Why Energy Transfer Rocketed 72% in the First Half of 2021
Units of Energy Transfer (NYSE: ET) zoomed 72% during the first half of 2021, according to data provided by S&P Global Market Intelligence. Several factors propelled the energy stock, including improving oil market conditions, positive news on a pipeline lawsuit, another needle-moving deal, and blowout first-quarter results.
Energy Transfer has gotten a lot of good news in 2021. One of the biggest positives involves its disputed Dakota Access Pipeline. The company had to undergo another environmental review of that project. While opponents wanted it shut down during this process, the U.S. Army Corps of Engineers and the U.S. District Court said it could remain open during this review, which the Army expects to finish next spring. Because of that, the pipeline can continue shipping oil and generating cash for Energy Transfer.
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Source Fool.com
