FGP

MLP Speak: A Critique of Distributable Cash Flow

by

–> Handout 1: Pitfalls of Distribution Yield Analysis (pdf) –> Handout 2: Linking P/DCF to Enterprise Free Cash Flow Valuation (pdf) Let’s talk about a controversial metric that is used in master limited partnership (MLP) reporting. Just how useful is it, and should it be allowed? By Brian Nelson, CFA It’s been a few years since the fallout in the prices of most master limited partnerships (AMLP), but to me, it still feels like yesterday. We continue to have many concerns about the longevity of the business models of MLPs, and we maintain our view that the operating structure will be challenged over the long haul. New equity and debt funding (issuance) continues to, in part, fuel the distributions of most MLPs, … Read more

Dividend Increases/Decreases for the Week Ending November 25

by

Below we provide a list of firms that raised/lowered their dividends during the week ending November 25. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Aircastle (AYR): now $0.26 per share quarterly dividend, was $0.24. Aramark (ARMK): now $0.103 per share quarterly dividend, was $0.095. Becton, Dickinson (BDX); now $0.73 per share quarterly dividend, was $0.66. Capital City Bank (CCBG): now $0.05 per share quarterly dividend, was $0.04. Chicago Rivet & Machine (CVR): now $0.20 per share quarterly dividend, was $0.18. First Connecticut (FBNK): now $0.09 per share quarterly dividend, was … Read more

Taxes and the Distressed MLP Investor

by

Image show above: Performance of the Alerian MLP ETF. “Perhaps the worst thing about MLPs is that investors can spend more time doing and thinking about tax-related items than actually evaluating the businesses of the underlying entities. This could result in poor investment decisions.” – Brian Nelson, CFA By Brian Nelson, CFA What a sensitive topic for many… Our team presented at the Chicago chapter of the American Association of Individual Investors (AAII) last weekend. It is always an honor and a privilege to have the opportunity to present to such wonderful people! They ask so many great questions. (By the way, I’m working on my schedule for 2017, so if you’d like our team to speak on a topic … Read more

Dividend Increases/Decreases for the Week Ending November 27

by

Below we provide a list of firms that raised/lowered their dividends during the week ending November 27. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Becton, Dickinson (BDX): now $0.66 per share quarterly dividend, was $0.60. Capital City Bank (CCBG): now $0.04 per share quarterly dividend, was $0.03. Citizens Community Bank (CZYB): now $0.07 per share annual dividend, was $0.05. Ferrellgas Partners (FGP): now $0.5125 per share quarterly dividend, was $0.51. Hormel Foods (HRL): now $0.29 per share quarterly dividend, was $0.25. Laclede Group, Inc. (LG): now $0.49 per share quarterly … Read more

Dividend Increases/Decreases for the Week Ending August 21

by

Below we provide a list of firms that raised/lowered their dividends during the week ending August 21. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Altria (MO): now $0.56 per share quarterly dividend, was $0.52. Brinker (EAT): now $0.32 per share quarterly dividend, was $0.28. Community Bank System (CBU): now $0.31 per share quarterly dividend, was $0.30. Connecticut Water Service (CTWS): now $0.2675 per share quarterly dividend, was $0.2575. Dillard’s (DDS): now $0.07 per share quarterly dividend, was $0.06. Ferrellgas Partners (FGP): now $0.51 per share quarterly dividend, was $0.50. FirstMerit … Read more