Midstream-giant Energy Transfer (NYSE: ET) is having an excellent year. The master limited partnership (MLP) recently released its third-quarter results, delivering 20% earnings and cash flow growth. That allowed the company to raise its full-year forecast.

It also gave the energy company plenty of money to cover its big-time distribution. The MLP has boosted that payout by more than 70% this year, pushing the yield over 8.4%. Is that monster payout worth buying or too good to be true?

In the third quarter, Energy Transfer generated $3.09 billion of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). That's roughly 20% more than the $2.58 billion it produced in the year-ago period. Those surging earnings came even though the company experienced a $126 million charge related to a legal matter in its crude oil transportation segment and a negative $130 million adjustment related to its hedge inventory of natural gas liquids (NGLs). 

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Source Fool.com