Energy Transfer LP: Thoughts Into 2Q26: Steady as She Goes; Looking for New NatGas/Data Center Projects

研报英文原文证据摘录

Energy Transfer LP: Thoughts Into 2Q26: Steady as She Goes; Looking for New NatGas/Data Center Projects

Jeremy Tonet, CFA AC North America Equity Research

(1-212) 622-4915 08 July 2026 J P M O R G A N

jeremy.b.tonet@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

ET continues to trade at discounted levels, offering an attractive

entry point for long-term investors, in our view. We see long-

term NGL logistics, particularly USGC and Marcus Hook

exports, as key growth engines for ET, particularly given global

LPG demand growth. We also believe ET’s expansive Interstate

and Intrastate Gas T&S networks will continue to drive growth

leveraged to growing logistics needs, stronger recontracting

rates, filling latent capacity, and optimization opportunities.

While we note risk in market receptivity to any potential

YTD 1m 3m 12m acquisition (ET has discussed M&A appetite), we see ET’s

Abs 20.4% 2.7% 4.1% 11.6% leading midstream platform as well positioned to capture

Rel 10.8% 1.4% -6.5% -9.0%

attractive growth and deliver value, especially given ET’s

Company Data relatively thinner equity layer enabling more torque than peers.

Shares O/S (mn) 3,433

Valuation52-week range ($) 20.70-16.18

Market cap ($ mn) 68,015.65 We model our Dec 2026 price target of $24/unit on a discounted

Exchange rate 1.00 cash flow methodology in which we forecast forward DCF/LP

Free float (%) 89.5%

3M ADV (mn) 12.96 unit and then calculate a terminal value. The terminal growth

3M ADV ($ mn) 251.8 rate and required rate of return are based on leverage/liquidity

Volatility (90 Day) 19 risk, distribution coverage outlook, volumetric/recontracting

Index S&P 500

BBG ANR (Buy | Hold | Sell) 18|3|0 risk, commodity/marketing risk, take-or-pay contract profile,