moneyheap
ET · Analysis updated Nov 5, 2026, 9:53 AM ET
Why is Energy Transfer LP (ET) stock moving?
Energy Transfer's Q3 fundamentals were strong. Adjusted EBITDA rose 31% to $5.03B and DCF rose 33% to $2.52B. Full-year EBITDA guidance was raised to $19.7B-$19.9B. Volumes hit records, and the $2.6B Vaquero acquisition is expected to close in Q4. Distributions have risen for 20 straight quarters, and the yield is about 6.9%. Several analysts are positive, including Jefferies, which raised its target to $25. Against that, GAAP EPS of $0.33 missed the $0.40 consensus. Part of the guidance raise comes from a one-time $285M item, and the result benefited from market volatility. The price has fallen for three sessions, from $20.91 on Oct 30 to $19.46 on Nov 4, a drop of about 6.9%. Volume rose to 76K on Nov 4, well above the roughly 30K typical of recent weeks. That suggests the market is selling the EPS miss and the one-offs despite the good cash flow. Total capex plans of about $7B for 2027 are another point of caution.
News behind the analysis
- Energy Transfer Reports Third Quarter 2026 ResultsQ3 adjusted EBITDA rose 31% to $5.03B and DCF rose 33% to $2.52B. Full-year 2026 EBITDA guidance was raised to $19.7B-$19.9B.
- Energy Transfer Reports Third Quarter 2026 ResultsCompany release shows record intrastate transportation volumes (+14%) and midstream gathered volumes (+6%). A Rover Pipeline expansion supports a 15-year transport agreement.
- Energy Transfer (ET) Reports Q3 Earnings with Mixed Results, Dividend Sustainability in FocusGAAP EPS of $0.33 missed estimates by $0.08. Revenue of $37.1B beat forecasts.
- Earnings call transcript: Energy Transfer tops revenue estimates in Q3 2026Management cited higher volumes, stronger pricing and market volatility, including about $177M of added marketing margin. Hugh Brinson Phase 1 began contributing.
- Energy Transfer Q3 Earnings Call HighlightsThe guidance raise includes about $285M from previously disputed gas purchases, to be recognized in Q4. The midpoint rose about $850M.
- Energy Transfer Q3 2026 net income attributable to partners rises 18% to $1.21 billionSummarizes the Q3 results and the raised guidance. Notes the $2.6B Vaquero Midstream acquisition, expected to close in Q4 2026.
- Energy Transfer LP (NYSE:ET) Q3 Mixed Results: Revenue Beat, EPS Miss, Higher EBITDA OutlookRevenue beat and EPS miss, with higher EBITDA outlook. Investors appeared to focus on cash generation and guidance.
- Jefferies raises Energy Transfer stock price target on project returnsJefferies raised its target to $25 from $23 and kept a Buy rating. It cited the Q3 beat, the raised outlook and the $1.6B South Mississippi project.
- Energy Transfer's Earnings Miss May Be Hiding Its Strongest AdvantageDCF payout ratio is 48%, supporting a roughly 6.9% yield. Revenue was up 86% year over year.
- Energy Transfer stock lifts 2026 EBITDA outlook after Q3 growthThe quarterly distribution rose for the twentieth straight quarter. Adjusted EBITDA and DCF both grew by more than 30%.