#4 - Energy Transfer (NYSE:ET)
Another group of energy stocks that investors should look at for high-yield dividends is midstream energy companies. These companies move oil, natural gas, and other products through a network of pipelines. This makes them solid defensive plays because oil and gas need somewhere to move, regardless of demand.
The first of these is Energy Transfer LP (NYSE: ET). The company owns and operates over 125,000 miles of pipelines across 44 states. ET stock is up 16.4% in 2024 but has been rangebound for much of the summer. One reason for that is the company has posted a slight earnings miss in its last two quarters. However, for those that place value in such things, Energy Transfer has been heavily bought by at least one member of Congress. Virginia Foxx (R-NC) has made eight separate purchases of ET stock in 2024.
The company’s dividend is a key reason ET stock has delivered a total return of 87.24% for investors over the last five years. That dividend yields 8.44% as of September 4, 2024.
About Energy Transfer
Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.
Read More - Current Price
- $16.17
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $19.14 (18.4% Upside)
