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ENERGY TRANSFER LP (ET)
NYSEEnergyOil & Gas MidstreamSnapshot 2026-06-16
Intact
$18.89-0.11%
Close 2026-06-16 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is strong, but earnings quality and management's track record are neutral. The company has a capital-unfriendly stance, and risk is moderate, while the sector backdrop presents a headwind. Compared with sector peers, ET is above typical. Peer multiples imply a price roughly in line with where it trades (about fair); the read is fair. The analysis is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NYSE
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- Market cap
- $65.62B
- Employees
- —
- IPO date
- 2005-09-02
- Next earnings
- 2026-08-05
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 3 valuation methods, at three horizons. Current price $18.89. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfair
$19.06consensus
Range $14.90 – $19.24
vs price: -1% below
Method agreement — · 3 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$26.23consensus
Range $22.57 – $29.90
vs price: -28% below
Method agreement — · 2 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
high confidence
We can't anchor a clean multiple for ET right now, so treat our $19 fair value as low-confidence. Not investment advice.
Multiple (multiple)
—
peer — · own history —
Premium
—
Growth the price needs
-1%
our forecast 7%
Our fair value
$19.00
range $14.96 – $19.19
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fair12-month view
What's priced inJustified
The price implies about 1% below a flat-multiple fair value, in line with our forecast of about 7%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Compared to peers
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Energy names rated strong grew net income 60% of the time over the next year (vs 56% for the rest of the cohort, n=979).
83rd pctl · Energy
Earnings quality
neutralOver the trailing year it converted 2.43x of net income into operating cash flow. Historically, Energy names rated neutral grew net income 33% of the time over the next year (vs 48% for the rest of the cohort, n=789).
64th pctl · Energy
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, long-term interest rates, Fed net liquidity, real (inflation-adjusted) rates.
Management & capital allocation
neutralEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
BullishEPS revised +23.2% / 30d, n=9for period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $0.30 → $0.37 (+23.2% / 30d). 2 raised, 4 cut, 9 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d, 1 maintained. 90% of analysts rate Buy.
Price target activity
1 PT revisions / 30d. Avg target 16.7% above current price.
Material events
0 positive, 0 negative / 30d.
Sector context
Intermediate · WeeklySector phase: energy is in (~0.8 years in phase).
Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- neutral
- Earnings discipline
- neutral
- Margin discipline
- strong
- Balance sheet
- weak
- Post-call reaction
- strong
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$75.
How much price usually moves either way.
On a bad day, this stock has moved -$147.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $879.
Deepest peak-to-trough drop in the last year.
moderateas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceQuartersactive 4d
Watch for growth capital investment between $5.5-$5.9 billion
Why it matters: Investing in growth capital shows commitment to expansion. Missing this target could signal weaker growth plans.
What confirms / what disproves
Confirms:Company plans to invest $5.5-$5.9 billion in growth capital for 2026.
Disproves:Investment falls below $5.5 billion for 2026.
Management priorities
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for ET yet.
This sector is also watching
- Watch for energy revenue growth to pick up above 3% YoY
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
No upside scenarios in the latest snapshot.
Downside triggers
No downside scenarios in the latest snapshot.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-06-0314d agoItem 5.02
Co-Chief Executive Officer — Marshall S. (“Mackie”) McCrea, III: Mr. McCrea is retiring and being succeeded by Thomas E. Long as sole Chief Executive Officer.
Executive changeneutral
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
+7.7 vs last weeklatest as of 2026-06-16
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.