RESOLVING THE LEDGER
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Energy Transfer (NYSE: ET) has a lofty 6.5% distribution yield. That's actually higher than peers like Enterprise Products Partners (NYSE: EPD) and Enbridge (NYSE: ENB) that offer 5.6% and 5%, respectively. Even though Energy Transfer trades at a discount to these peers, I wouldn't buy it. Here's why.
Enterprise Products Partners is a very straightforward business, operating a portfolio of midstream energy assets . It charges customers fees for the use of its assets, generating reliable cash flows to support its yield. Enbridge, which I own, is a little more complex. It owns midstream assets, regulated natural gas utilities, and renewable power assets. However, all of these businesses are fairly simple to understand and generate reliable cash flows to support the company's attractive yield.
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