MLP Protocol 050313

Key adjustments from last week:

  • Adjusted KMP for the closing of the CPNO acquisition on April 30.
  • NTI’s equity offering on May 1 was secondary units being sold by Insiders so the company did not receive any of the proceeds. The deal was upsized to 12 million units from its initial 10 million units, so including the over-allotment Insiders sold 13.8 million units. This was the second large insider sale since NTI’s IPO on July 25, 2012. The insiders sold 18.7 million units in the IPO on July 25, 2012, sold 12.3 million units in an offering on January 17, 2013, and an additional 13.8 million units on May 1, 2013 (44.8 million out of a total of ~92 million units lowering their ownership to ~51%).
  • Ongoing 1Q13 updates as financials are filed.
  • First quarter 2013 distribution announcements Quarter-over-Quarter: 56 increases, 35 flat and 2 decreases (RNF and NTI both are variable rate MLPs, NTI is based on the mid-point of the $1.15 to $1.25 distribution guidance they provided on April 26 so not officially final yet).

The MLP Protocol Monthly Analytics Report for May is now available, the June 2013 report will be available after May 30th.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 050313 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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