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Energy Transfer LP (ET) Down 1.6% Since Last Earnings Report: Can It Rebound?
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A month has gone by since the last earnings report for Energy Transfer LP (ET - Free Report) . Shares have lost about 1.6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Energy Transfer LP due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Energy Transfer LP before we dive into how investors and analysts have reacted as of late.
Energy Transfer Q1 Earnings Lag Estimates, Revenues Increase Y/Y
Energy Transfer reported first-quarter 2026 adjusted earnings of 35 cents per unit, which missed the Zacks Consensus Estimate of 38 cents by 7.9%. The bottom line also decreased 2.8% from the year-ago figure of 36 cents.
Total Revenues of ET
Revenues of $27.77 billion lagged the Zacks Consensus Estimate of $29.29 billion by 5.2%. Total revenues rose 32.1% from the year-ago figure of $21.02 billion.
Highlights of ET’s Q1 Results
Total costs and expenses were $24.79 billion, up 33.8% year over year. This increase was due to the higher cost of products sold, operating expenses, depreciation, depletion and amortization, as well as a rise in selling, general and administrative expenses.
Operating income totaled $2.98 billion, up 19.8% year over year.
Interest expenses, net of interest capitalized, amounted to $947 million, up 17.1% from the prior-year level.
In the first quarter, the partnership placed its Gateway NGL Pipeline debottlenecking project into service, enabling higher deliveries of Delaware Basin volumes to Energy Transfer’s NGL fractionation complex at Mont Belvieu.
In February 2026, Florida Gas Transmission (“FGT”), an Energy Transfer-operated joint venture, completed Open Seasons for two new projects backed by 15 to 25-year agreements with anchor shippers. The FGT Phase IX project includes about 90 miles of pipeline looping and compression facilities, with an expected capacity of 525 million cubic feet of gas per day (MMcf/d). Subject to conditions and a final investment decision, the South Florida project involves a roughly 40-mile pipeline extension with an expected capacity of 230 MMcf/d, along with compression and a new meter station.
Ongoing Development Activities at ET
Energy Transfer has initiated construction of a new 3-million-barrel ethane storage cavern at its Mont Belvieu NGL fractionation complex. Expected to be in service in the second half of 2027, the project will support the company’s ninth fractionator and future ethane export expansions.
The partnership’s 275 MMcf/d Mustang Draw I processing plant is currently under commissioning and is expected to enter full service in June 2026.
ET’s Financial Position
ET had current assets of $22.26 billion as of March 31, 2026 compared with $18.23 billion as of Dec. 31, 2025.
As of March 31, 2026, the firm had a long-term debt, less current maturities, of $69.32 billion compared with $68.31 billion as of Dec. 31, 2025.
As of March 31, 2026, the partnership’s revolving credit facility had an aggregate of $3.45 billion of available borrowing capacity.
Growth capital expenditures in the first quarter of 2026 totaled $1.53 billion, while maintenance capital expenditures amounted to $175 million.
ET’s Guidance
Energy Transfer now expects its 2026 adjusted EBITDA to be between $18.2 billion and $18.6 billion compared with the previous range of $17.45-$17.85 billion.
Energy Transfer now expects to invest $5-$5.9 billion of growth capital in 2026.
How Have Estimates Been Moving Since Then?
It turns out, estimates review flatlined during the past month.
VGM Scores
At this time, Energy Transfer LP has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock has a score of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Energy Transfer LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Energy Transfer LP belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Oneok Inc. (OKE - Free Report) , has gained 1.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Oneok reported revenues of $9.62 billion in the last reported quarter, representing a year-over-year change of +19.6%. EPS of $1.30 for the same period compares with $1.04 a year ago.
Oneok is expected to post earnings of $1.43 per share for the current quarter, representing a year-over-year change of +6.7%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.1%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Oneok. Also, the stock has a VGM Score of C.
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Energy Transfer LP (ET) Down 1.6% Since Last Earnings Report: Can It Rebound?
A month has gone by since the last earnings report for Energy Transfer LP (ET - Free Report) . Shares have lost about 1.6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Energy Transfer LP due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Energy Transfer LP before we dive into how investors and analysts have reacted as of late.
Energy Transfer Q1 Earnings Lag Estimates, Revenues Increase Y/Y
Energy Transfer reported first-quarter 2026 adjusted earnings of 35 cents per unit, which missed the Zacks Consensus Estimate of 38 cents by 7.9%. The bottom line also decreased 2.8% from the year-ago figure of 36 cents.
Total Revenues of ET
Revenues of $27.77 billion lagged the Zacks Consensus Estimate of $29.29 billion by 5.2%. Total revenues rose 32.1% from the year-ago figure of $21.02 billion.
Highlights of ET’s Q1 Results
Total costs and expenses were $24.79 billion, up 33.8% year over year. This increase was due to the higher cost of products sold, operating expenses, depreciation, depletion and amortization, as well as a rise in selling, general and administrative expenses.
Operating income totaled $2.98 billion, up 19.8% year over year.
Interest expenses, net of interest capitalized, amounted to $947 million, up 17.1% from the prior-year level.
In the first quarter, the partnership placed its Gateway NGL Pipeline debottlenecking project into service, enabling higher deliveries of Delaware Basin volumes to Energy Transfer’s NGL fractionation complex at Mont Belvieu.
In February 2026, Florida Gas Transmission (“FGT”), an Energy Transfer-operated joint venture, completed Open Seasons for two new projects backed by 15 to 25-year agreements with anchor shippers. The FGT Phase IX project includes about 90 miles of pipeline looping and compression facilities, with an expected capacity of 525 million cubic feet of gas per day (MMcf/d). Subject to conditions and a final investment decision, the South Florida project involves a roughly 40-mile pipeline extension with an expected capacity of 230 MMcf/d, along with compression and a new meter station.
Ongoing Development Activities at ET
Energy Transfer has initiated construction of a new 3-million-barrel ethane storage cavern at its Mont Belvieu NGL fractionation complex. Expected to be in service in the second half of 2027, the project will support the company’s ninth fractionator and future ethane export expansions.
The partnership’s 275 MMcf/d Mustang Draw I processing plant is currently under commissioning and is expected to enter full service in June 2026.
ET’s Financial Position
ET had current assets of $22.26 billion as of March 31, 2026 compared with $18.23 billion as of Dec. 31, 2025.
As of March 31, 2026, the firm had a long-term debt, less current maturities, of $69.32 billion compared with $68.31 billion as of Dec. 31, 2025.
As of March 31, 2026, the partnership’s revolving credit facility had an aggregate of $3.45 billion of available borrowing capacity.
Growth capital expenditures in the first quarter of 2026 totaled $1.53 billion, while maintenance capital expenditures amounted to $175 million.
ET’s Guidance
Energy Transfer now expects its 2026 adjusted EBITDA to be between $18.2 billion and $18.6 billion compared with the previous range of $17.45-$17.85 billion.
Energy Transfer now expects to invest $5-$5.9 billion of growth capital in 2026.
How Have Estimates Been Moving Since Then?
It turns out, estimates review flatlined during the past month.
VGM Scores
At this time, Energy Transfer LP has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock has a score of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Energy Transfer LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Energy Transfer LP belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Oneok Inc. (OKE - Free Report) , has gained 1.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Oneok reported revenues of $9.62 billion in the last reported quarter, representing a year-over-year change of +19.6%. EPS of $1.30 for the same period compares with $1.04 a year ago.
Oneok is expected to post earnings of $1.43 per share for the current quarter, representing a year-over-year change of +6.7%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.1%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Oneok. Also, the stock has a VGM Score of C.