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Ron Hiram

 
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  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    You cannot just look at past distribution increases. I noted that prospects for continued growth beyond 2013 are uncertain and recommended reducing positions prior to the recent big price drop.
    Dec 21, 2013. 02:18 PM | Likes Like |Link to Comment
  • A Closer Look At Buckeye Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    The answer to your question requires analyzing your own specific portfolio. For example, what is the percent invested in MLPs? How much of that is BPL? What does the rest of the portfolio look like, how correlated are its returns to MLPs and the energy sector? The answers should give you an indication of what you should do, regardless of your entry point. My articles indicate which MLPs I regard as having solid, sustainable, or improving coverage ratios. Assuming you decide to diversify, I would begin the selection process with those. But bear in mind there are many additional factors to take into consideration.
    Dec 8, 2013. 10:25 AM | Likes Like |Link to Comment
  • 2-Year Performance Comparison Of Selected MLPs [View article]
    Look at TRGP, WMB, PAGP, OKE
    Dec 8, 2013. 09:57 AM | 2 Likes Like |Link to Comment
  • 2-Year Performance Comparison Of Selected MLPs [View article]
    I continue to cover WPZ.

    Cannot quantify the impact of the boom in liquids space. It is obviously very significantly and benefitted MMP and PAA.

    Much of the improvement in EPD’s total gross margins in the TTM ended 9/30/13 is attributed to Onshore Natural Gas Pipelines Services and Onshore Crude Oil Pipelines Services. The former benefited from higher volumes of natural gas produced and transported from the Eagle Ford shale formation. The latter benefited from increased crude oil production and transportation volumes from the Eagle Ford, Permian Basin and Rocky Mountains regions.

    Much of the improvement in KMP’s EBDA n the TTM ended 9/30/13 is attributed to Natural Gas Pipelines. This segment benefited from strong results generated by the Eagle Ford assets, contributions from the midstream assets in North Texas and Oklahoma (the Copano acquisition), and contributions from TPG drop-downs.
    Dec 8, 2013. 09:41 AM | 1 Like Like |Link to Comment
  • A Closer Look At Enterprise Products Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    Yes.
    I did not do a detailed analysis of KMI, but it may be the best way to participate in the Kinder Morgan story given the conflict issues I discussed in prior articles.
    Dec 7, 2013. 10:15 AM | 1 Like Like |Link to Comment
  • A Closer Look At Enterprise Products Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    I have not looked at this space and don't know anyone I could refer you to who has analyzed it. Sorry I cannot be more helpful.
    Dec 6, 2013. 07:43 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    The line item should read "Gain (Loss) on sale of assets". I will incorporate the correction in future articles. Apologies and thanks..
    Nov 25, 2013. 09:53 PM | Likes Like |Link to Comment
  • Methodology For Assessing Sustainability Of Annaly's 13.5% Dividend Yield [View article]
    Distributions that NLY can sustain are falling faster than actual distributions.
    Nov 24, 2013. 09:24 PM | Likes Like |Link to Comment
  • Methodology For Assessing Sustainability Of Annaly's 13.5% Dividend Yield [View article]
    Thanks for the comment. I will incorporate the necessary change in future articles.
    Nov 23, 2013. 09:51 AM | Likes Like |Link to Comment
  • Methodology For Assessing Sustainability Of Annaly's 13.5% Dividend Yield [View article]
    I did not say I disliked the management team. I dislike "management externalization" .
    Nov 23, 2013. 09:26 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    See next to last paragraph of a previous article at
    http://bit.ly/I1EOVr
    Nov 21, 2013. 10:00 AM | Likes Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    EPB does not have the i-shares that distort, in my view, the coverage ratios. On the other hand, I am beginning to suspect KMI favors KMP over EPB. On balance, as between the two, I prefer EPB.
    Nov 18, 2013. 11:35 PM | Likes Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    I do not publish price targets
    Nov 18, 2013. 01:35 PM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    See my response to bunnymoney.
    Nov 18, 2013. 11:20 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    KMI's results spell out the various sources of cash used to make distributions. You are correct that the influence is large. See KMI's press release dated 10/16/13.
    In any event, my point was not to recommend KMI but to say that for those who like the Kinder Morgan story, KMI may be a better way to play it.
    Nov 18, 2013. 11:20 AM | Likes Like |Link to Comment
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238 Comments
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