Energy Transfer Hits Record High Ahead of Texas Listing

Energy Transfer reached an all-time high as U.S. energy prices rose and the company prepared to shift its listing from the New York Stock Exchange to the Texas Stock Exchange.

The stock has climbed more than 26% over the past 12 months and about 31% year-to-date, placing Energy Transfer’s market value at roughly $75 billion.

The Texas Stock Exchange launched in 2024 and is backed by BlackRock, Citadel Securities, Charles Schwab and Citigroup. Energy Transfer’s executive chairman, Kelcy Warren, is an investor in the exchange with a reported 30% stake. The company says the listing plan is under consideration and no public timetable has been confirmed.

Energy Transfer operates one of the largest U.S. midstream networks, including the country’s largest intrastate pipeline system. Its services include natural gas gathering, compression, treating, dehydration and processing. Higher U.S. oil and gas production increased demand for midstream services.

In the most recent quarter, Energy Transfer reported revenue of $34.3 billion and net income of $2.53 billion, compared with $1.4 billion in the same period a year earlier. Revenue for the first half of the year was $62.1 billion. Interest expense was $934 million in the quarter and $1.88 billion for the first six months. Analysts forecast annual revenue could rise about 44% to roughly $122 billion.

The company has a history of paying dividends; recent cash generation supported distributions and debt payments.

On technical charts, the stock cleared a resistance level near $20.30 and moved above the upper boundary of an ascending triangle on weekly data. The Average Directional Index is around 40. Market analysts cite a short-term upside target near $25 and note that a sustained drop below $20.30 would weaken the bullish outlook.

Energy Transfer’s near-term direction will depend on energy prices, U.S. production trends, the company’s cash flow and debt reduction, and any formal announcement about the timing and mechanics of a listing change. Quarterly results and any exchange filing will be watched by shareholders and market participants.