Energy Transfer (NYSE: ET) has delivered a strong performance over the past year. Units of the master limited partnership (MLP) are up over 19%. On top of that, the MLP has paid a high-yielding (and growing distribution). That has pushed its total return to more than 31% over the last 12 months. 

Despite that rally, Energy Transfer still trades at a fairly attractive valuation. Meanwhile, the MLP has lots of fuel to grow its distribution, which currently yields over 9% even after the nearly 20% surge in its unit price. These factors still make it look like an appealing investment.

Units of Energy Transfer currently trade at less than $14 apiece. That's an attractive level compared to its peers and where analysts believe the MLP should trade:

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Source Fool.com