Energy Transfer (NYSE:ET) Posts Earnings Results, Misses Expectations By $0.03 EPS

Energy Transfer (NYSE:ET) announced its earnings results on Tuesday. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03), FiscalAI reports. Energy Transfer had a net margin of 5.11% and a return on equity of 10.17%. The business had revenue of $27.77 billion for the quarter, compared to analysts’ expectations of $25.58 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. The firm’s quarterly revenue was up 32.1% compared to the same quarter last year.

Here are the key takeaways from Energy Transfer’s conference call:

• We delivered a strong quarter with Q1 adjusted EBITDA of ~$4.9 billion (vs. ~$4.1B y/y) and DCF of ~$2.7 billion, and raised full-year 2026 adjusted EBITDA guidance to approximately $18.2–$18.6 billion while increasing 2026 organic growth capex guidance to ~$5.5–$5.9 billion.
• Operations were robust—Energy Transfer reported record midstream gathering, NGL fractionation and export, and crude transportation volumes, and captured its full-year optimization target in Q1, driving meaningful outperformance across segments.
• The company is aggressively advancing a slate of long?term, contracted growth projects—including Desert Southwest, the Springerville Lateral (~$600M), Hugh Brinson (Phase 1 ramping this year), FGT expansions, Mont Belvieu ethane/storage work, and the Bayou Bridge/DAPL-related initiatives—with multiple FIDs and multi?year in?service targets through 2029.
• Geopolitical disruption has strengthened international demand for U.S. hydrocarbons; Energy Transfer extended most Nederland ethane export contracts into 2041, is ramping FlexPort export capacity, and expects longer contracts and improved margins for LPG/ethane exports.
• There are near?term and execution risks—management said roughly $300M of the Q1 beat is “one?time,” some inventory gains may be offset by hedge losses in Q2, elevated 2026 capex raises funding needs versus a stated 4.0–4.5x leverage target, and several projects remain contingent on shipper elections or regulatory approvals.

Energy Transfer Price Performance

ET traded up $0.35 during trading on Tuesday, hitting $20.43. The company’s stock had a trading volume of 24,569,171 shares, compared to its average volume of 16,407,949. The firm has a market capitalization of $70.27 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 1.09 and a beta of 0.57. Energy Transfer has a twelve month low of $15.80 and a twelve month high of $20.67. The business’s fifty day simple moving average is $18.99 and its 200 day simple moving average is $17.75. The company has a current ratio of 1.22, a quick ratio of 0.90 and a debt-to-equity ratio of 1.50.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th will be issued a $0.3375 dividend. The ex-dividend date of this dividend is Friday, May 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 6.6%. Energy Transfer’s dividend payout ratio is presently 110.74%.

Wall Street Analyst Weigh In

ET has been the topic of several analyst reports. TD Cowen boosted their price objective on Energy Transfer from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, February 18th. Barclays restated an “overweight” rating and set a $22.00 price target (down from $25.00) on shares of Energy Transfer in a report on Monday, January 12th. Truist Financial started coverage on shares of Energy Transfer in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. Jefferies Financial Group restated a “hold” rating on shares of Energy Transfer in a research note on Wednesday, February 18th. Finally, Scotiabank restated an “outperform” rating on shares of Energy Transfer in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Institutional Investors Weigh In On Energy Transfer

A number of institutional investors have recently added to or reduced their stakes in ET. Morgan Stanley increased its holdings in Energy Transfer by 41.6% in the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock worth $1,423,256,000 after acquiring an additional 25,366,594 shares in the last quarter. Invesco Ltd. lifted its holdings in Energy Transfer by 3.2% during the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock valued at $992,923,000 after purchasing an additional 1,773,042 shares in the last quarter. Jump Financial LLC grew its position in shares of Energy Transfer by 128.0% in the fourth quarter. Jump Financial LLC now owns 2,585,439 shares of the pipeline company’s stock valued at $42,634,000 after purchasing an additional 1,451,613 shares during the period. Corient Private Wealth LLC increased its stake in shares of Energy Transfer by 223.7% during the second quarter. Corient Private Wealth LLC now owns 1,690,769 shares of the pipeline company’s stock worth $30,654,000 after purchasing an additional 1,168,438 shares in the last quarter. Finally, Berkley W R Corp increased its stake in shares of Energy Transfer by 13.8% during the fourth quarter. Berkley W R Corp now owns 8,250,000 shares of the pipeline company’s stock worth $136,042,000 after purchasing an additional 1,000,000 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

About Energy Transfer

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.