Energy Transfer (ET) PT Raised to $19 at Goldman Sachs

Goldman Sachs analyst John Mackay raised the price target on Energy Transfer (NYSE: ET) to $19.00 (from $18.50) while maintaining a Neutral rating.

The analyst comments "Ahead of 4Q25 earnings, we refresh our estimates for Energy Transfer (ET, Neutral). For 4Q25 EBITDA, we now expect $4,160m, -1% vs. prior GSe on lower commodity prices and modest weather headwinds (NGL exports) - and now -2% vs. consensus of $4,229m. Sequentially, we expect contributions from the PKI acquisition by SUN, Waha spread capture, and underlying gas volume growth to be partially offset by lower Midstream margin (modest commodity price impact). Overall, we see 2025 EBITDA at $15,962m, relative to 3Q25 commentary that they expect to be slightly below their guided $16.1-16.5b range. For 2026 EBITDA, we estimate $17.58b; to be apples-to-apples with guidance out earlier this month of $17.3-17.7b, our number would be $17.37b if making the same J-W Power and Hugh Brinson exclusions as management. Looking ahead, we increase our outer year estimates by ~1% to reflect the USAC/ J-W Power acquisition in 1Q26 and slight revisions to recontracting assumptions in NGLs and Crude. Elsewhere, focus remains on ET's NGL recontracting exposure and mitigation efforts as well as commercial updates on its natural gas pipeline network (including the upsize of DSW and demand for a potential Hugh Brinson phase 3). On valuation, we increase our PT to $19.00 from $18.50 on our slightly higher estimates, and maintain our Neutral rating."

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