From Seekingalpha · Yiannis Zourmpanos · · 40s
Energy Transfer Q3 Reality Check
Energy Transfer's Q3 results show record system volumes and strong adjusted EBITDA at $5.1 billion.
In brief
Energy Transfer's Q3 results show record system volumes and strong adjusted EBITDA at $5.1 billion. Energy Transfer reported record system volumes and $5.1 billion adjusted EBITDA for Q2, with a 6.64% distribution yield. Originally reported by Seekingalpha.
Q2 Results
Energy Transfer posted record system volumes and Q2 adjusted EBITDA of $5.1 billion.
Q2 Tailwinds
Roughly $519 million of Q2 gains came from commodity prices, arbitrage, premiums, SPR activity, and favorable basis differentials.
Investment Thesis
Energy Transfer's real thesis is under the headline quarterly numbers with record volumes across gathering, NGL, and crude systems.
Valuation
Energy Transfer trades at 8.17x forward EV/EBITDA versus the sector’s 5.99x median, leaving less room for disappointment.
The main idea
Energy Transfer reported record system volumes and $5.1 billion adjusted EBITDA for Q2, with a 6.64% distribution yield.
