Energy Transfer (NYSE: ET) has a spotting track record of growing value for its investors. The master limited partnership (MLP) had overextended itself in the past, forcing it to slash its distribution to investors in 2020 to conserve cash. That allowed the midstream giant to shore up its financial profile by internally funding expansion projects and reducing leverage.

That plan has worked to perfection. The MLP has achieved its leverage target, enabling it to return the distribution to its former peak with more growth ahead. The company now yields an eye-popping 10%. That's too attractive to pass up, which is why I've been buying units of the MLP hand over fist recently.

Energy Transfer's diversified midstream platform generates lots of relatively stable cash flow. About 90% of its earnings come from fee-based contracts, giving it a very solid foundation of steady cash. The MLP produced slightly more than $2 billion of distributable cash flow during the first quarter.

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Source Fool.com