Energy Transfer LP (NYSE:ET) posted a 2.2% weekly gain through Friday, June 27, 2026, as investors focused on the company's robust pipeline of long-term natural gas and NGL contracts. The stock closed at $19.17, down just 0.05% on the day, matching the S&P 500’s slight decline but trailing the broader energy sector, which rose 0.18%. Trading volume remained light, with only 5.30 million shares changing hands, well below the 65-day average of 13.62 million.
For the week, ET saw roughly 36.6 million units traded, far short of the approximately 68.1 million that would have been expected at average volume. The stock ended 7.4% below its 52-week high of $20.70 set on May 20. Analysts tracked by The Wall Street Journal have a median price target of $24, representing potential upside of about 25% from Friday’s close.
Growth Plans Backed by Long-Term Contracts
Energy Transfer’s June investor presentation highlighted the company’s strategy. It reported a cash distribution yield of approximately 7% as of June 18. For 2026, the company forecasts adjusted EBITDA in the range of $18.2 billion to $18.6 billion, up from a prior outlook of $17.45 billion to $17.85 billion. The company also plans organic growth capital spending of $5.5 billion to $5.9 billion next year, with a long-term annual distribution growth target of 3% to 5%.
The backbone of this growth is a substantial natural gas pipeline backlog. Energy Transfer says demand-pull contracts with end users, data centers, and utilities cover over 6 Bcf/d of contracted capacity, translating to more than $25 billion in projected firm transportation revenue, with an average contract length of 18 years. Key deals include agreements with Oracle (NYSE:ORCL) data centers, power demand in Oklahoma, and the Nexus Hubbard AI campus in Central Texas.
NGL Export Expansion Fully Committed
Energy Transfer is also expanding its NGL export capabilities. On June 18, the company announced it will boost the Nederland NGL export terminal by adding 240,000 barrels per day of new ethane capacity and 55,000 bpd of additional LPG capacity. The company said all of the new ethane capacity has already been locked in through long-term deals extending into the 2040s.
Co-CEO Tom Long noted on the company’s May earnings call that the first-quarter results “beat our internal plan by approximately $500 million.” Co-CEO Marshall McCrea added that there is now a “very clear redirection to the U.S. for all products” as global buyers turn to U.S. supply. First-quarter adjusted EBITDA came in at $4.94 billion, a 20% year-over-year increase, with distributable cash flow of $2.70 billion.
Market Outlook and Key Levels
Next week features a shortened trading schedule, with the NYSE closed on Friday, July 3, for Independence Day. ET will need to break above $19.31 to clear last week’s high, while a drop below $18.74 would signal a reversal of the post-Juneteenth bounce. With volume still lagging, the stock’s ability to sustain its recent gains will depend on continued fundamental support from its contract backlog and yield.
