ET - Energy Transfer Just Raised Guidance. Is It Time to Pile Into This 8% Yielding Stock?
2024-05-16 05:25:00 ET
Energy Transfer (NYSE: ET) raised its full-year guidance last week when it reported its first-quarter results, continuing the company's recent strong operational performance. The stock has returned nearly 40% over the past year, including distributions.
The master limited partnership (MLP) unceremoniously cut its distribution in half in the fall of 2020 to better deal with its debt load and the state of the energy market. However, the company has turned itself around since then and just turned in another solid quarterly report which included a raise in its distribution. Its distribution is now solidly above where it was before the company cut it, which is a testament to how quickly it was able to turn itself around.
As a pipeline company , volumes are very important to Energy Transfer and its results. On that front, the company saw volume growth across its segments, led by a 44% surge in crude oil transportation volumes. Crude oil terminal and NGL fractionation volumes were also both up double-digits, 11% and 10%, respectively.
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Energy Transfer Just Raised Guidance. Is It Time to Pile Into This 8% Yielding Stock?