Overview
- Energy Transfer suspended development of its Lake Charles LNG project on Dec. 18 and said it remains open to third‑party developers for the site.
- The company plans about $5 billion in growth capex next year focused on projects including the Desert Southwest and Hugh Brinson pipelines tied to Permian gas.
- Management highlights growing customer demand, with direct natural‑gas supply deals to data‑center operators such as Oracle, Fermi, and Cloud Burst.
- The stock is down roughly 17% year to date, lifting the distribution yield to about 8% as coverage characterizes the payout as sustainable.
- Analysts keep generally constructive views, with Morgan Stanley reiterating Hold at $19 and Scotiabank reiterating Buy at $21, while valuation sits near 7.5x 2026 EV/EBITDA and distribution growth is projected at 3%–5% annually.