Just caught something interesting about Energy Transfer that might be worth paying attention to if you're looking at energy infrastructure plays.

So ET has been on a solid run this year, up over 13% and sitting around $19 per unit. What's driving it is pretty straightforward - the company's growth is actually accelerating again after a slower 2025. Last year was kind of a dud with only 3.2% EBITDA growth, way below their usual 10% pace. But this year they're guiding for over 10% earnings growth again, which changes the whole picture.

The fuel behind this reacceleration is real. They've got major expansion projects ramping up this year - we're talking the $2.7 billion Hugh Brinson Pipeline and the $5.6 billion Transwestern expansion. Their affiliated MLPs just closed acquisitions too. Add in rising oil prices and you've got multiple tailwinds hitting at once.

Here's where it gets interesting for the next few years. Energy Transfer has a massive backlog of projects scheduled through 2030. They're also seeing new demand from data centers and power producers needing more gas infrastructure. With their balance sheet in good shape, they can fund existing projects plus hunt for new opportunities. If they keep growing earnings at 10% annually, the math says they could realistically hit $30 within about five years at current valuation multiples.

The valuation angle is actually pretty compelling too. ET trades at less than 9x forward earnings while the peer group averages above 11x. That's basically the cheapest in the group. If they maintain their growth acceleration and the market starts valuing them more fairly, $30 could happen even faster than five years.

Not financial advice obviously, but the setup looks pretty solid if you believe in energy infrastructure demand staying strong. Worth keeping on your radar.