The firm reiterated an Overweight rating, citing robust crude production outlook and undervaluation amid tailwinds.
Barclays raised its price target for Energy Transfer LP (NYSE:ET) to $23 from $22, maintaining an Overweight rating. The firm highlighted an improving backdrop for U.S. crude production and called the stock undervalued given multi-front tailwinds.
Energy Transfer reported Q1 2026 adjusted EBITDA of $4.9 billion and distributable cash flow of $2.7 billion. The company also increased its 2026 adjusted EBITDA guidance to $18.2 billion-$18.6 billion and projected organic growth capital between $5.5 billion and $5.9 billion.
Co-CEO Thomas Long noted record volumes in midstream gathering, NGL fractionation, NGL exports, and crude oil transportation during the quarter. The company operates a 140,000-mile pipeline network across the U.S.