusted EPS of about $5.86 per share, nearly 9% above the Street's expectations.
The 5-star analyst highlighted that the challenges seen in Chevron's upstream business in the first quarter due to the disruption at the Tengizchevroil joint venture in Kazakhstan, Storm Fern downtime, and the Middle East conflict have largely been resolved. Consequently, Byrne expects production to recover in the second quarter to about 4,033 mboepd. He expects the upstream business to generate adjusted earnings of about $8.1 billion in Q2 2026.
Meanwhile, Byrne expects Chevron to generate downstream adjusted earnings of about $4.4 billion in Q2, with strength in both domestic and international markets. The downstream business benefited from higher crack spreads and strong refining performance.
Additionally, the analyst expects Chevron to generate $18.2 billion in cash flow from operations (before working capital changes), driven by stronger earnings and about $2.2 billion in dividends from affiliated companies. Unlike the first quarter, Chevron is not expected to make a TCO loan repayment in Q2, providing an additional boost to cash flow.
Byrne ranks No. 409 among more than 12,300 analysts tracked by TipRanks. His ratings have been successful 56% of the time, delivering an average return of 17.5%. See Chevron Ownership Structure on TipRanks.
Energy Transfer zvýšila výhled růstových kapitálových investic na 5,5 až 5,9 miliardy USD. Investice míří hlavně do plynovodů pro datová centra a dalších dlouhodobých projektů.
Energy Transfer (ET +2.62%) is one of the largest midstream energy companies in the United States, with more than 140,000 miles of pipeline for transporting crude oil, natural gas, liquefied natural gas (LNG), natural gas liquids (NGLs), and other refined products.
The company recently upgraded its 2026 growth capital expenditure (capex) guidance to $5.5 billion to $5.9 billion, up from an initial estimate of $5 billion to $5.5 billion, demonstrating its shift to a cycle of growth.
For income and growth investors, this elevated spending level carries several critical implications.
Image source: Getty Images.
The build-out is connected to a backlog This isn't speculative "build-it-and-they-will-come" spending. Management has stated these projects are underpinned by long-term, fee-based volume commitments targeting mid-teens returns. A substantial portion of this capital is flowing toward meeting the massive demand for natural gas-fired electricity generation to support artificial intelligence (AI) data centers.
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The company has announced three major gas pipeline projects this year, in addition to three pipeline laterals designed as direct connections to end users, so it already has waiting customers for its projects.
Key drivers for these projects include the gas-to-electricity trend, especially for fueling data centers, and growth in natural gas liquids exports. For example, Energy Transfer's Texas network will supply natural gas to the Nexus Hubbard Campus in central Texas, fueling the on-site generation that powers their new AI hyperscale facility.
Energy Transfer's aggressive capital spending is being driven by a combination of generational shifts in power demand, regional production gluts, and a deliberate decision to pivot away from high-risk megaprojects toward immediately accretive infrastructure.
Its dividend is safe, even with expansion plans In past cycles, a heavy capex budget might have raised red flags regarding the safety of the partnership's distribution. However, Energy Transfer's financial footing is solid. The company raised its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to between $18.2 billion and $18.6 billion, meaning the company has immense cash flow.
In the first quarter, Energy Transfer reported revenue of $27.7 billion, up 32% year over year. Adjusted EBITDA was $4.94 billion, up 20.5% over the first quarter of 2025, and distributable cash flow (DCF) was $2.7 billion, up 16.8% year over year.
The company's DCF easily covers its 6.77% distribution yield, as of its current share price, and provides a heavy multibillion-dollar internal equity cushion to self-fund this growth. Dilutive equity issuance to fund this backlog is off the table.
Energy Transfer said it plans to keep raising distributions by 3% to 5% each year. It's increased its distributions for 18 consecutive quarters.
Investors may need to be patient While the projects are high-return, infrastructure takes time to build and commission. Because billions of dollars are actively tied up in construction work in progress (CWIP), they are not yet generating EBITDA.
Energy Transfer's shares have risen by more than 19% this year, but that trend may slow. The company's spending plans will likely keep the company's forward valuation multiple compressed in the near term, at just below 13 times forward earnings. The true rerating and subsequent free cash flow inflections are more likely to be a late-2027 and 2028 story once these assets go into service.
Because the company is allocating more capital to organic projects rather than aggressively buying back units or overindexing on distribution hikes, investors should expect management to stick to its conservative 3% to 5% annual distribution growth target. It strikes a clear balance: Reward unit holders today while fully capitalizing on a generational build-out of energy infrastructure.
Energy Transfer rozšiřuje terminál Nederland NGL Export Terminal o kapacitu etanu 240 000 barelů denně a LPG 55 000 barelů denně. Projekt má být dokončen po etapách od roku 2028 a podpoří růst distribuce.
Energy Transfer (ET 1.15%) recently announced an additional expansion of its Nederland NGL Export Terminal. The project will enable the master limited partnership (MLP) to export more natural gas liquids (NGLs) out of that crucial Gulf Coast terminal by the end of the decade. It's the latest expansion of this facility and one of many projects the company has under construction.
Here's a look at the new project, which will give the MLP even more fuel to grow its over 7%-yielding distribution.
Image source: The Motley Fool.
The NGL export juggernaut Energy Transfer plans to increase the ethane export capacity of its Nederland NGL Export Terminal by 240,000 barrels per day (BPD). It also plans to add another 55,000 BPD of LPG export capacity. The company is expanding this facility due to robust customer demand. It has secured long-term contracts for 100% of the facility's ethane export capacity into the 2040s.
The company expects to complete the project in phases starting in 2028. It's expanding its Mont Belvieu-to-Nederland NGL export pipeline and building two additional NGL ship docks (which it expects to complete by the middle of 2029). The company is already expanding its refrigerated propane and butane storage tanks (anticipated completion in the first half of 2027). Once complete, the Energy Transfer will have the largest refrigerated storage capacity on the U.S. Gulf Coast and the capacity to export more than 1.25 million BPD from this facility. Add in the company's Marcus Hook NGL Export Facility along the East Coast (which it's expanding to 420,000 BPD by mid-2027), and Energy Transfer will have about 1.7 million BPD of NGL export capacity by the end of the decade.
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A massive and growing backlog Energy Transfer's latest Nederland expansion project adds to its already extensive expansion project backlog. The pipeline company plans to spend between $5.5 billion and $5.9 billion on expansion projects this year.
The bulk of its projects are natural gas pipelines. Energy Transfer is investing up to $9.5 billion in major gas pipeline projects, led by the $5.6 billion Desert Southwest Pipeline (anticipated completion by the fourth quarter of 2029). It's also building several pipeline laterals to supply gas to AI data centers and gas-fired power plants. Additionally, the company is expanding several crude oil and NGL pipelines, building additional NGL infrastructure, and constructing more gas processing plants.
These projects give Energy Transfer significant growth visibility. It currently has projects on track to enter commercial service through early 2030. These projects support the company's plans to increase its high-yielding distribution by 3% to 5% per year.
Enhancing its already robust growth profile Energy Transfer is moving forward with another expansion of its key Nederland terminal. This expansion will help further support distribution growth through the end of the decade. The MLP's combination of yield and growth makes it a highly attractive investment opportunity for those comfortable with receiving a Schedule K-1 Federal tax form from the MLP each year.
Matt DiLallo has positions in Energy Transfer. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
