BofA Reduces PT on Energy Transfer LP (ET) Stock

Energy Transfer LP (NYSE:ET) is one of the Most Promising Energy Stocks According to Wall Street Analysts. On September 18, BofA reduced the price target on the company’s stock to $22 from $23, while keeping a “Buy” rating, as reported by The Fly. The firm is updating price targets for Integrated, Refining, and Midstream stocks, which are under its coverage. After the 2-year stint, in which midstream companies were incentivized to grow, the firm opines that the investors will return to looking for return of cash as the primary metric, with the capability to reduce growth in capex and offer buybacks or higher dividends being prized.

Energy Transfer LP (NYSE:ET) stated that it reached FID on Phase II of its Hugh Brinson Pipeline, which is expected to include the addition of compression. Upon completion, the bi-directional pipeline would be having the ability to transport ~2.2 Bcf/d from west to east and also transport ~1 Bcf/d from east to west. Energy Transfer LP (NYSE:ET) placed its Nederland Flexport NGL Export Expansion Project into ethane and propane service and anticipates starting ethylene service in Q4 2025. The project is anticipated to add up to 250,000 Bbls/d of total NGL export capacity at Partnership’s Nederland terminal.

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Disclosure: None. This article is originally published at Insider Monkey.