Energy Transfer vs. Enterprise Products Partners: Which High-Yield Pipeline Stock Will Outperform in 2026?

• Energy Transfer is successful maturation mode, with a batch of charismatic projects astir AI information centers.

• Enterprise Products Partners is 1 of the astir accordant MLPs and volition make a batch of escaped currency travel adjacent year.

• Energy Transfer is the cheaper banal and has a higher yield.

• 10 stocks we similar amended than Energy Transfer ›

Two of the apical midstream maestro constricted partnerships (MLPs) nary uncertainty are Energy Transfer (NYSE: ET) and Enterprise Products Partners (NYSE: EPD). Both companies ain top-tier pipeline assets, though Enterprise has historically been the much conservatively tally company. It has besides been the amended performer successful 2025, generating astir a 10% full instrumentality aft distributions, portion Energy Transfer's banal has been successful the reddish this year.

The question, though, is which banal volition outperform adjacent year. Let's look astatine the cases for some stocks.

Energy Transfer is 1 of the best-positioned companies to payment from the artificial quality (AI) roar and the industry's voracious request for power. It owns 1 of the country's largest integrated midstream systems and has entree to immoderate of the cheapest earthy state successful the country, fixed its beardown presumption successful the Permian Basin, wherever drillers are much acrophobic astir oil. Meanwhile, the company's entered maturation mode, with astir $10 cardinal successful aggregate growth-project superior expenditures (capex) earmarked for some this twelvemonth and next.

The institution has 2 ample pipeline projects to transport earthy state retired of the Permian, going successful other directions. The Hugh Brinson Pipeline, which the institution has said could go its astir invaluable asset, volition instrumentality earthy state to markets successful Texas, portion the Desert Southwest Pipeline volition transport the commodity to the Arizona and New Mexico markets. It's besides inked deals to supply earthy state straight to information halfway operators and builders, including Oracle, Fermi, and Cloudburst, arsenic good arsenic to powerfulness companies.

Meanwhile, the banal is cheap, trading astatine a guardant endeavor worth (EV)-to-EBITDA of conscionable 7.6 times 2026 expert estimates for $17.2 cardinal successful adjusted EBITDA. That's a bully discount to Enterprise Products Partners, which trades astatine an EV/EBITDA of 9.7 times 2026 adjusted EBITDA estimates of $10.5 billion.

It besides sports a output of 8% and Energy Transfer plans to rise its organisation by 3% to 5% a twelvemonth moving forward. The organisation is good covered by Energy Transfer's distributable currency travel (operating currency travel minus attraction capex), and its equilibrium expanse is successful coagulated shape.