Energy Transfer LP (NYSE:ET) is one of the 8 most undervalued oil stocks to buy. Robert Kad from Morgan Stanley increased the firm’s price target on Energy Transfer LP (NYSE:ET) from $19 to $21 while maintaining an Equal Weight rating on March 10. The update was issued as part of the firm’s weekly review of North American midstream and renewable energy infrastructure companies.

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Analyst sentiment has been largely positive after Energy Transfer LP (NYSE:ET) reported its fourth-quarter results on February 17. Adjusted EBITDA for the quarter reached $4.2 billion, compared with $3.9 billion in the same period last year. Distributable cash flow (DCF) attributable to partners came in at around $2 billion, which was in line with the prior-year quarter. The NGL and refined products segment generated adjusted EBITDA of $1.1 billion. This figure included a one-time $56 million increase linked to a regulatory order. However, the gain was largely offset by a $58 million timing-related decline and a $14 million impact from loading delays at Nederland terminals.

Among the other business segments, midstream operations reported adjusted EBITDA of $720 million, while the crude oil segment recorded $722 million. The interstate natural gas segment delivered $523 million, and the intrastate natural gas segment contributed $355 million.

Energy Transfer LP (NYSE:ET) is a midstream energy company that delivers energy services across 44 states. It specializes in transportation and storage of natural gas, crude oil, natural gas liquids (NGLs), and refined products. The company operates storage facilities and an extensive network of intrastate natural gas transportation pipelines.

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