Based on the current market data and recent developments, here's a concise analysis for ET stock:
Technical Analysis
The stock is currently trading at $20.22 in pre-market with a +1.46% gain. Technical indicators show RSI at 47.08, suggesting neutral momentum. The stock is trading near its Fibonacci pivot point of $20.39, with immediate resistance at $21.02 and support at $19.77.
Fundamental Strengths
- Strong growth potential in ethane exports to China, with Energy Transfer expanding its export capacity at Nederland, Texas
- Recent increase in quarterly cash distribution to 32.50 cents per share
- Favorable analyst ratings with multiple "Buy" recommendations and price targets ranging from $20-$25
Recent Developments
- Bill Gross, while cooling on MLPs overall, still favors ET for its attractive 6.5% yield and growth potential
- The company is benefiting from increasing demand for natural gas infrastructure, particularly for data centers and LNG exports
- Recent approval of the $2.7 billion Hugh Brinson natural gas pipeline project strengthens growth outlook
Analyst Consensus
Recent analyst actions are predominantly bullish, with price targets ranging from $21-$25, suggesting potential upside of 15-28% from current levels.
Recommendation
Based on the technical setup, strong fundamental outlook, and positive analyst sentiment, ET presents a buying opportunity at current levels. The stock's attractive yield, infrastructure expansion projects, and growing export business provide multiple catalysts for appreciation.