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Brief overview

Atlas Pipeline Partners, L.P. (NYSE:APL) is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, and northern and western Texas, APL owns and operates five active gas processing plants as well as approximately 8,300 miles of active intrastate gas gathering pipeline. Atlas Pipeline also owns a 20% interest in the West Texas LPG natural gas liquids transportation pipeline, operated by majority owner Chevron Corporation.

Reasons to be bullish on Atlas Pipeline Partners:

It has a strong five-year dividend average of 9.48%.

Net income has been trending upwards for the past three years.

Gross profits have surged from $90 million in 2009 to $197 million in 2011.

It has a strong quarterly revenue growth of 32%.

It has a very strong three-year dividend growth rate of 150%.

A 3 year total return of almost 800%.

Sales have jumped from $900 million in 2009 to 1.2 billion in 2011.

It has a payout ratio of 78%. Payout ratios are not important when it comes to MLPS; this is covered in more detail in the body of the article.

A good total debt to equity ratio of 0.41.

It sports a relatively weak current and quick ratio, but the strong interest coverage ratio of 9.47 more than makes up for this shortfall.

Adjusted EBITDA for the 4th quarter came in at $49 million, an increase of 15% Y-O-Y (year over year) increase.

The current $600 million organic growth program is running ahead of schedule.

Distributable cash flow surged to $36.0 million in the 4th quarter; this represents an increase of 62% Y-O-Y.

Adjusted EBITDA was $181.00 million for the full 2011 year compared to 2010 when the adjusted EBITA came in at $175 million.

Distributed cash flow for 2011 was 50% higher than distributable cash in 2010.

APL increased the distribution from 54 cents to 55 cents per unit, a 49% increase Y-O-Y.

In the 4th quarter volume of processed gas moved up to 601 MMCFD, an increase of 23% Y-O-Y.

Management forecasted an Adjusted EBITDA of $200-$225 million for 2012. This is based on adjusted average natural gas price of $2.92 per MMbtu, a weighted average NGL price of $1.06 per gallon and an average crude oil price of $102.84 per barrel. Management is forecasting distributable cash flow of $130-$165 million based on the same assumptions.

If the above stated commodities trade in a similar price range management expects even stronger growth in 2013 as the result of organic expansions that are already in progress. Under this scenario, management anticipates that total 2013 adjusted EBITDA could range from $250-$300 million, which translates into a 66% increase over 2011 Adjusted EBITDA results.

100K invested in APL for 10 years would have grown to $246K.

Important facts investors should be aware in regards to investing in MLPs

Payout ratios are not that important when it comes to MLPS generally pay a majority of their cash flow as distributions. Payout ratios are calculated by dividing the dividend/distribution rate by the net income per share, and this is why the payout ratio for MLPs is often higher than 100%. The more important ratio to focus on is the cash flow per unit. If one focuses on the cash flow per unit, one will see that in most cases, it exceeds the distribution declared per unit.

MLPs are not taxed like regular corporations because they pay out a large portion of their income to partners (as an investor you are basically a partner and are allocated units instead of shares) usually through quarterly distributions. The burden is thus shifted to the partners who are taxed at their ordinary income rates. As ordinary income tax rates of investors are typically lower than the income tax assessed on corporations, this arrangement is advantageous to the MLPs and generally most investors.

MLPs issue a Schedule K-1 to their investors. Unrelated business income (UBI) above $1,000 is taxable in an IRA. This information will appear Box 20 in the schedule K-1. UBI is typically a very small number usually well below $1000 and in some cases negative. If the MLP pays out distributions in excess of the income it generates, the distribution is classified as a "return of capital" and tax deferred until you sell your units. For more information, on this topic investors can visit the National Association of Publicly Traded Partnerships

Company : Atlas Pipln Ptr

Levered Free Cash Flow = -118.20M

Basic Key ratios

Percentage Held by Insiders = 0.37

Market Cap ($mil) = 1984

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 289

Net Income ($mil) 12/2010 = 276

Net Income ($mil) 12/2009 = 60

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 3.99

Q Net Incm this Q/ same qtr yr ago = 41.79

Gross profit for the past three years:

12/2011= $197.3 million

12/2010= $164.1 million

12/2009= $89.9 million

Operating cash flow for past three years

12/2011= $103 million

12/2010= $106.4 million

12/2009= $55.8 million

EBITDA ($mil) 12/2011 = 409

EBITDA ($mil) 12/2010 = 128

EBITDA ($mil) 12/2009 = 171

Net Incm Rpt Qtr ($mil) = -7

Anl Net Incm this Yr/ Net Incm last Yr = 4.89

Cash Flow ($/sh) 12/2011 = 3.01

Cash Flow ($/sh) 12/2010 = 0.87

Cash Flow ($/sh) 12/2009 = 1.79

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 1303

Sales ($mil) 12/2010 = 936

Sales ($mil) 12/2009 = 904

Dividend history

Div Yield = 5.95

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 9.48

Annual Dividend 12/2011 = 1.78

Annual Dividend 12/2010 = 0.35

Forward Yield = 5.95

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.35

Dividend sustainability

Payout Ratio 09/2011 = 0.77

Payout Ratio 06/2011 = 0.78

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 1.79

Payout Ratio 5 Yr Avg 06/2011 = 1.88

Change in Payout Ratio = -1.02

Performance

% Ch Price 52 Wks Rel to S&P 500 = 23.43

Std Dev Target Price Est = 2.12

Avg EPS Surprise Last 4 Qtr = 168.66

EPS % Change F2/F1 = 83.05

Next 3-5 Yr Est EPS Gr rate = N/A

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = 10-100.00

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 5.98

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 6.98

ROE 5 Yr Avg 06/2011 = 6.86

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 9.37

Return on Investment 06/2011 = 8.31

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 49.19

Debt/Tot Cap 5 Yr Avg 06/2011 = 50.01

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 0.77

Current Ratio 06/2011 = 0.83

Curr Ratio 5 Yr Avg = 0.73

Quick Ratio = 0.77

Cash Ratio = 0.1

Interest Coverage 12/2011 = N/A

Interest Coverage 06/2011 = 9.47

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 23.06

Book Value Qtr ($/sh) 06/2011 = 23.71

Anl EPS before NRI 12/2007 = 1.76

Anl EPS before NRI 12/2008 = 2.41

Anl EPS before NRI 12/2009 = -0.13

Anl EPS before NRI 12/2010 = -0.65

Anl EPS before NRI 12/2011 = 1.3

Price/ Book = 1.61

Price/ Cash Flow = 12.28

Price/ Sales = 1.52

EV/EBITDA 12 Mo = 6.13

P/E/G F1 = N/A

Q1 Std Dev/ Consensus = 0.26

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.01

P/E F1/ LT EPS Gr = N/A

Std Dev Cons Current Qtr = 0.07

Median Est Next Qtr = 0.29

# Anlst in Cons Q3 = 4

Related companies (Peer group analysis)

Company : Breitburn Egy (NASDAQ:BBEP)

Levered Free Cash Flow = -265.27M

Basic Key ratios

Percentage Held by Insiders = 2.8

Market Cap ($mil) = 1298

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 110

Net Income ($mil) 12/2010 = 35

Net Income ($mil) 12/2009 = -107

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 217.61

Q Net Incm this Q/ same qtr yr ago = 57.14

EBITDA ($mil) 12/2011 = 259

EBITDA ($mil) 12/2010 = 163

EBITDA ($mil) 12/2009 = 20

Net Incm Rpt Qtr ($mil) = -30

Anl Net Incm this Yr/ Net Incm last Yr = 217.96

Cash Flow ($/sh) 12/2011 = 2.31

Cash Flow ($/sh) 12/2010 = 2.87

Cash Flow ($/sh) 12/2009 = 2.86

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 480

Sales ($mil) 12/2010 = 318

Sales ($mil) 12/2009 = 205

Dividend history

Div Yield = 9.42

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 10.54

Annual Dividend 12/2011 = 1.71

Annual Dividend 12/2010 = 1.15

Forward Yield = 9.42

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.02

Dividend sustainability

Payout Ratio 09/2011 = 2.81

Payout Ratio 06/2011 = 5.53

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 1.77

Payout Ratio 5 Yr Avg 06/2011 = 1.71

Change in Payout Ratio = 1.04

Performance

% Ch Price 52 Wks Rel to S&P 500 = -17.38

Std Dev Target Price Est = 2.03

Avg EPS Surprise Last 4 Qtr = -16.47

EPS % Change F2/F1 = -47.69

Next 3-5 Yr Est EPS Gr rate = N/A

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = 1-166.67

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = -16.2

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 5.93

ROE 5 Yr Avg 06/2011 = 6.1

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 2.06

Return on Investment 06/2011 = 1.18

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 27.91

Debt/Tot Cap 5 Yr Avg 06/2011 = 26.04

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 1.92

Current Ratio 06/2011 = 2.01

Curr Ratio 5 Yr Avg = 1.43

Quick Ratio = 1.87

Cash Ratio = 1.01

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = 20.43

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 22.48

Book Value Qtr ($/sh) 06/2011 = 23.53

Anl EPS before NRI 12/2007 = 1.36

Anl EPS before NRI 12/2008 = 1.65

Anl EPS before NRI 12/2009 = 0.78

Anl EPS before NRI 12/2010 = 0.87

Anl EPS before NRI 12/2011 = 0.46

Price/ Book = 0.85

Price/ Cash Flow = 8.27

Price/ Sales = 2.09

EV/EBITDA 12 Mo = 7.85

P/E/G F1 = N/A

Q1 Std Dev/ Consensus = 0.14

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.28

P/E F1/ LT EPS Gr = N/A

Std Dev Cons Current Qtr = 0.04

Median Est Next Qtr = 0.26

# Anlst in Cons Q3 = 7

Company : Dorchester Mnrl (NASDAQ:DMLP)

Levered Free Cash Flow = 38.29M

Basic Key ratios

Percentage Held by Insiders = 7.8

Market Cap ($mil) = 799

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 41

Net Income ($mil) 12/2010 = 34

Net Income ($mil) 12/2009 = 21

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 21.02

Q Net Incm this Q/ same qtr yr ago = 55.48

EBITDA ($mil) 12/2011 = 61

EBITDA ($mil) 12/2010 = 53

EBITDA ($mil) 12/2009 = 37

Net Incm Rpt Qtr ($mil) = 13

Anl Net Incm this Yr/ Net Incm last Yr = 21.15

Cash Flow ($/sh) 12/2011 = 1.93

Cash Flow ($/sh) 12/2010 = 1.72

Cash Flow ($/sh) 12/2009 = 1.25

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 69

Sales ($mil) 12/2010 = 61

Sales ($mil) 12/2009 = 44

Dividend history

Div Yield = 6.89

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 7.45

Annual Dividend 12/2011 = 1.65

Annual Dividend 12/2010 = 1.65

Forward Yield = 6.89

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.15

Dividend sustainability

Payout Ratio 09/2011 = 1.37

Payout Ratio 06/2011 = 1.41

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 1.51

Payout Ratio 5 Yr Avg 06/2011 = N/A

Change in Payout Ratio = -0.14

Performance

% Ch Price 52 Wks Rel to S&P 500 = -9.55

Std Dev Target Price Est = N/A

Avg EPS Surprise Last 4 Qtr = N/A

EPS % Change F2/F1 = N/A

Next 3-5 Yr Est EPS Gr rate = N/A

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = -155.56

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = N/A

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 21.38

ROE 5 Yr Avg 06/2011 = 20.61

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 29.14

Return on Investment 06/2011 = 25.43

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 0

Debt/Tot Cap 5 Yr Avg 06/2011 = 0

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 50.8

Current Ratio 06/2011 = 17.43

Curr Ratio 5 Yr Avg = 24.92

Quick Ratio = 50.8

Cash Ratio = 25.43

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = N/A

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 4.63

Book Value Qtr ($/sh) 06/2011 = 4.68

Anl EPS before NRI 12/2007 = N/A

Anl EPS before NRI 12/2008 = 2.3

Anl EPS before NRI 12/2009 = 0.72

Anl EPS before NRI 12/2010 = 1.11

Anl EPS before NRI 12/2011 = 1.33

Price/ Book = 5.62

Price/ Cash Flow = 13.5

Price/ Sales = 11.5

EV/EBITDA 12 Mo = 12.97

P/E/G F1 = N/A

Q1 Std Dev/ Consensus = N/A

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = N/A

P/E F1/ LT EPS Gr = N/A

Std Dev Cons Current Qtr = N/A

Median Est Next Qtr = N/A

# Anlst in Cons Q3 = N/A

Company : Enbridge Egy Pt (NYSE:EEP)

Levered Free Cash Flow = -420.39M

Basic Key ratios

Percentage Held by Insiders = 0

Market Cap ($mil) = 7410

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = N/A

Net Income ($mil) 12/2010 = -138

Net Income ($mil) 12/2009 = 328

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 549.29

Q Net Incm this Q/ same qtr yr ago = 130.17

EBITDA ($mil) 12/2011 = N/A

EBITDA ($mil) 12/2010 = 456

EBITDA ($mil) 12/2009 = 899

Net Incm Rpt Qtr ($mil) = 123

Anl Net Incm this Yr/ Net Incm last Yr = -142.04

Cash Flow ($/sh) 12/2011 = N/A

Cash Flow ($/sh) 12/2010 = 3.58

Cash Flow ($/sh) 12/2009 = 3.32

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = N/A

Sales ($mil) 12/2010 = 7736

Sales ($mil) 12/2009 = 5732

Dividend history

Div Yield = 6.56

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 8.1

Annual Dividend 12/2011 = 2.09

Annual Dividend 12/2010 = 2.02

Forward Yield = 6.56

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.93

Dividend sustainability

Payout Ratio 09/2011 = N/A

Payout Ratio 06/2011 = 1.65

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 1.4

Payout Ratio 5 Yr Avg 06/2011 = 1.39

Change in Payout Ratio = 0.25

Performance

% Ch Price 52 Wks Rel to S&P 500 = -5.62

Std Dev Target Price Est = 2.16

Avg EPS Surprise Last 4 Qtr = -14.15

EPS % Change F2/F1 = 6.07

Next 3-5 Yr Est EPS Gr rate = 3

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = -135.71

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = N/A

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 10.64

ROE 5 Yr Avg 06/2011 = 10.77

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = N/A

Return on Investment 06/2011 = 4.66

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 51.59

Debt/Tot Cap 5 Yr Avg 06/2011 = 51.52

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = N/A

Current Ratio 06/2011 = N/A

Curr Ratio 5 Yr Avg = 0.92

Quick Ratio = 0.82

Cash Ratio = 0.18

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = 2.74

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = N/A

Book Value Qtr ($/sh) 06/2011 = N/A

Anl EPS before NRI 12/2007 = 1.39

Anl EPS before NRI 12/2008 = 1.58

Anl EPS before NRI 12/2009 = 1.38

Anl EPS before NRI 12/2010 = 1.46

Anl EPS before NRI 12/2011 = N/A

Price/ Book = 1.76

Price/ Cash Flow = 9.06

Price/ Sales = 0.81

EV/EBITDA 12 Mo = N/A

P/E/G F1 = 7.28

Q1 Std Dev/ Consensus = 0.17

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = N/A

P/E F1/ LT EPS Gr = 7.28

Std Dev Cons Current Qtr = 0.06

Median Est Next Qtr = 0.35

# Anlst in Cons Q3 = 8

Company : Enterprise Prod (NYSE:EPD)

Levered Free Cash Flow = N/A

Basic Key ratios

Percentage Held by Insiders = 34.7

Market Cap ($mil) = 45560

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 2047

Net Income ($mil) 12/2010 = 321

Net Income ($mil) 12/2009 = 204

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 61.59

Q Net Incm this Q/ same qtr yr ago = 351.25

EBITDA ($mil) 12/2011 = 3867

EBITDA ($mil) 12/2010 = 3137

EBITDA ($mil) 12/2009 = 2690

Net Incm Rpt Qtr ($mil) = 721

Anl Net Incm this Yr/ Net Incm last Yr = 538.08

Cash Flow ($/sh) 12/2011 = 3.34

Cash Flow ($/sh) 12/2010 = 1.63

Cash Flow ($/sh) 12/2009 = 3.15

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 44313

Sales ($mil) 12/2010 = 33739

Sales ($mil) 12/2009 = 25511

Dividend history =

Div Yield = 4.74

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 6.78

Annual Dividend 12/2011 = 2.41

Annual Dividend 12/2010 = 2.29

Forward Yield = 4.74

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 1

Dividend sustainability

Payout Ratio 09/2011 = 1.11

Payout Ratio 06/2011 = 1.21

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 1.35

Payout Ratio 5 Yr Avg 06/2011 = 1.38

Change in Payout Ratio = -0.24

Performance

% Ch Price 52 Wks Rel to S&P 500 = 17.03

Std Dev Target Price Est = 3.05

Avg EPS Surprise Last 4 Qtr = 11.81

EPS % Change F2/F1 = 7.88

Next 3-5 Yr Est EPS Gr rate = 6.4

Std Dev 3-5 Yr Est EPS Gr rate = 1.98

EPS Gr Q(1)/Q(-3) = -145.65

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 15.84

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 12.38

ROE 5 Yr Avg 06/2011 = 12.03

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 7.45

Return on Investment 06/2011 = 6.08

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 54.34

Debt/Tot Cap 5 Yr Avg 06/2011 = 53.95

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 0.82

Current Ratio 06/2011 = 0.83

Curr Ratio 5 Yr Avg = 0.94

Quick Ratio = 0.67

Cash Ratio = 0.06

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = 4.97

Interest Coverage 06/2011 = 3.6

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 14.02

Book Value Qtr ($/sh) 06/2011 = 12.78

Anl EPS before NRI 12/2007 = 0.96

Anl EPS before NRI 12/2008 = 1.85

Anl EPS before NRI 12/2009 = 1.81

Anl EPS before NRI 12/2010 = 1.39

Anl EPS before NRI 12/2011 = 2.21

Price/ Book = 3.73

Price/ Cash Flow = 15.65

Price/ Sales = 1.03

EV/EBITDA 12 Mo = 15.4

P/E/G F1 = 3.34

Q1 Std Dev/ Consensus = 0.07

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.75

P/E F1/ LT EPS Gr = 3.34

Std Dev Cons Current Qtr = 0.04

Median Est Next Qtr = 0.58

# Anlst in Cons Q3 = 11

Conclusion

As the markets are extremely overbought, investors should wait for a strong pullback before committing any fresh money to this market.

EPS, EPS surprise, broker recommendations, and price and consensus charts sourced from zacks.com. Earnings estimates and growth rate charts for APL sourced from dailyfinance.com. Dividend history charts sourced from dividata.com. Free cash flow yield, income from continuing operations and revenue growth charts for APL sourced from Ycharts.com

A large portion of the historical data in this article was sourced from zacks.com

Disclaimer: This list of stocks is meant to serve as a starting point. Please do not treat this as a buying list. It is imperative that you do your due diligence and then determine if any of the above plays meet with your risk tolerance levels. The Latin maxim caveat emptor applies-let the buyer beware.

Source: Atlas Pipeline Partners A Great Long-Term Dividend Play