RMP

Master Limited Partnership Simplifications on the Rise

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  With the announcement of three separate master limited partnership simplification transactions on May 17 alone, we must revisit our thesis that the business structure may not be in it for the long haul. By Kris Rosemann At Valuentum, we continue to believe the master limited partnership (MLP) business model is at risk over the long haul, and recent news from the space only seems to support the notion that the MLP model we once knew may be fading more quickly than some had expected. If there is nothing inherently wrong with the structure of MLPs, then the rate at which simplification transactions are occurring would certainly be an alarming development, but we continue to point to factors such as … Read more

MLP Speak: A Critique of Distributable Cash Flow

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–> 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

Taxes and the Distressed MLP Investor

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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 April 22

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Below we provide a list of firms that raised/lowered their dividends during the week ending April 22. 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 American Water Works (AWK): now $0.375 per share quarterly dividend, was $0.34. Aspen Insurance Holdings (AHL): now $0.22 per share quarterly dividend, was $0.21. Canadian Pacific Railway (CP): now C$0.50 per share quarterly dividend, was C$0.35. Celanese (CE): now $0.36 per share quarterly dividend, was $0.30.           Charles Schwab (SCHW): now $0.07 per share quarterly dividend, was $0.06. Citizens Financial (CFG): now $0.12 per share quarterly dividend, … Read more

Dividend Increases for the Week Ending July 24

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Below we provide a list of firms that raised their dividends during the week ending July 24. 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 BancorpSouth (BXS): now $0.10 per share quarterly dividend, was $0.075. Bar Harbor Bankshares (BHB): now $0.255 per share quarterly dividend, was $0.25. Baylake Corp (BYLK): now $0.09 per share quarterly dividend, was $0.08. BBCN Bancorp (BBCN): now $0.11 per share quarterly dividend, was $0.10. B&G Foods (BGS): now $0.35 per share quarterly dividend, was $0.34. Chemical Financial (CHFC): now $0.26 per share quarterly dividend, was $0.24. … Read more

Dividend Increases/Decreases for the Week Ending October 23

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Below we provide a list of firms that raised/lowered their dividends during the week ending October 23. 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 ALPS U.S. Equity High Volatility Put Write Index ETF (HVPW): now $0.3226 per share monthly dividend, was $0.3199. ArcBest (ARCB): now $0.08 per share quarterly dividend, was $0.06. American Electric Power (AEP): now $0.56 per share quarterly dividend, was $0.53.  AptarGroup (ATR): now $0.30 per share quarterly dividend, was $0.28. Associated Banc-Corp (ASB): now $0.11 per share quarterly dividend, was $0.10. Bank of Marin Bancorp (BMRC): … Read more

Dividend Increases/Decreases for the Week Ending January 22

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Below we provide a list of firms that raised/lowered their dividends during the week ending January 22. 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 Alaska Air (ALK): now $0.275 per share quarterly dividend, was $0.20. Alexanders Inc. (ALX): now $4.00 share quarterly dividend, was $3.50. ALLETE (ALE): now $0.52 per share quarterly dividend, was $0.505. Bar Harbor Bankshares (BHB): now $0.265 per share quarterly dividend, was $0.26. Cardinal Financial (CFNL): now $0.12 per share quarterly dividend, was $0.11. CenterPoint (CNP): now $0.2575 per share quarterly dividend, was $0.2475. Chicopee Bancorp … Read more

Dividend Increases/Decreases for the Week Ending July 22

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Below we provide a list of firms that raised/lowered their dividends during the week ending July 22. 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 AltaGas (ATGFF): now C$0.175 per share monthly dividend, was C$0.165. Bar Harbor Bankshares (BHB): now $0.275 per share quarterly dividend, was $0.27. Blackstone (BX): now $0.36 per share quarterly dividend, was $0.28. Bryn Mawr Bank (BMTC): now $0.21 per share quarterly dividend, was $0.20. Citigroup (C): now $0.16 per share quarterly dividend, was $0.05. Cone Midstream Partners (CNNX): now $0.254 per share quarterly dividend, was $0.245. … Read more

Dividend Increases/Decreases for the Week Ending October 21

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Below we provide a list of firms that raised/lowered their dividends during the week ending October 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 Accenture (ACN): now $1.21 per share semi-annual dividend, was $1.10. Amphenol (APH): now $0.16 per share quarterly dividend, was $0.14. AptarGroup (ATR): now $0.32 per share quarterly dividend, was $0.30. AVX (AVX): now $0.11 per share quarterly dividend, was $0.10. Bank First National (BFNC): now $0.16 per share quarterly dividend, was $0.15. Brunswick Corp (BC): now $0.17 per share quarterly dividend, was $0.15. Capital Bank Financial … Read more

Dividend Increases/Decreases for the Week Ending January 20

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Below we provide a list of firms that raised their dividends during the week ending January 20. 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 Alexanders (ALX): now $4.25 per share quarterly dividend, was $4.00. Algonquin Power & Utilities (AQN): now $0.1165 per share quarterly dividend, was $0.1059. Bear State Financial (BSF): now $0.03 per share quarterly dividend, was $0.025 Capital Product Partners (CPLP): now $0.08 per share quarterly dividend, was $0.075. CMS Energy (CMS): now $0.3325 per share quarterly dividend, was $0.31. CONE Midstream Partners (CNNX): now $0.2724 per share … Read more