Seeking Alpha

Tim Plaehn

 
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  • The QR Energy Merger Yields No Measurable Benefit For BreitBurn Energy Partners Investors
    Thu, Sep. 11 BBEP 30 Comments

    Summary

    • BreitBurn Energy Partners will acquire QR Energy to become the second-largest upstream MLP.
    • A merger of the two high-yield upstream MLPs does not result in potential for increased BreitBurn Energy distribution growth.
    • The merger appears to be a merger for the sole goal of getting larger. BreitBurn Energy investors will get no additional benefit, but QR Energy investors come out significantly ahead.
  • Altisource Residential Continues To Pile Up Income, Fueling Future Dividend Growth
    Tue, Sep. 9 RESI 5 Comments

    Summary

    • RESI just increased its dividend by 22%, double three quarters ago, with more to come.
    • The business model of buying non-performing loans to acquire single family homes for rental is producing tremendous results.
    • The current pace of dividend growth plus a moderate yield compression would result in a 100% one year total return.
  • REIT-Like Partnership ATAX Pays 8% In Tax-Free Distributions
    Mon, Sep. 8 ATAX 6 Comments

    Summary

    • ATAX is a publicly traded partnership investing in tax-exempt mortgage revenue bonds.
    • The company operates in the niche financing of tax-advantaged low income housing construction and rehabilitation.
    • The 8.2% yield appears secure, but some growth in cash available for distribution would make the investment more secure.
  • Northern Tier Energy - The Best Of The Variable Distribution MLPs
     • Mon, Sep. 8 NTI 6 Comments

    Summary

    • A small number of fertilizer and refinery MLPs have 100% of cash flow variable payout distribution policies. Buy these when prices are down to earn big when distribution are up.
    • Northern Tier Energy carries an 8% yield based on the average of 4 most recent distributions.
    • Pending organic growth projects will increase the NTI refinery efficiency, keeping the refiner profitable when others are losing money.
  • Ferrellgas Partners Poised To Go From Boring To Growing With Jump Into Energy Midstream
    Thu, Sep. 4 FGP 7 Comments

    Summary

    • Ferrellgas Partners has paid the same $0.50 quarterly distribution for 20 consecutive years.
    • The May 2014 purchase of Sable Environmental puts the company into a fast-growth midstream sector.
    • Ferrellgas reports fiscal year-end results in late September. A good time to announce the first distribution increase in the partnership's history.
  • The Annaly Capital Share Price Breakdown Graphically Illustrated
    Tue, Sep. 2 NLY 11 Comments

    Summary

    • After a very bad 2013, NLY has produced strong returns in 2014. Has the stock fully recovered?
    • Paying out capital gains in the dividends increased the size of the decline when rates increased.
    • Over the recent two-year mortgage rate cycle, NLY has lost money even as rates returned to the previous levels.
  • Distribution Reduction In The Cards For Calumet Specialty Products?
    Tue, Sep. 2 CLMT 68 Comments

    Summary

    • After a great 2012, in 2013 CLMT increased distributions to investors by 52%.
    • In 2013, distributable cash flow dropped by 94% and only covered 10% of distribution paid on LP units.
    • EBITDA and DCF have not recovered in 2014, and growth projects will not make up the difference. Finances will force a distribution reduction.
  • Countdown Of Fast Growth REITs: Extra Space Storage
    Wed, Aug. 27 EXR Comment!

    Summary

    • Double-digit dividend growth from a REIT is may favorite path to above average, long-term total returns.
    • Extra Space Storage has the fastest growing REIT dividend for the last four years.
    • Looking for a pullback to $47 per share for a 4% yield and expected double-digit growth.
  • Crestwood Midstream Partners Poised For Distribution Growth And 50% 1-Year Return
    Mon, Aug. 25 CMLP 6 Comments

    Summary

    • The Crestwood plus Inergy merger put the brakes on the CMLP distribution growth.
    • CMLP has managed results to produce 15% DCF cash flow growth to get back to 1.0 times distribution coverage.
    • With dividend increases resuming in 2015, CMLP could produce a 35% to 60% total return next year.
  • Putting An Estimated Yield On The Distribution Restart Of Eagle Rock Energy Partners
    Tue, Aug. 19 EROC 22 Comments

    Summary

    • Eagle Rock Energy Partners has completed the sale of its midstream business, leaving the company as a pure play upstream MLP.
    • Management must now prove it can manage an MLP to generate growing cash flow and distributions to investors.
    • A DCF estimate puts the restarted distribution rate at a 5% to 6% yield, well below the typical 9% paid by established upstream MLPs.
  • Kinder Morgan Inc. Will Be A C-Corp Managed Like An MLP
    Thu, Aug. 14 KMI 43 Comments

    Summary

    • The roll-up of KMP and EPB into KMI was Kinder Morgan's only option to reduce growth capital.
    • The MLP business model of growth capex paid for by debt and equity issuance produces the desired outcome of steady distribution growth.
    • Even though it is a corporation, KMI will stick with the MLP growth model to reach the stated dividend growth goals.
    • At some point in the future, KMI will need an MLP subsidiary to maintain and accelerate growth for investors.
  • Kinder Morgan Jumps Largest Growth Obstacle With Consolidating Merger
    Mon, Aug. 11 KMI 29 Comments

    Summary

    • KMI to buy up KMP, KMR and EPB into single mega-corporate energy midstream company.
    • Merged entity forecast to produce 10% annual distribution growth.
    • Could a new KMP be spun-off as a growth MLP some years into the future?
  • Regency Energy Partners Goes Nuts With Acquisitions In 2013: Will Investors Benefit?
    Dec. 27, 2013 RGP 5 Comments
  • Time For Investors In Eagle Rock Energy Partners To Step To The Sidelines
       • Dec. 27, 2013 EROC 9 Comments
  • Market Wrongly Undervaluing Kinder Morgan Energy Partners
    Dec. 26, 2013 KMP 50 Comments
  • Profit From Rapid Dividend Growth With New IPO: Valero Energy Partners
    Dec. 24, 2013 VLP 12 Comments
  • Pros And Cons Of MLP Investing Through Closed-End Funds
    Dec. 17, 2013 AMLP, KMF, KMR 27 Comments
  • Ship Finance Poised To Start Growing The Already Attractive 9% Dividend
    Dec. 2, 2013 SFL 10 Comments
  • Phillips 66 Partners Confirms ATM Reliability Of Pending Distribution Growth
    Nov. 21, 2013 PSXP 7 Comments
  • After A Rough Quarter, Northern Tier Energy Moves To The Top Of The Refinery MLPs
    Nov. 15, 2013 NTI 16 Comments
  • Linn Energy Management Justifies Higher Acquistion Value For Berry Petroleum
    Nov. 5, 2013 LINE 37 Comments
  • Sleepy Martin Midstream Partners Is Poised To Wake Up And Grow
       • Nov. 1, 2013 MMLP 11 Comments
  • Between The Lines: Will Linn Energy Make Merger Announcement Soon?
    Oct. 28, 2013 LINE, LNCO 144 Comments
  • IPO Of Plains GP Holdings Offers Mind-Blowing Tax-Free Dividend Math
    Oct. 27, 2013 PAGP 53 Comments
  • Eagle Rock Energy Partners Cash Flow Struggles Put 11% Yield At Risk
       • Oct. 24, 2013 EROC 47 Comments
  • Expecting A Big Q3 Dividend Reduction From Alon USA Partners
       • Oct. 23, 2013 ALDW 47 Comments
  • Hi-Crush Partners Yields 7% And Dividend To Start Increasing Significantly
    Oct. 11, 2013 HCLP 24 Comments
  • Prospects For A 10% Dividend Hike From Suburban Propane Partners
       • Oct. 6, 2013 SPH 6 Comments
  • Fate Of Navios Maritime Partners' Big Dividend To Be Decided In Next 9 Months
       • Oct. 1, 2013 NMM 28 Comments
  • Mortgage REITs Dividend Cuts Scorecard
    Sep. 22, 2013 AGNC, AMTG, ARR 33 Comments
  • Are The Wheels Falling Off For Armour Residential REIT?
    Sep. 19, 2013 ARR 32 Comments
  • Linn Energy Takes Next Step To Survive And Thrive
    Sep. 11, 2013 LINE 92 Comments