Energy Transfer (NYSE: ET) is coming off a strong year. The master limited partnership (MLP) delivered solid earnings growth, fueled by organic expansion and two acquisitions. That growth helped power a 16% increase in its unit price. Meanwhile, its big-time distribution pushed its total return to 28%.

Despite that solid showing last year, Energy Transfer remains a screaming bargain with one of the lowest valuations in its peer group. Add that to its high-yielding payout (currently 8.9%) and growth prospects, and the MLP could continue producing strong total returns in 2024 and beyond.

Energy Transfer is one of the biggest midstream companies in the country. It's also one of the cheapest:

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Source Fool.com