The energy sector is up over 30% this year because crude prices doubled from the Iran conflict. The S&P 500 is down 3% in comparison. Energy Transfer (ET) is only up 16% so far. The reason it is lagging the broader sector is their business model. About 90% of their earnings come from fixed fees, with only 5 to 10% directly exposed to commodity prices. This limits their upside during oil price spikes, but gives them steady cash flow when prices drop. They currently pay a 7% yield. Most of their growth projects are focused on natural gas to supply data centers and power plants, rather than crude oil. It is not the best stock to play the crude surge, but it works if you want steady dividend income.