Energy Transfer LP

ET · NYSE

$19.55−$0.56 (−2.78%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $20.11

ET analyst rating

BuyConsensus of 12 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy10
Hold2
Underperform0
Sell0

12-month price target · 26 analysts

Average $25.06 (+28.2% upside)

Low: $22.22
Now: $19.55
High: $29.40

Upgrades and downgrades

The latest rating actions, newest first

ET analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Sep 10, 2026	Initiates	Buy	$25.00	33%
JP Morgan	Sep 4, 2026	Maintains	Overweight	$24.00 → $25.00	57%
Morgan Stanley	Aug 18, 2026	Maintains	Equal-Weight	$23.00 → $25.00	61%
Truist Securities	Aug 12, 2026	Maintains	Buy	$23.00 → $25.00	63%
TD Cowen	Aug 10, 2026	Maintains	Buy	$24.00 → $25.00	70%
Citigroup	Aug 7, 2026	Maintains	Buy	$23.00 → $24.00	66%
Barclays	Aug 5, 2026	Maintains	Overweight	$23.00 → $24.00	71%
RBC Capital	Jul 21, 2026	Maintains	Outperform	$21.00 → $23.00	65%
TD Cowen	Jul 16, 2026	Maintains	Buy	$23.00 → $24.00	70%
Morgan Stanley	May 27, 2026	Maintains	Equal-Weight	$21.00 → $23.00	61%

The case for and against

Updated Oct 21, 2026

Bull case

Energy Transfer is well positioned by its diversified midstream footprint across natural gas, NGLs, crude oil, and refined products, with roughly 45% of earnings tied to natural gas and 25% to NGL, giving it direct leverage to LNG exports, data centers, and rising US supply demand. Strong 2Q26 execution and marketing gains helped lift FY26 Adj. EBITDA guidance to about $18.95 billion, while 300 kbd of new Y-grade contracts, extended ethane agreements into 2041, and projects like Hugh Brinson and Bayou Bridge reduce rollover risk and support visible volume growth. Its large gas processing network, conservative guidance, and a $5 billion growth capex opportunity through 2029, along with upside from SUN refining margins, suggest durable earnings expansion and an attractive financial position.

Bear case

Energy Transfer is vulnerable to the midstream sector’s core weaknesses: earnings depend on timely project execution, heavy permitting, and uninterrupted hydrocarbon flows, so regulatory delays or government restrictions could quickly impair growth. Its leveraged model also leaves it exposed to rising interest rates, tighter liquidity, or a credit rating downgrade, while weaker natural gas, NGL, refined products, or crude prices could curb drilling activity and reduce volumes across its Texas and midcontinent network. Even with stable, contracted cash flows, the company faces recurring operational, weather, cybersecurity, and counterparty risks, and any slowdown in LNG export capacity or data center-driven demand would pressure the long-term outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.