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ETET

Energy Transfer LP

$ET·$73B·Oil & Gas Midstream·Energy
$21.51+0.9%1Y+21.5%
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Price updated 11h ago
ETET
$ETEnergy Transfer LP
$21.51+0.94%0 posts
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What it does

Plain-English summary of the business — what they sell and how they make money.

Energy Transfer LP functions as a comprehensive provider of energy infrastructure and associated services. The company operates extensive natural gas networks, including approximately 11,600 miles of intrastate transportation pipelines and an additional 19,830 miles dedicated to interstate transport. Its natural gas storage capabilities encompass three facilities in Texas and another two spanning Texas and Oklahoma. Energy Transfer supplies natural gas to a diverse range of customers, such as electric utilities, independent power producers, local distribution companies, other marketing firms, and various industrial end-users. Beyond transportation, the firm manages substantial infrastructure for gathering, processing, treating, and conditioning natural gas and natural gas liquids (NGLs) across a broad geographic area that includes Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana. This infrastructure also covers natural gas gathering systems in Ohio, and integrated natural gas gathering, oil pipeline, and oil stabilization facilities situated in South Texas. Additionally, the company provides water transport and supply services to natural gas producers in Pennsylvania. In the NGL sector, Energy Transfer possesses approximately 5,215 miles of NGL pipelines, along with facilities for NGL and propane fractionation. Its NGL storage solutions include facilities with a working capacity of around 50 million barrels (MMBbls), supplemented by additional storage assets and terminals totaling about 17 MMBbls. The company is actively involved in the transportation, terminalling, acquisition, and marketing of crude oil, as well as the distribution of refined petroleum products like gasoline, middle distillates, and motor fuels. Complementing these primary operations, Energy Transfer offers specialized services such as natural gas compression, removal of carbon dioxide and hydrogen sulfide, natural gas cooling, dehydration, and British thermal unit (BTU) management. Furthermore, its operations extend to managing coal and other natural resource properties, selling standing timber, leasing coal-related infrastructure, collecting oil and gas royalties, and generating electrical power. Established in 1996 and headquartered in Dallas, Texas, the company officially adopted its current name, Energy Transfer LP, in October 2018, having previously been known as Energy Transfer Equity, L.P.

Industry overviewAI analysisGenerated by AI from underlying data

Where Oil & Gas Midstream sits in its cycle right now — and what that implies for $ET.

Oil & Gas Midstream · Energy

Pipeline throughput volumes tied to Permian and Appalachian production growth support fee-based cash flows with limited direct commodity price exposure. Capital allocation — dividends vs expansion capex — is the investor differentiator.

What this means for $ET

Partial — fee-based midstream revenue has limited direct commodity price exposure but volume ties to upstream production activity.

Top industry ETF

$AMLPAlerian MLP ETF
+16.9%YTD
+14.8%1Y

Fundamentals & catalyst

Profitability, valuation, and the next earnings event — at a glance, with rule-of-thumb signals.

Key ratios

P/E
13.2How much investors are paying per dollar of profit the company actually earned in the last 12 months. Lower means the stock looks cheaper relative to earnings.~15–25 is typical for the S&P 500; high-growth names trade 30+; hyper-growth or speculative can be 100+ or negative.
ROIC
8.1%What percentage return the business earns on every dollar of capital (equity + debt) deployed in operations. The cleanest measure of business quality.Above ~15% is high-quality; consistently above 25% suggests a real moat. Below the company's cost of capital is value-destroying.
Op margin
10.6%Operating profit (after sales, marketing, R&D, and overhead but before interest and taxes) as a percentage of revenue. The clearest view of how well the underlying business is run.Mature business above 20% is healthy; software businesses can run 30%+; commodity / retail businesses operate in single digits.
FCF yield
7.1%Free cash flow (operating cash flow minus capex) divided by the company's market cap. The cash-on-cash return you'd get owning the whole business at today's price.Above ~5% is attractive; below ~2% means you're paying up for growth. Capital-light businesses (software) run higher than capital-heavy ones (utilities).
P/S
0.7Same idea as P/E but per dollar of revenue. Useful for companies that aren't profitable yet, where P/E is meaningless.Under ~2 is cheap; software / SaaS often runs 8–15; well above 20 implies the market is pricing in very high future growth.
ROE
16.8%Net income as a percentage of shareholders' equity. Similar to ROIC but counts only the equity side.Above 20% is strong, but can be inflated by leverage — a heavily indebted company can show high ROE with weak underlying ROIC.
Gross margin
24.1%Revenue minus the direct cost of producing what was sold, as a percentage of revenue. The first read on whether the product is structurally profitable.Software / SaaS is typically 70%+; consumer goods 30–50%; commodity / hardware businesses can be under 20%.
D/E
2.0Total debt divided by shareholders' equity. Measures how much the business runs on borrowed money versus owner capital.Under 1 is conservative; 1–2 is typical for mature businesses; over 2 is leveraged and more sensitive to interest rates.

Past earnings

QuarterReportedActualEstimateSurprise
Q2 2026Aug 4, 2026$0.59$0.38+55.4%
Q1 2026May 5, 2026$0.35$0.40-12.5%
Q4 2025Feb 17, 2026$0.25$0.37-32.9%
Q3 2025Nov 5, 2025$0.28$0.33-16.0%
Next earningsWed, Nov 4·consensus EPS $0.41

Quarterly trend

QuarterRevenueYoYGrossOpEPSFCF
Q2 FY26$34.3B+78.4%21.5%10.4%$0.59$2.7B
Q1 FY26$27.8B+32.1%23.8%10.7%$0.35$1.5B
Q4 FY25$22.4B+14.7%25.8%10.6%$0.40$-225.0M
Q3 FY25$20.0B-3.9%27.0%10.8%$0.27$1.3B

Forward consensus

5-year forecast · up to 10 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$117.7B$95.1B – $130.1B$1.68$1.37 – $1.898
FY27$120.3B$97.6B – $135.2B$1.71$1.42 – $1.919
FY28$124.3B$104.7B – $143.4B$1.81$1.28 – $2.2110
FY29$121.0B$93.3B – $136.8B$2.01$1.42 – $2.365
FY30$126.6B$97.6B – $143.1B$2.27$1.59 – $2.655

Setup & momentum

Volume, range, and moving-average position — the technical setup driving short-term moves.

Right now

Vol vs 30dToday's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.0.8×Today's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.
52w rangeWhere the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.98%Where the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.
vs 50d MALatest close vs the 50-day simple moving average. Positive = short-term trend is up.+6.2%Latest close vs the 50-day simple moving average. Positive = short-term trend is up.
vs 200d MALatest close vs the 200-day simple moving average. Positive = long-term trend is up.+14.4%Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

FloatMega float · 3.1B shFree-float shares — the slice of issued stock actually available to trade. Lower buckets squeeze harder on a catalyst.Traded today0.2% of floatToday's volume as a percent of the free float. Above 5% on a single day is unusually high turnover for the available share count.β0.565-year weekly beta vs the S&P 500. Above 1.5 means the stock typically moves more than the index; below 0.8 moves less.FilingActive offeringA shelf registration (S-3 / S-3ASR / S-1) or prospectus supplement (424B*) was filed in the last 90 days — the company is registered to (or actively) issuing new shares. Dilution risk.

Insider activity

Recent open-market buys and sells by officers and directors — flagged when multiple insiders cluster.

Recent transactions

BuyAug 19Kelcy L WarrenDirector648.0K sh$13.8MBuyAug 18Kelcy L WarrenDirector352.0K sh$7.5MBuyAug 7Perry James RichardDirector12.4K sh$250K
+ 1 other (1 award) in window

See when $ET insiders are putting their own money in

  • Real-time open-market buys and sells from Form 4 filings
  • Cluster-buy detection when multiple insiders pile in at once
  • 30 / 60 / 180-day windows so you can spot building conviction
Free, forever. No credit card.

SEC filings

Material 8-K, 13D, S-3, and 424B5 events from the last 180 days — the filings that actually move the price.

Recent material filings

8-KMaterial agreementJul 218-K — Item 1.01: Material agreement · Item 2.03: Material debt obligation
AI summary

Energy Transfer LP (ET) completed a $1.75 billion two-tranche Junior Subordinated Notes offering, consisting of $650 million of Series 2026A notes and $1.1 billion of Series 2026B notes, both due 2057, which closed July 20, 2026. The offering was a fixed-to-fixed reset rate structure with optional interest deferral features. Net proceeds were designated primarily to redeem Energy Transfer's outstanding Series H Preferred Units, a liability management transaction that simplifies the capital structure and potentially reduces preferred distributions. This extends ET's debt maturity profile while addressing preferred equity obligations.

8-KMaterial agreementJul 88-K — Item 1.01: Material agreement · Item 8.01: Other event
AI summary

Energy Transfer LP (ET) entered into an underwriting agreement on July 6, 2026, for the sale of $650 million of Series 2026A Junior Subordinated Notes (6.550% coupon) and $1.1 billion of Series 2026B Junior Subordinated Notes (6.700% coupon), both due 2057, with Citigroup, JP Morgan, PNC Capital Markets, TD Securities, and Truist Securities as joint book-running managers. Net proceeds of approximately $1.7325 billion are designated to redeem Energy Transfer's Series H Preferred Units, simplifying the capital structure. The notes feature a fixed-to-fixed reset rate structure with optional interest deferral of up to 20 consecutive semi-annual periods. This offering represents a significant liability management transaction exchanging preferred equity for long-dated subordinated debt.

424B5Prospectus supplement (offering)Jul 6424B5
AI summary

Energy Transfer LP (ET) filed a preliminary prospectus supplement (424B5) for the issuance of two series of Junior Subordinated Notes due 2057 — Series 2026A and Series 2026B — in a combined offering with dollar amounts to be determined at pricing. The notes carry a fixed-to-fixed reset rate structure, meaning the coupon resets to a spread over a benchmark Treasury rate at a specified future date. A key feature is optional interest deferral for up to 20 consecutive semi-annual periods, which is a standard hybrid security provision allowing the issuer to conserve cash in adverse conditions without triggering a default. This preliminary prospectus was subsequently finalized with specific dollar amounts ($650M + $1.1B) disclosed in the closing 8-K.

8-KOfficer or director changeJun 38-K — Item 5.02: Officer or director change
+ 12 other (3 S-8 POSs · 2 10-Qs · 2 earnings 8-Ks · 1 EFFECT) in window

Recent news

Latest headlines from major outlets, sourced and timestamped — context for whatever just moved.

IDEXX Laboratories to Participate in Morgan Stanley 24th Annual Global Healthcare Conferencegurufocus.com·18h agoThis Popular Energy ETF Has a Hidden Cost—Own These 3 Dividend Stocks Instead247wallst.com·18h agoWhy Energy Transfer LP (ET) is a Top Growth Stock for the Long-Termzacks.com·21h agoEnergy Transfer Has Crushed The Market, And I Expect That To Continueseekingalpha.com·23h agoEnergy Transfer: August Insider Purchases May Signal Price Breakoutseekingalpha.com·1d ago

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