Energy Transfer LP (ET)

Executive Summary

Energy Transfer at $20.07 per unit is, in our view at T&T Capital Management, the cheapest large-cap midstream franchise in U.S. equities relative to its underlying earning power. The partnership operates approximately 130,000 miles of pipelines, integrated natural-gas processing and treating assets across every major U.S. basin, the largest U.S. NGL fractionation footprint outside of EPD, and one of the most extensive interstate natural-gas transportation networks in North America. It owns 31 percent of Sunoco LP and 26 percent of USA Compression Partners.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers