Energy Transfer (ET)
Market Price (9/1/2026): $21.69 | Market Cap: $74.7 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Energy Transfer (ET)
Market Price (9/1/2026): $21.69Market Cap: $74.7 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include US Energy Independence, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include US LNG, Show more. | Key risksET key risks include [1] its substantial debt burden and [2] ongoing legal and regulatory challenges. |
| Megatrend and thematic driversMegatrends include US Energy Independence, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include US LNG, Show more. |
| Key risksET key risks include [1] its substantial debt burden and [2] ongoing legal and regulatory challenges. |
Qualitative Assessment
AI Analysis | Feedback
Energy Transfer (ET) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
Energy Transfer reported robust financial results for its fiscal Q2 2026, which ended June 30, 2026, on August 4, 2026. The company announced net income per common unit of $0.59, significantly surpassing analysts' consensus estimates of $0.38 by $0.21. Revenue for the quarter also climbed by 78.4% year-over-year to $34.33 billion, exceeding expectations of $27.71 billion. Furthermore, Adjusted EBITDA surged 31% year-over-year to $5.07 billion. This strong performance prompted Energy Transfer to raise its full-year 2026 Adjusted EBITDA guidance to a range of $18.8 billion to $19.1 billion, an increase from the previous range of $18.2 billion to $18.6 billion.
2. Record Operational Volumes Across Key Business Segments.
The exceptional fiscal Q2 2026 results were driven by record-setting operational volumes across several of Energy Transfer's core business segments. The Partnership achieved new records in NGL transportation volumes, which rose by 13%, and NGL exports, which increased by 25%. Additionally, crude oil transportation volumes were up 4%, and midstream gathered volumes also saw a 4% increase, all contributing to the strong financial performance.
Show more
Energy Transfer (ET) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
Energy Transfer reported robust financial results for its fiscal Q2 2026, which ended June 30, 2026, on August 4, 2026. The company announced net income per common unit of $0.59, significantly surpassing analysts' consensus estimates of $0.38 by $0.21. Revenue for the quarter also climbed by 78.4% year-over-year to $34.33 billion, exceeding expectations of $27.71 billion. Furthermore, Adjusted EBITDA surged 31% year-over-year to $5.07 billion. This strong performance prompted Energy Transfer to raise its full-year 2026 Adjusted EBITDA guidance to a range of $18.8 billion to $19.1 billion, an increase from the previous range of $18.2 billion to $18.6 billion.
2. Record Operational Volumes Across Key Business Segments.
The exceptional fiscal Q2 2026 results were driven by record-setting operational volumes across several of Energy Transfer's core business segments. The Partnership achieved new records in NGL transportation volumes, which rose by 13%, and NGL exports, which increased by 25%. Additionally, crude oil transportation volumes were up 4%, and midstream gathered volumes also saw a 4% increase, all contributing to the strong financial performance.
3. Consistent Increase in Quarterly Cash Distribution.
In July 2026, Energy Transfer announced an increase in its quarterly cash distribution for the fiscal quarter ended June 30, 2026, to $0.3400 per common unit, equating to $1.36 on an annualized basis. This represented an increase of more than 3% compared to the second quarter of 2025 and marked the Partnership's nineteenth consecutive quarterly distribution increase, signaling financial stability and a commitment to returning value to unitholders.
4. Significant Insider Buying Activity.
A notable insider transaction occurred on August 20, 2026, when Director Kelcy Warren purchased 1,000,000 shares of Energy Transfer stock. This substantial acquisition, valued at approximately $21,263,520, demonstrated strong confidence from company leadership in the Partnership's future prospects and valuation.
5. Positive Analyst Sentiment and Price Target Upgrades.
Following the strong earnings report, several analysts reacted positively, upgrading ratings and raising price targets for Energy Transfer. For example, TD Cowen reiterated a "buy" rating and raised its price objective to $25.00 from $24.00 on August 10, 2026. Overall, Energy Transfer holds a consensus rating of "Moderate Buy" or "Strong Buy" from analysts, with an average 12-month price target ranging from $23.92 to $24.53, indicating continued optimism for the stock's performance.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
5/31/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ET | 6.8% | |
| Market (SPY) | 1.4% | -18.0% |
| Sector (XLE) | 13.6% | 69.4% |
Fundamental Drivers
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Market Drivers
2/28/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ET | 10.5% | |
| Market (SPY) | 12.1% | -22.8% |
| Sector (XLE) | 15.1% | 68.5% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ET | 22.1% | |
| Market (SPY) | 19.9% | -5.6% |
| Sector (XLE) | 44.9% | 60.1% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 8/31/2026| Return | Correlation | |
|---|---|---|
| ET | 88.1% | |
| Market (SPY) | 76.3% | 42.8% |
| Sector (XLE) | 57.2% | 62.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ET Return | 43% | 56% | 28% | 54% | -9% | 29% | 411% |
| Peers Return | 52% | 25% | 10% | 63% | 4% | 29% | 353% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ET Win Rate | 58% | 67% | 58% | 75% | 42% | 75% | |
| Peers Win Rate | 75% | 62% | 53% | 72% | 55% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ET Max Drawdown | -26% | -23% | -12% | -8% | -25% | -8% | |
| Peers Max Drawdown | -15% | -25% | -16% | -13% | -22% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KMI, WMB, ENB, OKE, TRGP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/31/2026 (YTD)
How Low Can It Go
| Event | ET | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.2% | -18.8% |
| % Gain to Breakeven | 28.6% | 23.1% |
| Time to Breakeven | 311 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.3% | -33.7% |
| % Gain to Breakeven | 179.9% | 50.9% |
| Time to Breakeven | 437 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.3% | -19.2% |
| % Gain to Breakeven | 47.7% | 23.8% |
| Time to Breakeven | 1340 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.7% | -3.7% |
| % Gain to Breakeven | 18.7% | 3.9% |
| Time to Breakeven | 7 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -86.1% | -12.2% |
| % Gain to Breakeven | 621.7% | 13.9% |
| Time to Breakeven | 2935 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -71.0% | -6.8% |
| % Gain to Breakeven | 245.2% | 7.3% |
| Time to Breakeven | 114 days | 15 days |
In The Past
Energy Transfer's stock fell -22.2% during the 2025 US Tariff Shock. Such a loss loss requires a 28.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | ET | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.2% | -18.8% |
| % Gain to Breakeven | 28.6% | 23.1% |
| Time to Breakeven | 311 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.3% | -33.7% |
| % Gain to Breakeven | 179.9% | 50.9% |
| Time to Breakeven | 437 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.3% | -19.2% |
| % Gain to Breakeven | 47.7% | 23.8% |
| Time to Breakeven | 1340 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -86.1% | -12.2% |
| % Gain to Breakeven | 621.7% | 13.9% |
| Time to Breakeven | 2935 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -71.0% | -6.8% |
| % Gain to Breakeven | 245.2% | 7.3% |
| Time to Breakeven | 114 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.6% | -17.9% |
| % Gain to Breakeven | 27.5% | 21.8% |
| Time to Breakeven | 84 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.0% | -53.4% |
| % Gain to Breakeven | 149.7% | 114.4% |
| Time to Breakeven | 388 days | 1085 days |
In The Past
Energy Transfer's stock fell -22.2% during the 2025 US Tariff Shock. Such a loss loss requires a 28.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Energy Transfer (ET)
Energy Transfer LP (ET) is a leading energy infrastructure company primarily engaged in the transportation, storage, and processing of various energy commodities across the United States. The company owns and operates an expansive network of pipelines and related assets critical for moving natural gas, natural gas liquids (NGLs), and crude oil from production basins to consumption and export markets. This extensive infrastructure positions Energy Transfer as a vital link in the energy supply chain.
The company's main products and services revolve around its vast asset base. For natural gas, this includes operating tens of thousands of miles of transportation pipelines, gathering systems, storage facilities, and processing plants, as well as selling natural gas directly. In the NGL sector, Energy Transfer manages thousands of miles of pipelines, fractionation facilities, and large storage terminals. Additionally, it provides crude oil transportation, terminalling, and marketing services, alongside the sale and distribution of refined petroleum products such as gasoline. Specialized services like natural gas compression, carbon management solutions, and water transport for producers further diversify its offerings.
Energy Transfer serves a broad and diverse customer base within the energy industry. Its primary customers include electric utilities, independent power plants, local natural gas distribution companies, industrial end-users, and other energy marketing firms. Geographically, the company's operations are concentrated in key energy-producing and consuming regions across the U.S., including Texas, Oklahoma, Pennsylvania, Ohio, Louisiana, and New Mexico, enabling it to connect major supply sources with crucial demand centers.
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Here are 1-3 brief analogies for Energy Transfer (ET):
- It's like the UPS or FedEx of the energy world, managing the vast transportation and storage of natural gas, crude oil, and NGLs.
- Think of it as the interstate highway system for oil and natural gas, owning and operating the extensive pipeline networks and storage facilities that move energy across the country.
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- Natural Gas Transportation & Storage: Operates an extensive network of pipelines for natural gas transportation and provides natural gas storage facilities.
- Natural Gas Gathering & Processing: Collects raw natural gas from wells, processes it to remove impurities, and extracts natural gas liquids.
- Natural Gas Sales & Conditioning: Sells natural gas to utilities and industrial users, and offers services like compression, cooling, dehydration, and contaminant removal.
- Natural Gas Liquids (NGL) Services: Provides NGL pipeline transportation, fractionation facilities for separating NGLs, and NGL storage assets.
- Crude Oil Transportation & Marketing: Offers crude oil pipeline transportation, terminalling services, and engages in crude oil acquisition and marketing.
- Refined Petroleum Product Sales: Sells and distributes gasoline, middle distillate, motor fuels, and other petroleum products.
- Water Transportation & Supply: Transports and supplies water to natural gas producers, particularly in Pennsylvania.
- Natural Resources Management: Manages coal and natural resources properties, including selling timber, leasing infrastructure, collecting royalties, and generating electrical power.
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Energy Transfer (ET) primarily sells its services and products to other companies, not individuals. While the provided company description does not list specific customer company names or their public symbols, it details the categories of businesses that constitute its major customers:
- Companies that purchase natural gas, including electric utilities, independent power plants, local natural gas distribution companies (LDCs), and industrial end-users.
- Energy producers, refiners, petrochemical companies, and marketers that utilize ET's infrastructure for crude oil and natural gas liquid (NGL) transportation, terminalling, storage, fractionation, and refined petroleum product distribution.
- Other energy and industrial companies requiring specialized midstream services such as natural gas compression, processing, and treatment, as well as those utilizing its resource management and power generation capabilities.
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Marshall S. McCrea III Co-Chief Executive Officer
Marshall S. McCrea III, also known as Mackie, was appointed Co-Chief Executive Officer of Energy Transfer LP in January 2021. He also serves as the Chief Commercial Officer. Mr. McCrea joined Energy Transfer in 1997 as Senior Vice President Business Development. He has held numerous leadership roles within the company, including Group Chief Operating Officer and Chief Commercial Officer for the Energy Transfer family. From June 2008 to November 2015, he served as President and Chief Operating Officer of Energy Transfer Operating, L.P. Mr. McCrea has over 25 years of experience in the natural gas business and serves on the Board of Directors of Energy Transfer LP. He also previously served as Chairman of Sunoco Partners LLC and a Director of Penntex Midstream GP LLC.
Thomas E. Long Co-Chief Executive Officer
Thomas E. Long was named Co-Chief Executive Officer of Energy Transfer LP in January 2021, having previously served as the company's Chief Financial Officer from 2016 through 2020. He was appointed to the Board of Directors of Energy Transfer LP in April 2019. Prior to joining Energy Transfer, Mr. Long was Executive Vice President and Chief Financial Officer of Regency GP LLC from November 2010 to April 2015. Regency Energy Partners LP was acquired by Energy Transfer in 2010. His career also includes serving as Vice President and Chief Financial Officer of Matrix Service Company from May 2008 to November 2010, and Vice President and Chief Financial Officer of DCP Midstream Partners, LP. From 1998 to 2005, Mr. Long held various executive positions with subsidiaries of Duke Energy Corp. He currently chairs the Board of Directors of USA Compression Partners, LP, and previously served on the Board of Directors of Sunoco LP. In July 2024, Mr. Long was appointed to the Board of Directors of the Texas Stock Exchange.
Bradford D. Whitehurst Chief Financial Officer
Bradford D. (Brad) Whitehurst was appointed Chief Financial Officer of Energy Transfer LP on January 11, 2021, bringing 20 years of experience to the role. Before this, he served as Executive Vice President and Head of Tax for Energy Transfer, a position he held since joining the Partnership in 2014. In addition to his taxation responsibilities, Mr. Whitehurst has managed Energy Transfer's Information Technology and Business Optimization divisions. Prior to his tenure at Energy Transfer, he was a partner specializing in partnership taxation at Bingham McCutchen LLP in Washington, DC, and also worked as an attorney at McKee Nelson LLP and Hogan & Hartson. Mr. Whitehurst serves on Energy Transfer's Investment Committee, is a director of USA Compression Partners, LP, and has been a member of the board of directors for the Energy Infrastructure Council since 2017.
Kelcy Warren Executive Chairman
Kelcy Warren co-founded Energy Transfer in 1996 with Ray Davis. He stepped down as CEO in 2020 but remains actively involved in the strategic direction of the Partnership as Executive Chairman and Chairman of the Board of Directors. Mr. Warren began his career in the energy industry working for Sun Oil, where his father was also employed. Under his leadership, Energy Transfer has grown to operate approximately 130,000 miles of pipeline for oil and natural gas across the U.S. He has been recognized by numerous energy and business organizations for his contributions to the industry.
James M. Wright Jr. President and Chief Operating Officer
James M. Wright Jr. serves as the President and Chief Operating Officer of Energy Transfer LP. In this role, he is responsible for overseeing the company's extensive network of energy assets, which includes natural gas and oil pipelines, terminals, and storage facilities. Mr. Wright is instrumental in guiding the company's operational strategies, ensuring the efficiency and safety of Energy Transfer's infrastructure, and navigating the regulatory and market environments pertinent to the energy sector.
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Key Risks to Energy Transfer (ET)
- Interest Rate Pressures and Debt Burden: Energy Transfer carries a significant long-term debt load, making it vulnerable to rising interest rates. Higher interest rates increase refinancing costs for its substantial annual debt maturities, which could impact free cash flow and potentially lead to the company prioritizing debt reduction over distribution growth.
- Regulatory and Environmental Headwinds: The company faces ongoing regulatory scrutiny and activist pressure related to its extensive pipeline operations, such as the Dakota Access Pipeline (DAPL). Broader climate policies, including potential carbon taxes or stricter methane emission rules, could negatively affect its natural gas-heavy portfolio.
- Commodity Price Volatility and Demand Destruction: While approximately 90% of Energy Transfer's revenue is derived from stable, fee-based contracts, a portion of its business, particularly NGL marketing and crude segments, remains sensitive to commodity price fluctuations. Significant drops in oil and natural gas prices can reduce producer volumes, consequently impacting throughput on ET's pipelines despite fixed fees. Conversely, aggressive energy price hikes can also lead to demand destruction, reducing overall consumption by households and industrial facilities.
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- The accelerating global transition to renewable energy sources (solar, wind, and battery storage) poses a clear emerging threat by reducing the long-term demand for natural gas, a core commodity transported and stored by Energy Transfer's extensive pipeline and storage infrastructure.
- The increasing adoption of electric vehicles presents a clear emerging threat by diminishing the demand for gasoline, middle distillate, and other motor fuels, which Energy Transfer is involved in selling and distributing.
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Energy Transfer (ET) Addressable Market Sizes
Energy Transfer LP operates across significant energy infrastructure markets, primarily within the United States. The addressable markets for its main products and services are substantial, reflecting its extensive operations in natural gas, natural gas liquids (NGL), and crude oil.
Natural Gas Transportation and Storage
- The U.S. natural gas distribution market was valued at approximately USD 170.0 billion in 2024 and is projected to grow to USD 186.0 billion by 2032.
- More broadly, the U.S. gas pipeline infrastructure market size was estimated at USD 1,058.73 billion in 2024, is expected to reach USD 1,149.26 billion in 2025, and is projected to grow to about USD 2,431.55 billion by 2034. North America held a dominant position in the global gas pipeline infrastructure market in 2024, accounting for 48.3% of the share with USD 1,478.1 billion in revenue.
Natural Gas Gathering, Processing, and Treating
- The global gas processing market size was valued at USD 243.62 billion in 2025 and is predicted to increase to approximately USD 457.28 billion by 2035. North America represented the largest revenue share in the worldwide gas treatment market in 2023.
Natural Gas Liquid (NGL) Pipelines, Fractionation, and Storage
- The North America Natural Gas Liquids (NGL) Market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033. The United States accounted for 92.8% of the North America natural gas liquid market share in 2024.
- The global natural gas liquids market size was estimated at USD 15.4 billion in 2024 and is projected to reach USD 21.59 billion by 2030. Another report indicates a global market size of USD 16.3 billion in 2025, estimated to reach USD 29.4 billion by the end of 2035.
Crude Oil Transportation, Terminalling, Acquisition, and Marketing
- The North American crude oil pipelines market generated approximately US$24.3 billion in value in 2024.
- The broader U.S. oil & gas infrastructure market, which encompasses oil, gas, and NGL pipelines, was valued at USD 78.9 billion in 2024 and is projected to reach USD 147.8 billion by 2034. Within this, the Oil, Gas & NGL Pipelines segment is expected to exceed USD 41 billion by 2034.
Liquefied Natural Gas (LNG) Infrastructure
- The U.S. LNG infrastructure market size is predicted to reach US$ 62.5 billion in 2032, up from US$ 46.3 billion in 2025. Another source states the U.S. LNG Infrastructure Market was valued at USD 40.32 billion in 2023 and is anticipated to exceed USD 73.85 billion by 2033.
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- Major Organic Pipeline and Processing Plant Expansion Projects: Energy Transfer is undertaking significant organic expansion projects to increase its capacity for natural gas and natural gas liquids (NGLs) transportation and processing. These include the Florida Gas Transmission (FGT) Phase IX Project and the South Florida Project, which are designed to support growing demand across Florida with new looping pipelines and compression facilities. Additionally, projects like the Hugh Brinson natural gas pipeline, aimed at transporting gas from the Permian Basin, the Transwestern Pipeline expansion, and new natural gas processing plants such as Mustang Draw I & II, Badger, and Lenorah II, are expected to come online, significantly contributing to earnings growth in 2026 and 2027. The Nederland Flexport NGL Export Expansion Project is also expected to add substantial NGL export capacity.
- Growing Demand for Natural Gas Liquids (NGL) Exports: The company has experienced record NGL export volumes, driven by increasing international demand for natural gas liquids. Energy Transfer continues to be a leading exporter of NGLs, maintaining a significant market share of worldwide NGL exports. Expansion projects like the Nederland Flexport NGL Export Expansion are specifically designed to capitalize on and further grow these export volumes.
- Increased Natural Gas Demand from Power Generation and Data Centers: A significant catalyst for growth is the rising demand for natural gas from power plants and data centers. Energy Transfer is actively involved in projects to supply natural gas to these facilities, particularly in West Texas, which is expected to fuel future expansion projects.
- Strategic Acquisitions and Permian Basin Production Growth: While organic projects are a primary focus, the benefits from recent strategic acquisitions, such as USA Compression Partners, are expected to continue contributing to revenue growth, as indicated by revised EBITDA guidance. Furthermore, sustained strong production growth in the prolific Permian Basin continues to underpin the need for Energy Transfer's infrastructure, driving new expansion opportunities and increased volumes across its systems.
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Share Repurchases
Energy Transfer has reported $0.00 in share buybacks over recent periods. As of June 30, 2023, the company had $880 million remaining available under its authorized unit buyback program. The partnership has prioritized debt reduction and distribution growth as part of its capital allocation strategy.Share Issuance
In April 2021, Energy Transfer Operating, L.P. merged with a wholly-owned subsidiary of ET, resulting in the conversion of preferred units in ETO to new preferred units in ET. The company has actively redeemed several series of preferred units, including Series C and D on February 9, 2024, Series E on May 15, 2024, and Series A on June 21, 2024. The Series F preferred units are scheduled for redemption on May 15, 2025.Outbound Investments
Energy Transfer has pursued a strategy of expanding its operations through strategic acquisitions. Notable transactions include the acquisition of WTG Midstream in May 2024 for $3.25 billion, which expanded its gas gathering pipelines and processing plants. In November 2023, Energy Transfer acquired Crestwood Equity Partners, enhancing its presence in key basins such as the Permian, Williston, and Haynesville. Additionally, the company acquired Lotus Midstream in March 2023 for $1.45 billion.Capital Expenditures
Energy Transfer has significantly invested in capital expenditures to support its growth initiatives. Growth capital expenditures were approximately $1.40 billion in 2021 and ranged from $1.6 billion to $1.9 billion in 2022. For 2023, capital expenditures were $704.0 million, increasing to $1.5 billion in 2024. The company's growth capital expenditures for 2025 are projected to be around $4.5 billion to $5 billion, with a forecast of $5.0 billion to $5.5 billion for 2026. These expenditures primarily focus on enhancing natural gas and NGL infrastructure, including projects like the Nederland Flexport NGL expansion, Mustang Draw processing plants, the Hugh Brinson Pipeline, and natural gas pipelines to serve data center facilities.Peer Outperformance in Oil & Gas Storage & Transportation
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ET | Energy Transfer | 11.1% | — | 22.1% | 86.0% | 216.4% | — |
| INSW | International Seaways | 8.0% | 6.3x | 144.9% | 221.2% | 797.6% | +581pp |
| DHT | DHT | 10.5% | 6.7x | 92.1% | 187.8% | 413.6% | +197pp |
| DTM | DT Midstream | 12.6% | 28.6x | 29.2% | 178.0% | 245.9% | +29pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 106.2% | 108.3% | 378.7% | PBF 747% · MPC 629% · VLO 555% |
| Integrated Oil & Gas | 7 | 46.2% | 56.5% | 256.7% | IMO 465% · SU 350% · CVE 339% |
| Oil & Gas Storage & Transportation ← | 19 | 33.2% | 117.4% | 224.0% | INSW 798% · LPG 705% · TRGP 645% |
| Coal & Consumable Fuels | 14 | 27.8% | 54.8% | 137.6% | EU 1154% · LEU 482% · CCJ 422% |
| Oil & Gas Equipment & Services | 35 | 55.8% | 25.7% | 130.1% | FTI 1113% · TDW 712% · SEI 708% |
| Oil & Gas Exploration & Production | 51 | 26.5% | 2.9% | 121.4% | KGEI 8833% · OBE 6925% · EP 3063% |
| Oil & Gas Drilling | 7 | 73.9% | -1.9% | 96.1% | VAL 194% · PDS 188% · NE 115% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Energy Transfer Earnings Notes | 08/10/2025 | |
| ET Dip Buy Analysis | 06/29/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | - |
| Mkt Cap | 71.7 |
| Rev LTM | 17,959 |
| Op Inc LTM | 5,217 |
| FCF LTM | 1,465 |
| FCF 3Y Avg | 2,750 |
| CFO LTM | 6,157 |
| CFO 3Y Avg | 5,633 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.5% |
| Rev Chg 3Y Avg | 2.3% |
| Rev Chg Q | 10.8% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 18.0% |
| Op Inc Chg 3Y Avg | 7.7% |
| Op Mgn LTM | 22.9% |
| Op Mgn 3Y Avg | 19.2% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 25.6% |
| CFO/Rev 3Y Avg | 22.2% |
| FCF/Rev LTM | 4.4% |
| FCF/Rev 3Y Avg | 10.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Crude oil transportation and services | 26,478 | 28,539 | 26,536 | 25,982 | 17,446 |
| Investment in Sunoco LP | 25,201 | 22,693 | 23,068 | 25,729 | 17,596 |
| Natural gas liquid (NGL) and refined products transportation and services | 24,853 | 24,530 | 21,903 | 25,657 | 19,961 |
| Midstream | 12,503 | 11,199 | 10,406 | 17,101 | 11,316 |
| Intrastate transportation and storage | 3,996 | 3,053 | 3,962 | 7,818 | 8,571 |
| All other | 3,909 | 1,747 | 1,798 | 3,574 | 3,476 |
| Interstate transportation and storage | 2,445 | 2,296 | 2,375 | 2,251 | 1,841 |
| Investment in USA Compression (USAC) | 998 | 950 | 846 | 705 | 633 |
| Eliminations | -14,847 | -12,336 | -12,308 | -18,941 | -13,423 |
| Total | 85,536 | 82,671 | 78,586 | 89,876 | 67,417 |
| $ Mil | 2009 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| Interstate transportation and storage | 618 | |||
| Retail propane and other retail propane related | 229 | |||
| Interstate transportation | 138 | 96 | ||
| Midstream | 137 | 119 | 148 | 95 |
| Eliminations | -4 | |||
| All other | -9 | |||
| Retail propane and related | 124 | 76 | 67 | |
| intrastate transportation and storage | 480 | |||
| Transportation and storage | 422 | 152 | ||
| Wholesale propane | 1 | -1 | ||
| Other | 1 | |||
| Total | 1,110 | 819 | 647 | 313 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Midstream | 30,473 | 25,592 | 21,851 | 21,960 | 18,583 |
| Natural gas liquid (NGL) and refined products transportation and services | 27,445 | 27,214 | 27,903 | 28,160 | 21,423 |
| Crude oil transportation and services | 25,231 | 25,464 | 19,200 | 19,649 | 17,960 |
| Interstate transportation and storage | 17,656 | 17,708 | 17,979 | 17,774 | 17,582 |
| Investment in Sunoco LP | 14,375 | 6,826 | 6,830 | 5,815 | 5,267 |
| Intrastate transportation and storage | 6,289 | 6,112 | 6,609 | 7,322 | 6,308 |
| Investment in USA Compression (USAC) | 2,746 | 2,737 | 2,666 | 2,768 | 2,949 |
| All other and eliminations | 1,165 | 2,045 | 2,605 | 2,515 | 5,072 |
| Total | 125,380 | 113,698 | 105,643 | 105,963 | 95,144 |
Price Behavior
| Market Price | $20.13 | |
| Market Cap ($ Bil) | 69.3 | |
| First Trading Date | 02/03/2006 | |
| Distance from 52W High | -1.0% | |
| 50 Days | 200 Days | |
| DMA Price | $19.32 | $17.82 |
| DMA Trend | up | up |
| Distance from DMA | 4.2% | 13.0% |
| 3M | 1YR | |
| Volatility | 17.0% | 16.7% |
| Downside Capture | -52.57 | -38.04 |
| Upside Capture | -13.85 | -5.27 |
| Correlation (SPY) | -16.7% | -5.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.13 | -0.36 | -0.18 | -0.26 | -0.07 | 0.57 |
| Up Beta | 0.00 | 0.27 | -0.34 | -0.44 | -0.19 | 0.54 |
| Down Beta | 0.52 | -0.04 | 0.17 | 0.22 | 0.40 | 0.98 |
| Up Capture | -17% | -31% | -9% | -14% | -3% | 17% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 3 | 14 | 23 | 57 | 117 | 387 |
| Down Capture | -46% | -128% | -50% | -69% | -56% | 52% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 2 | 11 | 22 | 51 | 111 | 326 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ET | |
|---|---|---|---|---|
| ET | 22.6% | 16.6% | 1.13 | - |
| Sector ETF (XLE) | 45.9% | 21.8% | 1.64 | 60.1% |
| Equity (SPY) | 19.3% | 12.8% | 1.11 | -5.5% |
| Gold (GLD) | 29.8% | 29.0% | 0.89 | 3.3% |
| Commodities (DBC) | 41.3% | 20.4% | 1.58 | 39.7% |
| Real Estate (VNQ) | 9.2% | 13.7% | 0.40 | 6.2% |
| Bitcoin (BTCUSD) | -30.9% | 43.7% | -0.72 | 2.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ET | |
|---|---|---|---|---|
| ET | 26.6% | 24.2% | 0.95 | - |
| Sector ETF (XLE) | 26.2% | 25.7% | 0.89 | 67.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 45.7% |
| Gold (GLD) | 19.4% | 18.7% | 0.84 | 8.8% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 42.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 36.3% |
| Bitcoin (BTCUSD) | 9.5% | 52.7% | 0.36 | 22.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ET | |
|---|---|---|---|---|
| ET | 9.8% | 34.1% | 0.37 | - |
| Sector ETF (XLE) | 10.5% | 29.6% | 0.39 | 66.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 46.9% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 2.9% |
| Commodities (DBC) | 7.6% | 18.1% | 0.34 | 42.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 38.1% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 1.5% | -2.0% | -2.0% |
| 2/17/2026 | -0.7% | 0.4% | 0.2% |
| 11/5/2025 | -0.2% | 0.0% | 1.3% |
| 8/6/2025 | -1.3% | -0.2% | -0.8% |
| 5/6/2025 | 6.8% | 16.0% | 13.9% |
| 2/11/2025 | -0.8% | 1.6% | -8.3% |
| 11/6/2024 | -0.1% | 0.0% | 12.6% |
| 8/7/2024 | 4.0% | 4.3% | 3.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 13 |
| # Negative | 16 | 12 | 11 |
| Median Positive | 3.4% | 2.6% | 6.5% |
| Median Negative | -1.3% | -1.6% | -2.8% |
| Max Positive | 7.0% | 17.9% | 33.3% |
| Max Negative | -4.5% | -9.7% | -13.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 1.5% | -2.0% | -2.0% |
| 2/17/2026 | -0.7% | 0.4% | 0.2% |
| 11/5/2025 | -0.2% | 0.0% | 1.3% |
| 8/6/2025 | -1.3% | -0.2% | -0.8% |
| 5/6/2025 | 6.8% | 16.0% | 13.9% |
| 2/11/2025 | -0.8% | 1.6% | -8.3% |
| 11/6/2024 | -0.1% | 0.0% | 12.6% |
| 8/7/2024 | 4.0% | 4.3% | 3.8% |
| 5/8/2024 | -0.1% | -0.3% | -2.8% |
| 2/14/2024 | 2.2% | 4.8% | 8.7% |
| 11/1/2023 | 3.7% | -0.6% | 5.6% |
| 8/2/2023 | -2.3% | -1.2% | 5.0% |
| 5/2/2023 | -0.2% | 1.0% | 1.8% |
| 2/15/2023 | -0.7% | -1.0% | -8.8% |
| 11/1/2022 | -3.1% | -1.7% | -0.3% |
| 8/3/2022 | -1.2% | 2.3% | 6.5% |
| 5/4/2022 | -1.7% | -9.7% | -0.2% |
| 2/16/2022 | 0.9% | -4.2% | -3.4% |
| 11/3/2021 | -3.1% | -4.7% | -13.6% |
| 8/3/2021 | -4.5% | -1.6% | -1.2% |
| 5/6/2021 | 7.0% | 10.2% | 20.5% |
| 2/17/2021 | -1.6% | 17.9% | 12.8% |
| 11/4/2020 | 3.1% | 2.9% | 33.3% |
| 8/5/2020 | -3.1% | -4.3% | -9.1% |
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 13 |
| # Negative | 16 | 12 | 11 |
| Median Positive | 3.4% | 2.6% | 6.5% |
| Median Negative | -1.3% | -1.6% | -2.8% |
| Max Positive | 7.0% | 17.9% | 33.3% |
| Max Negative | -4.5% | -9.7% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/31/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 18.20 Bil | 18.40 Bil | 18.60 Bil | 4.2% | Raised | Guidance: 17.65 Bil for 2026 | |
| 2026 Growth Capital Expenditures | 5.5E11% | 5.7E11% | 5.9E11% | 8.6% | Raised | Guidance: 5.25E11% for 2026 | |
Prior: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 17.45 Bil | 17.65 Bil | 17.85 Bil | 8.3% | Higher New | Guidance: 16.30 Bil for 2025 | |
| 2026 Growth Capital Expenditures | 5.0E11% | 5.25E11% | 5.5E11% | 5.0% | Raised | Guidance: 5.0E11% for 2026 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EBITDA | 16.10 Bil | 16.30 Bil | 16.50 Bil | 1.2% | Lowered | Guidance: 16.10 Bil for 2025 | |
| 2025 Growth Capital Expenditures | 4.6E11% | -8.0% | Lowered | Guidance: 5.0E11% for 2025 | |||
| 2026 Growth Capital Expenditures | 5.0E11% | ||||||
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Industry Resources
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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