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Latest
Valuentum Commentary
Jan 19, 2016
ETP’s Distribution Financially Engineered? Debt Junk-Rated?
It has been a terrible experience for MLP investors, and we continue to encourage executive teams to disclose prominently in all press releases non-GAAP free cash flow, as measured by cash flow from operations less all capital spending. Dec 14, 2015
FAQ: Help Me Understand Your Research on MLPs
It looks like your fair value estimates and your adjusted Dividend Cushion ratios aren't bad. What gives? Dec 11, 2015
This MLP's Distribution Is At Serious Risk
<Members only content> Dec 10, 2015
Presentation Slides: Kinder Morgan, MLPs, and the Risk of $0
You don't want to miss this... Dec 8, 2015
Dividends Not Safe as Energy Markets Swoon
We continue to monitor the carnage in the oil and gas markets, and we encourage readers to evaluate each firm’s unadjusted Dividend Cushion ratio to assess capital-market dependency. For most midstream entities and upstream entities that remain inescapably tied capital cycle builds, the risks are extreme. Dec 7, 2015
Master Limited Partnership Model Still At Risk
The bust may still be ahead of us. Nov 3, 2015
Update: A 10%+ Cost of Capital for Midstream Equities Is Reality
Republished from November 2, 2015. Oct 27, 2015
A 10%+ Cost of Capital for Midstream Equities Is Reality
Kinder Morgan floated equity capital at a cost of ~12%. The implications are far-reaching. Oct 6, 2015
Transaction Alerts: Moving Closer to Market Neutral on Energy
The absence of energy exposure in the Best Ideas Newsletter portfolio for much of the slide in the price of crude oil has been a tremendous source of upside. The elimination of several profitable positions in the Dividend Growth Newsletter portfolio several months ago has added to significant outperformance there. But now…we’re inching back into energy, if ever so slightly and on a highly diversified basis. Aug 7, 2015
The Great Pipeline Cash Flow Deficiency
Investors simply don’t know the quality of the assets in the ground, and the operators’ financials aren’t much to speak of in light of much safer dividend growth opportunities elsewhere. Latest News and Media The High Yield Dividend Newsletter, Best Ideas
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