ET - Energy Transfer Is Getting a Big Acquisition-Fueled Earnings Boost
2024-05-10 05:13:00 ET
Energy Transfer (NYSE: ET) has a long history as a consolidator in the midstream sector. That strategy is paying big dividends this year. The pipeline company recently reported strong first-quarter results, fueled mainly by recent acquisitions.
Another acquisition, this time by affiliate Sunoco (NYSE: SUN) , will help power stronger-than-expected earnings growth for the master limited partnership (MLP) this year. The company's rising cash flow should give it the fuel to continue growing its high-yielding distribution.
Energy Transfer generated nearly $3.9 billion of adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) during the first quarter. That's a 13.1% increase compared to the year-ago period.
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Energy Transfer Is Getting a Big Acquisition-Fueled Earnings Boost