Energy Transfer LP (ET.N): Making the Most of the Chaos; Lifting Our TP to $24

研报英文原文证据摘录

Action |

06 Aug 2026 08:21:44 ET │ 13 pages

Energy Transfer LP (ET.N)

Making the Most of the Chaos; Lifting Our TP to $24

CITI'S TAKE

We increase our target price to $24 (from $23) as a result of increased

cash flow estimates following another beat-and-raise quarter.

Specifically, ET lifted 2026 EBITDA guidance by $0.55bln, primarily driven

by second-quarter marketing and optimization outperformance. ET's

footprint has once again proven to be one of the most significant

beneficiaries of a volatile macro environment with >$1bln of

outperformance throughout the first half of the year. Notably, updated

guidance imputes little additional spread and commodity volatility in the

back half of the year, meaning the company could be poised for another

guidance upgrade if they are able to capture even a fraction of the firsthalf tailwind. While admittedly difficult to predict, we feel comfortable

coming in just above the high end of the updated $18.8–19.1bln guidance

range and lift our 2026 EBITDA estimate to $19.2bln. Our $24 TP implies a

~9.4x '27 EV/EBITDA multiple.

Valuation — We lift our target price to $24 (from $23) to reflect increased cash flow

estimates. Our valuation is based on our NPV methodology and implies a ~9.4x

2027 EV/EBITDA multiple.

Buy

Price (05 Aug 26 16:00)

US$20.34

Target price

US$24.00↑

from US$23.00

Expected share price return

18.0%

Expected dividend yield

6.5%

Expected total return

24.5%

Market Cap

US$70,036M

Spiro DounisAC

Douglas Irwin

Charles Bryant

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

0.39A

0.32A

0.29A

0.34A

1.34A

1.21A

1.26A

2026E

0.41A

0.51A

0.42E

0.41E

1.75E

1.52E

1.66E

Previous

0.41A

0.41E

0.39E

0.40E

1.61E

na

2027E

0.43E

0.44E

0.47E

0.48E

1.83E

1.60E

1.68E

Previous

0.40E

0.41E

0.44E

0.45E

1.71E

na

2028E

0.48E

0.47E

0.50E

0.52E

1.97E

1.70E

1.75E

Previous

0.45E

0.44E

0.46E

0.48E

1.82E

na

Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.

Click here for Visible Alpha consensus data