NEW YORK, August 1, 2026, 14:18 EDT — U.S. markets have finished trading.
- Energy Transfer finished the week at $20.36, flat compared to last week and 1.6% under its 52-week peak.
- The company’s latest annualized distribution of $1.36 equates to a yield of 6.68%.
- Reaching the 2026 target calls for an average quarterly adjusted EBITDA of approximately $4.49 billion through the end of the year.
Energy Transfer LP closed Friday at $20.36, up approximately 0.6%. The units finished the week flat. They stayed 1.6% under their 52-week peak of $20.70.
The flat week is notable. Energy Transfer increased its distribution for the 19th quarter in a row. However, the share price showed no further reaction for investors.
ET outperformed other direct MLP peers. A comparison of closing prices on July 24 and July 31 highlights the difference.
| Partnership | July 24 close | July 31 close | Weekly move |
|---|---|---|---|
| Energy Transfer LP NYSE:ET | $20.36 | $20.36 | unchanged |
| Enterprise Products Partners LP NYSE:EPD | $38.73 | $38.05 | down 1.76% |
| MPLX LP NYSE:MPLX | $58.65 | $58.45 | off 0.34% |
The 2.2% decline on Monday heightened market nerves. The distribution update was released following the session’s end. Units bounced back, yet remained below previous highs.
Oil showed a firmer background. WTI closed July at $84.67, up 22% for the month. ET managed to maintain its position.
The income comparison presents a mixed picture. The yields shown are calculated using annual payouts against the closing price on Friday.
| Partnership | Annualized payout | Indicated yield | Trailing P/E |
|---|---|---|---|
| Energy Transfer | $1.36 | 6.68% | 17.0x |
| Enterprise Products | $2.24 | 5.89% | 14.1x |
| MPLX | $4.31 | 7.37% | 12.7x |
ET offers a higher payout than Enterprise Products, though it is below that of MPLX. The company also trades at the loftiest trailing earnings multiple among the three. Calculations show this premium stands at roughly 21% over EPD and 34% over MPLX. Since P/E ratios can skew MLP comparisons, cash flow provides a more accurate measure.
Tuesday offers a test of that. Energy Transfer will announce results prior to the opening bell. The company’s conference call is scheduled to begin at 9 a.m. EDT.
Initial projections: According to Google Finance, consensus figures are $0.38 per unit and $28.86 billion in revenue. ET reported $0.32 on $19.24 billion for the previous year. This points to a 19% increase in earnings and a 50% rise in revenue.
The greater challenge is adjusted EBITDA. In the first quarter, EBITDA totaled $4.94 billion, representing 26.8% of the $18.4 billion full-year midpoint. The calculation shown below is a mathematical breakdown, not official guidance from the company.
| 2026 adjusted EBITDA bridge | Amount |
|---|---|
| Full-year corporate outlook | $18.20B–$18.60B |
| Q1 result | $4.94B |
| Needed through Q2–Q4 | $13.26B–$13.66B |
| Quarterly average needed | $4.42B–$4.55B |
| Quarterly average at midpoint | $4.49B |
| Q2 2025 actual | $3.87B |
The midpoint calls for $4.49 billion per quarter to the end of the year. This figure stands 15.9% higher than second-quarter 2025 EBITDA. Seasonal variations limit the comparison. However, it highlights the scale of the valuation requirement.
Coverage delivers improved clarity. Distributable cash flow for the first quarter increased to $2.70 billion, up from $2.31 billion. Growth capital expenditures totaled $1.53 billion.
Operations contributed positively. NGL exports in the first quarter climbed 19%. NGL transportation was up 12% and crude transportation advanced 8%.
Co-CEO Tom Long stated in May that “our projects are supported by long-term contracts,” with numerous agreements extending more than 20 years. The Nederland facility expansion brings an additional 240,000 barrels per day of ethane capacity and 55,000 barrels per day of LPG. All of the new ethane capacity is secured through contracts into the 2040s. The Motley Fool
The coming week features key events. ET and MPLX are scheduled to release earnings early Tuesday. Energy Transfer’s distribution record date is set for Friday, August 7.
Risks: EBITDA may be diminished by slower growth in Permian volumes, delays in projects, softer basis spreads or rising costs. The $1.75 billion junior-note issue in July featured opening coupon rates of 6.55% and 6.70%. Funds will replace preferred units and existing debt, though financing expenses stay apparent.
Currently, the units indicate income support rather than verified earnings. On Tuesday, it is essential to maintain EBITDA close to the necessary run rate to uphold the premium.
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