How Exchange Move At Energy Transfer Stock Has Changed Its Investment Story

• Energy Transfer LP has already shifted plans for its common units and Series I preferred units to move their listings from the NYSE to the Texas Stock Exchange, where they are expected to trade under the symbols ET and ETprI from October 5, 2026.
• The move to the newly created Texas Stock Exchange places Energy Transfer closer to its operating base and peers. This can influence liquidity, index inclusion, and how different investor groups access and assess the partnership.
• With Energy Transfer preparing to list on the Texas Stock Exchange, we will look at how this decision reshapes the investment narrative.

Scan how Energy Transfer’s listing shift compares to other large pipeline and infrastructure operators by reviewing our curated set of 39 power grid technology and infrastructure stocks.

Energy Transfer Investment Narrative Recap

For you to own Energy Transfer, you need to be comfortable with a midstream partnership that leans on large, long lead time projects in natural gas, NGLs, and crude. The near term swing factor is execution on that project backlog and volume trends in basins like the Permian and Bakken, where weaker throughput or deferred activity can hit earnings. The biggest current risk sits with project timing, permitting, and potential cost creep. The Texas Stock Exchange move does not materially change those operating drivers or the core thesis, at least in the near term.

The TXSE listing shift is the headline, but the more relevant piece for your thesis is how it intersects with Energy Transfer’s expansion plans in natural gas and NGL infrastructure. Those projects are tied to long term contracts, data center and power demand, and export volumes. They depend on steady access to capital markets and consistent investor appetite for funding multi billion dollar builds. Any change in how the units trade, who owns them, or how liquidity develops on the new exchange will sit in the background of that execution story rather than redefine it.

Even so, there is one structural issue around Energy Transfer that deserves a closer look before you lean too heavily into that growth story...

Read the full Energy Transfer narrative to see the case behind these numbers.

Energy Transfer's current setup assumes revenue growth of 2.6% per year and earnings today of about US$5.0b, stepping up to a consensus forecast of roughly US$7.0b by 2029. That path implies revenues of about US$116.1b and an earnings increase of around US$2.0b by the 2029 estimate year.

Energy Transfer's forecasts point to a $24.10 fair value against a $21.73 share price, an 11% premium to its current price that could narrow quickly.

Exploring Other Perspectives

Five fair value estimates from the Simply Wall St Community cluster around US$24.10 at the low end and stretch to roughly US$51 at the top, so retail opinions on Energy Transfer are wide apart. Before leaning toward either extreme, weigh those views against project execution risks in areas like Bakken, Permian, and long duration LNG and pipeline build outs. Then explore several contrasting Community perspectives for yourself.

Compare your own view on Energy Transfer with 4 other fair value estimates for Energy Transfer to see how other investors are framing the potential upside and downside.

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so consider forming your own view.

• A great starting point for your Energy Transfer research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• See our latest analysis for Energy Transfer. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate Energy Transfer's overall financial health at a glance.

Looking for more investment ideas beyond Energy Transfer?

Once you have a clear view on Energy Transfer, it can help to cross check that thesis against other opportunities that fit your style, risk tolerance, and income needs. The Simply Wall St Screener is a quick way to surface stocks that match those preferences without wading through hundreds of tickers manually.

• If you want potential upside with a smaller capital outlay, scan focused opportunities in the 21 elite penny stocks with strong financials that already show stronger financial footing than most low priced shares.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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