Energy Transfer LP
ET: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$26.00 | Hjfp | Pnvht |
Energy Transfer Earnings: Solid Quarter; 2024 Guidance Looks Conservative
Energy Transfer’s fourth-quarter earnings and full-year results were solid, in our view. 2023 EBITDA was $13.7 billion, up 5% over 2022's level, and a touch higher than our $13.6 billion forecast, largely due to incremental marketing contributions, in our view. 2024 guidance is initially lower than our forecast, however, we expect to maintain our $17.50 fair value estimate and no-moat rating.