Energy Transfer stock (ET:NYE), a provider of natural gas pipeline transportation and transmission services, posted a fourth-quarter net income per share of $0.34, which was an increase over the same period last year but fell short of Wall Street’s estimate of $0.39.
Despite a 10% increase in revenue to $20.5 billion, the amount fell short of the $23.2 billion predicted by analysts. The business cited the improvement to greater volumes across all segments and the good impact of its December 2021 acquisition of Enable Midstream.
Energy Transfer anticipates full-year 2023 adjusted EBITDA to fall between $12.9 billion and $13.3 billion, compared to 2022’s $13.1 billion. Despite missing forecasts for the fourth quarter, the company’s overall performance has improved.
As of the previous market close, the share price of Energy Transfer stock was USD 13.14, with an average analyst price target of USD 16.63 and an average recommendation of Strong Buy.
The average price objective for a company of $16.60 suggests a 26.3% upside potential, and ET stock shares have gained 15.8% in 2023.
Company Profile:
Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.
The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. The company was founded in 1996 and is headquartered in Dallas, Texas.
