It's important to take the long-term view when investing. You should think in terms of years and decades, not months and days. However, it's also wise to keep an eye on the calendar before investing to get ahead of a potential catalyst.

Those interested in buying midstream giant Energy Transfer (ET -0.30%) should circle Nov. 6 on their calendar. It's an important date for the master limited partnership (MLP) because it precedes the company's next earnings report and distribution payment. Here's why investors might want to buy before that date.

Multiple earnings-related catalysts

Energy Transfer will report its third-quarter earnings after the market closes on Nov. 6. The midstream giant will likely report strong results.

The company is coming off an excellent second quarter. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 20% to $3.8 billion, while its distributable cash flow soared 32% to $2 billion. The MLP delivered record volumes across several segments, fueled by strong market conditions, recently completed expansion projects, and acquisitions.

That strong momentum likely flowed into the third quarter. Energy Transfer should continue to benefit from its needle-moving merger with Crestwood Equity Partners, which closed last November. In addition, it should continue to get a boost from recently completed expansion projects, including two new ones that started service in July, which should impact its results in the third quarter. And the company closed its highly accretive $3.1 billion acquisition of WTG Midstream in July.

Meanwhile, the company will likely provide an update on its progress in securing additional expansion projects. For example, it took another step toward finally approving its long-delayed Lake Charles LNG project last month. Securing additional expansion projects would further enhance its growth outlook.

Units of Energy Transfer are already up about 20% this year. Reporting stronger-than-expected third-quarter results or progress on securing additional expansion projects could give it more fuel to continue rallying. Because of that, investors might get a better price if they buy before Energy Transfer reports earnings.

Get paid quicker

Energy Transfer recently declared its latest distribution payment of $0.3225 per unit. That's a $0.0025-per-unit increase from last quarter and a 3.2% pay bump compared to the year-ago level. That aligns with the MLP's plan to increase its distribution by 3% to 5% annually.

The midstream company will pay its distribution on Nov. 19. However, you must be a unit holder of record by the close of business on Nov. 8 to receive its next distribution payment.

That upcoming distribution payment is another reason investors might want to consider buying Energy Transfer sooner rather than later. If you buy after Nov. 8, you might pay a higher price for the MLP's units and won't receive your first distribution payment for another 90 days.

Here are some reasons why it's OK to wait

While there are compelling reasons to buy Energy Transfer before the market closes on Nov. 6, there are plenty of reasons why investors might want to be more patient.

Even if units of Energy Transfer spike after it reports earnings, investors would likely still lock in a very lucrative yield that is currently approaching 8%. That's much higher than the current dividend yield on the S&P 500 (^GSPC 0.41%), which is less than 1.5%, due to the MLP's bottom-of-the-barrel valuation. Meanwhile, as mentioned, the company plans to continue growing its distribution in the future, suggesting there will be plenty of income to come.

Another reason some investors might want to wait is to take the time to understand the ins and outs of investing in an MLP, which differs from traditional corporations. A big one is that they send their investors a Schedule K-1 federal tax form each year, which can complicate and add to the expense of filing your taxes. However, those tax complications can make investing in MLPs well worth the hassle, given their other tax advantages.

A good time to consider buying

There are a couple of compelling reasons to buy Energy Transfer before Nov. 6. It reports earnings that day, while investors must own units by the 8th to collect the next distribution payment. So, if you want to ensure you own units before a potential price spike and collect the upcoming distribution, you should buy them soon.

That said, don't feel like you need to rush out and purchase units if you still need to finish your research, since it trades at a low valuation and plenty more distribution payments are coming down the pipeline. It's better to make a fully informed investment decision than to buy a stock before you know what you're getting into.