Energy Transfer (ET) is one of the more problematic companies to analyze. The company is not only large, but also has many divisions that need to be analyzed.
Source: Seeking Alpha Website June 17, 2020.
The problem revolves around the current yield. This investment grade partnership (that issues a K-1) appears to have some challenges ahead in the eyes of Mr. Market. Clearly the units have rallied along with the industry recovery. But generally investment grade partnerships do not have this kind of yield without a reason.
Furthermore this partnership has gone nowhere