Energy Transfer (ET)
Connects U.S. production basins to processing, storage, terminals, and export outlets.
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Moves and processes natural gas, NGLs, crude oil, and refined products through an integrated U.S. midstream network. Operations span gathering, processing, transportation, storage, fractionation, and terminals, while controlled interests in Sunoco LP and USA Compression Partners add fuel distribution and gas compression.
Moves natural gas from gathering and processing sites through intrastate and interstate transportation and storage. The network also handles NGL and refined products transportation and services, crude oil transportation and services, fractionation, and terminals across major U.S. production basins and Gulf Coast outlets.
Combines directly operated infrastructure with controlled interests in Sunoco LP and USA Compression Partners, adding fuel distribution, terminals, and natural-gas compression. Repeated acquisitions have connected producing basins, processing plants, long-haul pipelines, storage, fractionators, and export facilities across most of the United States.
Operating continuity depends on pipeline permits, environmental compliance, safe construction, and government approvals. Dakota Access remains shaped by federal easement conditions, while prior Mariner East and Revolution Pipeline cases show the compliance demands attached to building and operating the network.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Capital One Financial | Target | Target: — | Target: $26 |
| Sep 22, 2026 | Melius Research | Target | Target: — | Target: $25 |
| Jul 6, 2026 | Raymond James | Downgrade | ||
| Jul 6, 2026 | HSBC | Upgrade | Rating: — | |
| May 26, 2026 | Jefferies | Target | Target: $17 | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.02B · Total debt $70.24B · Total assets $148.17B · Shareholders' equity $35.33B
- Revenue
- $34.33B
- Operating income
- $3.57B
- Net income
- $2.09B
HistoryDividendAnnual yield
| Institutions | 32.06% | 1.10B shares | |
|---|---|---|---|
| 1,324 holders · as of Jun 30, 2026 | |||
| Insiders | 9.14% | 314.59M shares | |
| 11 holders · as of Aug 20, 2026 | |||
| Other | 58.80% | 2.02B shares | |
| remainder | |||
3.44B company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Kelcy L. Warren1,2Insiderdirector | 8.97% | 302.40M | filed Aug 20, 2026 |
Alps Advisors IncInstitution | 2.53% | 86.90M | as of Jun 30, 2026 |
Morgan StanleyInstitution | 2.49% | 85.61M | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 2.36% | 81.08M | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 1.83% | 62.82M | as of Jun 30, 2026 |
- Kelcy L. Warren's transaction reports restate only vehicles that traded; the 2024 ownership statement (302.40M) plus the 6.11M net shares acquired since is used instead.
- Kelcy L. Warren reports a block also reported by Chickasaw Capital Management LLC; it is counted once, under Chickasaw Capital Management LLC.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Kelcy L. Warren | director | +647,968 | $21.26 |
| Aug 18, 2026 | Kelcy L. Warren | director | +352,032 | $21.27 |
| Aug 7, 2026 | James Richard Perry | director | +12,359 | $20.23 |
| Nov 19, 2025 | Kelcy L. Warren | director | +1,000,000 | $16.95 |
| Nov 20, 2025 | Kelcy L. Warren | director | +1,000,000 | $16.81 |
- Enterprise Products Partners
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- Plains All American Pipeline
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Energy Transfer | $20.73 | −0.81% | $71.92B | 13.0 | 12.7 | 0.7 | +78.4% |
| Enterprise Products Partners | $38.23 | −0.64% | $83.23B | 13.4 | 12.5 | 1.4 | +60.8% |
| ONEOK | $90.81 | −1.08% | $57.85B | 15.8 | 15.3 | 1.5 | +52.8% |
| Kinder Morgan | $31.20 | −1.64% | $70.63B | 20.3 | 21.1 | 3.9 | +10.8% |
| MPLX | $59.38 | +0.49% | $59.96B | 12.7 | 12.9 | 4.7 | +10.6% |
| Targa Resources | $285.94 | −1.18% | $62.11B | 27.6 | 25.4 | 3.7 | +10.3% |
| Williams | $70.93 | −1.00% | $87.64B | 28.4 | 29.6 | 7.2 | +10.2% |
| Plains All American Pipeline | $24.53 | −1.86% | $17.63B | 6.9 | 14.6 | 0.3 | +66.3% |
| Median | 15.8 | 15.3 | 3.7 | +10.8% |