Energy Transfer LP

ET: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$44.00	Cwzx	Fyrb

Energy Transfer Earnings: Solid Quarter; 2024 Guidance Looks Conservative

Stephen Ellis

Feb 15, 2024

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.

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