Why Energy Transfer Soared Over 20% in the First Half of 2022
Units of Energy Transfer (NYSE: ET) jumped 21.3% in the first half of 2022, according to data provided by S&P Global Market Intelligence. That was an impressive showing by the master limited partnership (MLP), especially considering that the S&P 500 tumbled nearly 21% during that period.
Here's a look at what fueled the MLP's outperformance in the first half of 2022.
Energy Transfer is having an excellent year. The MLP reported strong first-quarter results, generating nearly $2.1 billion of distributable cash flow. While that was below what it produced in the year-ago period, the difference was entirely due to the positive impact of Winter Storm Uri. When that one-time event is taken into account, Energy Transfer's earnings improved across the board, thanks to higher volumes and the acquisition of Enable Midstream.
Source Fool.com
