Energy Transfer (NYSE: ET) has gone on a strong run since the start of 2023. The master limited partnership (MLP) has rallied more than 25%. That's a big move for a relatively slower-growing pipeline company.

The MLP's rally likely has some investors wondering if it's too late to buy. Here's a look at whether the pipeline stock is about to run out of fuel or has plenty left in the tank.

A big driver of Energy Transfer's recent run is its growing earnings. The MLP has grown its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from $13.1 billion in 2022 to $13.7 billion last year, about a 5% increase. It expects earnings to grow to $14.5 billion-$14.8 billion this year, a 7% to 8% year-over-year increase.

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Source Fool.com