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Ron Hiram

 
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  • Model For Assessing The Sustainability Of American Capital Agency Corp.'s Dividend [View article]
    Cost of hedges are not included. The implicit assumption is that hedges generate benefits that at least offset the costs.
    Apr 19 07:50 AM | Likes Like |Link to Comment
  • Model For Assessing The Sustainability Of American Capital Agency Corp.'s Dividend [View article]
    I dislike the management company structure. It creates a compensation mechanism that removes the need to make disclosures regarding compensation and increases the misalignment between the company performance and management's renumeration.
    Apr 16 07:55 PM | 1 Like Like |Link to Comment
  • Model For Assessing Sustainability Of Annaly's Dividend [View article]
    I use the same methodology for NLY and AGNC, so the link is correct.
    Apr 13 03:02 PM | Likes Like |Link to Comment
  • A Closer Look At Magellan Midstream Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    Label of third column should indeed have been "Yield". Thank you for pointing this out. Creating an "apples-to-apples" comparison for MLPs is difficult. Adopting a narrow definition of coverage, one that includes only that portion of DCF that is attributable to limited partners, requires reducing EBITDA by the total of IDR payments (rather than the 48% of EBITDA as you suggest). This will not neutralize the "noise" created by temporary waivers that GPs frequently grant, but may still be preferable to no adjustment at all. I will try to incorporate a comparison of this kind in a future article.
    Mar 31 11:16 AM | 1 Like Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    They have access to management, to other analysts covering commodities (oil & gas), regulatory developments, tax issues, MLP customers (e.g., utilities, chemicals), to third-party energy research providers, etc.
    Mar 26 02:41 PM | Likes Like |Link to Comment
  • A Closer Look At Suburban Propane Partners' Distributable Cash Flow As Of Q1 FY 2014 [View article]
    I eliminated my position and would consider another entry around my previous entry point which was ~$37.
    Mar 25 09:35 AM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    I don't see how this can be done, absent a willingness to spend a lot of time and money trying to get information from employees, ex-employees, contractors, etc. And even if you did that, trading on the info would not be permitted.
    Mar 25 09:29 AM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    Management projects Adjusted Segment Profit will increase from $1,727 million in 2013 to $2,830 in 2015 (=64% increase). The projection for 2014 is $2,345, up 36% from 2013.
    Mar 23 08:53 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    The ETE/ETP GP/LP conflict of interest situation concerns me. I do not currently plan to do so.
    Mar 15 09:59 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    Hi Ray. I agree - my investment in ETE is larger than in ETP.
    Mar 15 09:56 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    My positions in ETP and ETE were established a while back. While I agree with your comments, ETP's reported and sustainable DCF have been growing faster than KMP's for the past two years. I established my ETP and ETE positions a while back. Unfortunately, at the time I did not consider SXL.
    Mar 15 09:53 AM | Likes Like |Link to Comment
  • Preliminary Review Of Buckeye Pipeline Partners' Q4 2013 Results [View article]
    KMP/KMI and EPB provided 2014 guidance for KMP/KMI and EPB. If the numbers are achieved, I don't see these partnerships significantly underperforming their peers. If the Kinder entities fail to meet 2014 expectations while their peers meet expectations, the answer is different. Given Richard Kinder's savvy and reputation, I don't see a reason to doubt the 2014 targets were set based on the best available information at the time. Of course targets my be missed - but as of now I don't see KMP/KMI and EPB as being in the same category as BWP.
    Feb 13 02:26 PM | Likes Like |Link to Comment
  • Preliminary Review Of Buckeye Pipeline Partners' Q4 2013 Results [View article]
    Near term, I don't.
    Long term depends on how the assets they acquire perform. In any event, I would not expect BPL management to inflict the same kind of damage on their LPs as did BWP, even if BPL faced with the same set of problems (which it does not). .
    Feb 13 02:08 PM | 1 Like Like |Link to Comment
  • Preliminary Review Of Plains All American Pipeline's Q4 2013 Results [View article]
    The GPs yield less than their underlying MLPs. On the other hand they should provide better growth, less dilution and better alignment of your interests with management's. But if you are concerned about being too concentrated in MLPs for your yield producing investments, there are more non-MLP alternatives to the lower returns offered by the GPs than to the higher current yields offered by the underlying MLPs.
    Feb 11 11:20 PM | Likes Like |Link to Comment
  • Preliminary Review Of Plains All American Pipeline's Q4 2013 Results [View article]
    It all depends on how high a price they pay to purchase the GP stake.
    Feb 11 11:15 PM | Likes Like |Link to Comment
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