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Valuentum Commentary
May 15, 2020
Dividend Increases/Decreases for the Week Ending May 15
Let's take a look at companies that raised/lowered their dividend this week. Nov 13, 2019
Chesapeake Energy’s Pain Indicates Nothing “Safe” About Energy MLP Distributions
Image Source: Valuentum slide deck, December 2015. Valuentum released its bearish case on MLPs in June 2015. Summary There is nothing "safe" in the stock market, and given the track record of the distributions of pipeline MLPs, there is nothing "safe" about pipeline MLP distributions. The MLP business model continues to be phased out, a trend that we anticipated when we made our bearish call on the group in June 2015. Chesapeake Energy's pain is a yet another reminder of the pipeline MLP group's exposure to energy resource pricing through the health (or rather ill-health) of its customer base. We continue to encourage pipeline operators to disclose free cash flow (cash flow from operations less all gross capital spending) prominently in press releases, alongside other industry-specific metrics. Investors of Chesapeake could get completely wiped out in a Chesapeake bankruptcy, and this could have implications across the pipeline MLP arena. Nov 1, 2019
Dividend Increases/Decreases for the Week Ending November 1
Let's take a look at companies that raised/lowered their dividend this week. Aug 7, 2019
Tallgrass Energy’s Growth Runway Shorter Than Expected
Image Source: Tallgrass Energy LP -- IR Presentation. We parted with Tallgrass as we see greater opportunities in other midstream firms and different parts of the high-yield universe, such as Enterprise Products Partners, which have stronger growth runways and assets that better cater to the ever-evolving needs of North America’s oil & gas industry. Recent weakness in TGE indicates the market is losing faith in Tallgrass’ growth trajectory and its future free cash flows. Aug 2, 2019
Dividend Increases/Decreases for the Week Ending August 2
Let's take a look at companies that raised/lowered their dividend this week. May 3, 2019
Dividend Increases/Decreases for the Week Ending May 3
Let's take a look at companies that raised/lowered their dividend this week. Feb 15, 2019
Dividend Increases/Decreases for the Week Ending February 15
Let's take a look at companies that raised/lowered their dividend this week. Nov 2, 2018
Dividend Increases/Decreases for the Week Ending November 2
Let's take a look at companies that raised/lowered their dividend this week. Aug 3, 2018
Dividend Increases/Decreases for the Week Ending August 3
Let's take a look at companies that raised/lowered their dividend this week. May 4, 2018
Dividend Increases/Decreases for the Week Ending May 4
Let's take a look at companies that raised/lowered their dividend this week. Latest News and Media The High Yield Dividend Newsletter, Best Ideas
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