ET, officially Energy Transfer LP, is a master limited partnership (MLP) that operates more than 130,000 miles of natural gas, crude oil, natural gas liquids, and refined products pipelines and related infrastructure across the United States. It is a stock with broad sell-side coverage, so the $25 central target is derived from published analyst estimates rather than a single firm's view.
Across the most recent, individually attributable calls, targets range from $22 to $26. Goldman Sachs maintained a Hold with a $22 target, RBC Capital Markets held a Buy at $23, while Barclays, Scotiabank, and Citigroup each stood at $24. A larger cluster — Stifel, J.P. Morgan, Morgan Stanley, Melius Research, Wells Fargo, and TD Cowen — sits at $25, and Mizuho and Capital One are at the high end with $26. The simple average of these 13 targets is approximately $24.50, which rounds to a central target of $25. Broader consensus trackers (21 to 23 analysts) report averages near $24.50 to $24.75 and ranges roughly from $22 to $28, confirming the $25 figure is consistent with, though not identical to, independent aggregations.
Views differ by conviction. Bullish firms point to distribution growth and data-center demand, while the more cautious names, notably Goldman Sachs, argue the valuation already reflects much of that upside. Recent activity has leaned constructive: Mizuho raised its target to $26 in October 2026 ahead of earnings, TD Cowen lifted its target to $25 after second-quarter results, and Stifel reinstated a Buy. Morgan Stanley's earlier December 2025 downgrade to Equal-weight has since been followed by a higher $25 target, illustrating how ratings and price objectives have moved together with improving fundamentals.
Energy Transfer units have climbed from a 52-week low near $16 to a 52-week high around $22, recently trading near $21. From that level, the $25 central target represents roughly 19% upside — a substantial move for a large-cap, income-oriented midstream name, even though the units have already rallied meaningfully over the past year.
The path would likely be driven by continued earnings delivery rather than a re-rating alone. The company's second-quarter 2026 adjusted EPS (earnings per share) of $0.59 beat consensus estimates near $0.37, and adjusted EBITDA rose about 31% year over year to roughly $5.1 billion, prompting management to raise full-year guidance. Analysts generally expect revenue near $119 billion for 2026 and EPS around $1.69, with the distribution, currently around $1.35 to $1.37 annually for a yield near 6.7%, providing a steady return component.
The units recently broke toward a fresh 52-week high near $22, a meaningful psychological and prior-resistance zone. A sustained hold above $22 would open the path toward the $25 target, while support sits near $20 and then around $19, the area where the units consolidated in mid-2026. The broader trend remains upward from the $16 low, but the narrow $22-to-$28 analyst range reflects a market that has already priced in considerable optimism.
Analyst price targets generally reflect a roughly 12-month research horizon, though individual firms vary. The next earnings report, expected around early November 2026, is the key near-term catalyst. Investors should watch guidance updates, distribution growth, data-center contract announcements, the Vaquero integration, and any changes to interest-rate expectations, alongside subsequent analyst revisions and target changes.
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The $25 central target is the rounded average of 13 verified analyst price targets, implying roughly 19% upside from a price near $21. Strong earnings, raised guidance, distribution growth, and the data-center gas-demand theme support the bullish case, while commodity sensitivity, project delays, leverage, and an already-elevated valuation are the principal obstacles. The tight $22-to-$28 range shows broad agreement that the units are undervalued relative to growth, but disagreement about how much of that value is already reflected. Reaching $25 is a substantial but feasible move that depends on continued execution and stable macro conditions rather than any single catalyst.
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A.I.dvisor indicates that over the last year, ET has been loosely correlated with OKE. These tickers have moved in lockstep 62% of the time. This A.I.-generated data suggests there is some statistical probability that if ET jumps, then OKE could also see price increases.