Why Units of Energy Transfer Slumped 12% in February
Units of MLP Energy Transfer (NYSE: ET) fell 12% in February, according to data provided by S&P Global Market Intelligence. Weighing on the midstream company was its weak outlook for 2020 and slumping oil prices.
Energy Transfer reported its fourth-quarter and full-year results last month. It ended the year on a high note as its earnings came in ahead of its already upwardly revised outlook. Overall, the energy company generated $11.2 billion of adjusted EBITDA last year, up 18% from 2018's level and above its $11 billion to $11.1 billion guidance range. As a result, it produced enough cash to cover its high-yielding payout by a very comfortable 1.96 times.
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Source Fool.com
