Jefferies Raises Energy Transfer (ET) Price Target, Calls Gas Project Updates 'Rather Exceptional'

Energy Transfer LP (NYSE:ET) is included among the 13 Best Strong Buy Dividend Stocks to Invest in.

On February 18, Jefferies analyst Julien Dumoulin-Smith raised his price objective on Energy Transfer LP (NYSE:ET) to $20 from $17. The analyst set a Hold rating on the shares. The analyst said the company’s updates on its natural gas projects were “rather exceptional.” Still, he noted that Energy Transfer’s natural gas exposure does not yet have the scale to “single-handedly address” the stock’s current valuation discount.

During the Q4 2025 earnings call, Co-CEO Thomas Long said the partnership delivered record financial results. Adjusted EBITDA reached nearly $16 billion for the year, while distributable cash flow attributable to partners totaled $8.2 billion. He also pointed to strong operational execution, noting that the company transported record volumes across its interstate, midstream, NGL, and crude oil systems during 2025. Export activity also reached new highs, with record NGL volumes shipped from the Nederland and Marcus Hook terminals.

Long said the company invested about $4.5 billion in organic growth capital during the year. Most of this spending went toward expanding NGL, refined products, midstream, and intrastate infrastructure. These projects are intended to strengthen the company’s network and support future growth.

Looking ahead, Energy Transfer expects organic growth capital spending to increase to between $5 billion and $5.5 billion in 2026. Long said about two-thirds of that investment will focus on expanding natural gas assets. Another quarter will go toward NGL and refined products infrastructure, much of it supported by long-term contracts, which helps provide visibility into future returns.

Energy Transfer LP (NYSE:ET) owns and operates one of the largest and most diversified energy infrastructure networks in the United States. Its system includes more than 140,000 miles of pipeline and related assets, spanning 44 states and connecting major production regions across the country.

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