Key Adjustments from last week:
- 28 MLPs/companies have announced 3rd quarter distributions/dividends, 19 (68%) have announced increases with a median increase of 3.1% quarter over quarter and 9 (32%) have announced flat distributions versus the second quarter.
- Adjusted MMP for its 2 for 1 unit-split on October 16.
- Added Seadrill Partners, LLC (“SDLP”) to the Marine MLP segment after its successful IPO at $22 on October 18.
- Adjusted CPNO for a 6 million unit equity offering at $32.13 on October 18.
- Adjusted MCEP for a 4 million unit equity offering at $21.20 on October 16, 3 million units were secondary units being sold by Yorktown, so MCEP only increased outstanding units by 1 million and will only receive proceeds from the 1 million of new units. The Greenshoe (15% of the deal size or 600,000 over-allotment units) would also be filled by Yorktown selling additional units (so no proceeds to MCEP and no increase in outstanding units).
I also published an article on Seeking Alpha this past week: Upstream MLP Protocol Rankings.
The MLP Protocol Monthly Analytics Report for October is now available.
MLP Protocol Weekly Snapshot report: MLPP 101912 Snapshot vFree <<<UPDATE AS OF 10/23 I lowered my estimate last night for PDH’s 3Q distribution to $0.30 from $0.40 in the numbers shown in the Snapshot Report. I exited all $PDH related positions this morning. Under Murphy’s Law I may be overly concerned and overly conservative on my downward revision but we shall see when they report their quarter and their planned distribution tomorrow night. UPDATE AS OF 10/24 PDH announced a distribution of $0.21 for the third quarter so lower than my lowered estimate. I will be interested to see how it trades going forwards.
Article explaining the theories/logic behind the Valuation Coverage Ratio and the 3 Year Forward Yield / Valuation Coverage Ratio tools.
MLP Protocol Monthly Analytics preview (current full Monthly report is longer due to the addition of the Downstream & Marketing segment)
MLP Protocol Asset Book preview (the Asset Book is updated annually)