ET - Energy Transfer LP

Massive pipeline network feeding AI campuses; long-term contracted volumes, toll-like revenue structure, still far below 10-year highs.

Tanner advocates for pipeline stocks as income investments. Energy Transfer pays 7-7.5% dividend with 120,000 miles of pipeline that cannot be replicated. Benefits from natural gas demand for data centers. Diversified across crude, refined products, storage.

Steve lists Energy Transfer as a core income investment from a dividend perspective.

Positive chart setup with momentum; after breaking above $19–$20 resistance, could run to $31; fundamentals solid in a $67B oil & gas company

Part of the energy and commodities theme. Included in the inflationary hedges tier of the consensus basket alongside Occidental, Chevron, and Caterpillar.

Tepper cut Energy Transfer position in half, abandoning the energy thesis