ET stock forecast, quote, news & analysis

Key Takeaways

• Energy Transfer units advanced roughly 6% over the trailing 30 days, moving from about $20.28 to near $21.54 as of early September 2026.
• Second-quarter results showed record volumes across NGL transportation, exports, and crude oil, with adjusted EBITDA rising to approximately $5.1 billion from about $3.9 billion a year earlier.
• Management raised full-year 2026 adjusted EBITDA guidance to a range of $18.8 billion to $19.1 billion, up about $500 million at the midpoint.
• Long-term, fee-based contracts underpin roughly 90% of earnings, reducing direct commodity-price sensitivity relative to many energy peers.
• Demand for natural gas infrastructure tied to power generation and data centers remains a central growth driver alongside NGL export expansion.

Current Market Snapshot

Energy Transfer LP (NYSE: ET) traded near $21.54 in early September 2026, reflecting a modest but steady climb rather than a sharp breakout. Over the preceding 30 days, units gained roughly 6%, moving from a close of about $20.28 on August 3 to the latest levels. The move has been supported by a strong second-quarter report, a raised full-year outlook, and continued project execution across the partnership's natural gas and NGL platforms.

Sentiment around the broader midstream sector has been constructive, with investors focused on stable fee-based cash flow, growing energy demand from electrification and data-center buildouts, and disciplined capital allocation. Energy Transfer's high distribution yield and consistent payout increases continue to attract income-oriented investors, even as the partnership balances an elevated growth capital budget.

Energy Transfer (ET) Business Overview and Competitive Position

Energy Transfer is one of the largest and most diversified energy infrastructure companies in the United States, operating approximately 140,000 miles of pipeline and related assets across 44 states and all major U.S. production basins. Its core operations span natural gas midstream, intrastate and interstate transportation and storage, crude oil and NGL transportation and terminalling, and NGL fractionation.

The partnership's scale and geographic reach provide meaningful competitive advantages, allowing it to redirect gas and liquids in response to shifting domestic and international conditions. Its earnings are largely contract- and fee-based, which supports predictable cash flow. Energy Transfer also holds ownership interests in Sunoco LP and USA Compression Partners, LP, adding further diversification across the energy value chain.

Recent Developments Driving ET

Energy Transfer reported second-quarter 2026 results on August 4, highlighted by record volumes across midstream gathering, NGL transportation, NGL exports, and crude oil transportation. Adjusted EBITDA reached roughly $5.1 billion, up from about $3.9 billion in the prior-year period, and the partnership raised its full-year 2026 adjusted EBITDA guidance to between $18.8 billion and $19.1 billion.

The quarter also underscored the partnership's exposure to AI-driven power demand. Energy Transfer has signed long-term natural gas supply agreements to serve data-center projects, including arrangements with Oracle covering roughly 900,000 Mcf per day across multiple U.S. facilities. Management has framed growing electricity needs as a durable structural tailwind for its pipeline network.

Project execution has been another positive. The Hugh Brinson Pipeline entered commercial service ahead of schedule and under budget, with full Phase I capacity expected by September 1, 2026. In addition, the fully subscribed Nederland NGL export expansion adds 240,000 barrels per day of ethane export capacity under long-term agreements extending into the 2040s. On the income side, Energy Transfer announced its nineteenth consecutive quarterly distribution increase in July 2026, with a long-term target of 3% to 5% annual distribution growth.

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2026 Outlook and What Investors Should Watch

Energy Transfer's outlook for the remainder of 2026 hinges on several interrelated factors. First, execution on major projects such as the Hugh Brinson Pipeline, the Desert Southwest expansion, and the Nederland export expansion will shape near- and medium-term cash flow. Second, the pace of data-center and power-generation demand will influence contracted natural gas volumes, though management has cautioned that permitting and grid-interconnection issues could introduce timing risk.

Investors should also monitor commodity price spreads and market volatility, which contributed to second-quarter upside but are not expected to persist at the same level in the back half of the year. Distribution coverage, leverage within the targeted 4.0 to 4.5 times EBITDA range, and the partnership's ability to fund roughly $5.6 billion to $5.9 billion of growth capital while sustaining payout increases remain key financial considerations. Regulatory and permitting developments, particularly for new pipeline projects, represent additional variables to watch.

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