$ET

Research Alert: CFRA Cuts View On Lp Units Of Energy Transfer To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our downgrade is on valuation, with shares up 18% YTD, and now trading relatively close to our target. Our 12-month target price remains $21, a 7.9x multiple of enterprise value to projected 2027 EBITDA, in line with ET's historical forward average. We cut our 2026 earnings per unit estimate by $0.07 to $1.59, and 2027's by $0.11 to $1.64. ET has growing exposure to natural gas processing and logistics needs in the U.S., which is compounded by the emergence of data centers and LNG export terminals (which arguably rise in importance following recent attacks on Qatar's LNG export terminals, an important industry development given that Qatar is home to 20% of global LNG exports). Although ET is no longer proceeding with its own Lake Charles LNG terminal project, it still has exposure to the play by virtue of enabling the flow of natural gas to the U.S. Gulf for other industry participants. Units yield 6.8%.

Research Alert: Et: A Slight Q1 Miss, But Raised Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ET posted Q1 earnings per unit of $0.35 vs. $0.37 consensus, missing by $0.02 primarily due to higher interest expenses rather than operational weakness. Despite the earnings miss, adjusted EBITDA rose 20% to $4.94B and distributable cash flow increased 17% to $2.70B, led by robust volume growth across segments. The partnership achieved multiple volume records including NGL terminal volumes (+19%), NGL exports (+19%), and crude oil transportation (+8%), with the NGL segment generating $1.16B EBITDA (+19%). Management raised 2026 adjusted EBITDA guidance to $18.2B-$18.6B from $17.45B-$17.85B, representing a $550M increase at the midpoint. Growth capital expenditures are expected to reach $5.5B-$5.9B, with emerging demand drivers from data centers and power generation supporting future growth, including the approved $600M Springerville Lateral Project and agreements to serve new power plant loads delivering ~300 MMcf/d of gas supply.

Earnings Flash (ET) Energy Transfer Posts Q1 Revenue $27.77B, vs. FactSet Est of $25.58B

Ares Acquires Stake in Rover Pipeline From Blackstone Energy Transition Partners

Ares Management (ARES) said Wednesday funds led by its Infrastructure Opportunities strategy have acquired a 32.4% stake in the Rover Pipeline from funds managed by Blackstone Energy Transition Partners.Rover, operated by Energy Transfer (ET), is a natural gas transmission pipeline that provides critical connectivity from the Appalachian Basin to end markets across North America, it said.Price: $109.94, Change: $-3.08, Percent Change: -2.72%

Kinder Morgan Q1 Earnings Beat Estimates, Lifts 2026 Outlook, RBC Says

Kinder Morgan's (KMI) Q1 earnings exceeded expectations, supported by stronger volumes, winter weather tailwinds and firmer commodity prices, RBC Capital Markets strategists said in a note on Friday.RBC analysts said it now expects 2026 adjusted EBITDA to come in at least 3% above its prior budget, reflecting stronger operating conditions across its network.However, despite the upbeat results, Kinder Morgan shares edged lower following the release, which analysts attributed to limited backlog growth, uncertainty surrounding its Western Gateway project and investor positioning ahead of other earnings in the sector.The broader midstream space has continued to outperform this year. The Alerian MLP Index rose 1.6% in the week ended April 23, outpacing the S&P 500, which gained 1%. Year-to-date, the midstream benchmark is up 14.5%, compared with a 3.8% rise in the S&P 500.RBC said that strength in the sector has been supported by steady cash flows and growing demand for natural gas infrastructure, even as commodity prices remain volatile.Front-month West Texas Intermediate crude rose about 2% on the week to about $97 per barrel, while Henry Hub natural gas prices slipped about 2% to $2.59 per million British thermal units.Cheniere Energy (LNG), in contrast, declined 2.1%, in what RBC analysts said could reflect positioning ahead of earnings and a rotation into other midstream names.Master limited partnerships modestly outperformed C-corporations during the week, with MLPs up 1.2% versus a 1% gain for corporates.Going forward, investors are focused on upcoming earnings from Enterprise Products Partners (EPD) and Oneok (OKE), both scheduled to report on April 28.Market participants will be watching for commentary on the impact of higher commodity prices, producer activity, project ramp-ups, export demand and capital allocation plans, as well as the effects of winter weather and evolving price spreads across key basins.RBC analysts flagged potential read-throughs for other operators, including Williams Companies (WMB), Energy Transfer (ET), Targa Resources (TRGP) and Sunoco (SUN), citing expected tailwinds from seasonal demand, marketing optimization and commodity price volatility.