Energy Transfer LP - Unit
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+ FollowMarket Cap$69.71B
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Earnings Call Q1 2026
May 5, 2026 - AI Summary
Strong Q1 results + big guidance raise
- Adjusted EBITDA: ~$4.9B vs ~$4.1B in Q1’25 (+~$0.8B).
- DCF to partners (adjusted): ~$2.7B vs ~$2.3B (+$0.4B).
- Organic growth capex (excluding SUN & USAC): ~$1.5B in Q1.
- 2026 adjusted EBITDA outlook raised to: ~$18.2B–$18.6B (prior range referenced as ~$17.45B–$17.85B), citing ~$500M beat and capturing the full-year optimization target early.
What’s driving the outperformance (and what may be “one-time”)
- Management says the raise is supported by continued outperformance across most segments: volumes, rates, and spreads.
- Optimization: from the ~$500M beat, about ~$300M is characterized as “onetime” (though management notes similar upside has happened often in prior years).
- Macro tailwind: ongoing Middle East conflict is described as increasing demand for reliable U.S. supply, supporting higher flows and margins.
Segment highlights (Q1)
- NGL & refined products: EBITDA ~$1.2B vs ~$978M (+~$220M); drivers include higher Gulf Coast throughput, record Mont Belvieu fractionation, and record Nederland exports; also noted effects from hedge timing (+$65M) and propane/butane premium impacts (~+$50M).
- Crude oil: EBITDA ~$869M vs ~$742M (+~$127M); includes ~$60M benefit from crude inventory value as prices rose, expected to be mostly offset by hedge losses in Q2.
- Midstream: EBITDA ~$887M vs ~$925M (down, with cited impacts like lower prices/+$/- items), but management stresses Permian growth (volumes up 8% tied to new/upgraded processing).
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$34.92
72.5% upside
Current Fair Value
72.5% upsideUndervalued by 72.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $69.71 Billion |
|---|---|
| Enterprise Value | $138.93 Billion |
| Annual dividend | $1.34 |
| Dividend yield | 6.64% |
| Earnings per Share | $1.36 |
| Beta | 0.6 |
| Outstanding Shares | 3,442,200,000 |
Return
| Return on Equity | 18.52% |
|---|---|
| Return on Assets | 4.42% |
| Return on Invested Capital | 8.11% |
Valuation & Multiples
| P/E Ratio | 12.57 |
|---|---|
| PEG | 13.97 |
| Price to Sales | 0.67 |
| Price to Book Ratio | 1.45 |
| Enterprise Value to Revenue | 1.33 |
| Enterprise Value to EBIT | 13.35 |
| Enterprise Value to Net Income | 21 |
| Total Debt to Enterprise | 0.51 |
| Debt to Equity | 1.99 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.40
Consensus analyst estimateRevenue Estimate
$30.83 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 29.31, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 29.3103▲ 2910.34% |
|---|---|
| Total Calls | 116▼ 100.00% |
| Total Puts | 3,400▼ 99.94% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.02%▼ 29.06% |
|---|---|
| Total Invested | $2.06B▼ 90.25% |
| Investors Holding | 552▼ 774.00% |
About Energy Transfer LP
2,020 employees
