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I am a private investor who has invested in individual stocks for over a decade. I have a BBA from the University of Texas at Austin. I am retired and living off of dividends and distributions from a portfolio of BDCs, consumer staple stocks, MLPs, regional banks and REITs.
  • MLP General Partner YTD Stats 4-11-14 1 comment
    Apr 13, 2014 7:42 PM

    After submitting an article of MLP GPs Friday night - I found two problems I wanted to correct. That was done Saturday night. There were technical problems that arose when that correction was done. That has delayed publication by an unknown amount of time. I do not know when publication will come. But be forewarned that - while the article is very data intensive - it is probably a "must read" for many of you. Here are the stats for the Friday ending data.

    Publicly Traded GP's for MLPs 04-11-14

      12-31-13 Current Distrib/ Q1 Dist Dist/dcf Dist/dcf Year-to-Date Percent Change
      Price Price Quarter Yield 2014 2015 Price Pr+Dist EPS Target DCF Dist* cagr

    ATLS 46.85 41.11 0.4600 4.48 75.10 53.80 -12.25 -11.27 0.00 0.00 0.41 53.33 -8.00
    AHGP 58.63 63.16 0.8275 5.24 94.03 88.27 7.73 9.14 -2.26 0.00 0.57 11.82 0.00
    ETE 81.74 95.62 0.6925 2.90 86.83 70.13 16.98 17.83 -7.75 5.30 -0.31 9.06 16.67
    KMI 36.00 32.29 0.4100 5.08 89.13 84.10 -10.31 -9.17 -1.38 -2.32 -2.13 10.81 -18.75
    NSH 28.09 33.17 0.5450 6.57 98.64 96.89 18.08 20.02 6.43 8.37 0.45 0.00 25.00
    OKE 62.18 58.51 0.4000 2.73 71.11 60.15 -5.90 -5.26 -14.21 -3.35 -6.25 11.11 -20.00
    PAGP 26.77 27.71 0.1250 1.80 70.42 56.82 3.51 3.98 -26.76 4.93 1.43 0.00 5.88
    TRGP 88.17 104.51 0.6075 2.33 76.90 64.97 18.53 19.22 38.83 13.00 0.32 32.79 0.00
    WGP 39.51 48.11 0.2314 1.92 81.89 63.38 21.77 22.35 3.09 4.03 0.89 40.21 0.00
    WMB 38.57 40.14 0.4025 4.01 71.56 63.89 4.07 5.11 -2.63 6.21 -4.26 18.80 0.00
    XTXI 36.16 34.68 0.1500 1.73 61.86 64.52 -4.09 -3.68 0.00 34.05 10.23 25.00 -16.00

    The GP Average   3.53 79.77 69.72 5.28 6.21 -0.60 6.38 0.12 21.29  

    Historical GP Month-End Yields:

    Jan 07: 3.92% Feb: 3.72% Mar: 3.58% April: 3.32% May: 3.16% June: 2.88%
    July 07: 2.89% Aug: 3.42% Sept: 3.52% Oct : 3.84% Nov: 4.06% Dec: 4.06%
    Jan 08: 4.34% Feb: 4.58% Mar: 4.97% April: 4.66% May: 5.00% June: 5.22%
    July 08: 5.91% Aug: 6.04% Sept: 7.67% Oct : 9.67% Nov: 17.21% Dec: 20.95%
    Jan 09: 21.61% Feb: 11.54% Mar: 11.84% April: 11.05% May: 5.80% June: 5.92%
    July 09: 5.32% Aug: 5.61% Sept: 5.49% Oct : 5.24% Nov: 4.94% Dec: 4.55%
    Jan 10: 4.47% Feb: 4.34% Mar: 4.11% April: 4.08% May: 4.43% June: 4.33%
    July 10: 3.75% Aug: 4.40% Sept: 3.91% Oct : 3.76% Nov: 3.66% Dec: 3.59%
    Jan 11: 4.13% Feb: 3.85% Mar: 3.93% April: 3.98% May: 4.15% June: 4.06%
    July 11: 4.13% Aug: 4.55% Sept: 4.85% Oct : 4.39% Nov: 4.59% Dec: 4.22%
    Jan 12: 4.22% Feb: 4.05% Mar: 4.05% April: 4.03% May: 4.45% June: 4.47%
    July 12: 4.24% Aug: 4.22% Sept: 4.16% Oct : 4.25% Nov: 4.56% Dec: 4.47%
    Jan 13: Feb: Mar: April: May: June: 4.12%
    July 13: 3.95% Aug: 4.30% Sept: 4.31% Oct : 4.21% Nov: 4.07% Dec: 3.75%
    Jan 14: 3.83% Feb: 3.79% Mar: 3.51% April: May: June:

    NOTE: In the above and all in all other historical data on GPs, the comparisons are off due to the inclusion in dates prior to October 2009 of high growth and low yield MGG, and the inclusion high growth and low yield BGH and EPE prior to 2010. For 2011, the inclusion of c-corps OKS and TRGP have served as forces to lower average yields and raise the P/E ratios. For 2012, the inclusion of c-corps KMI and WMB have served as forces to lower average yields and raise P/E ratios. For 2013, the Devon merger and the inclusion of WGP served as forces to lower average yields and raise P/E ratios. For 2014, the inclusion of PAGP at the end of March lowered sector average yields from 3.68% to 3.51%. NSH is becoming less of a risk and less of a force in raising the average. There were times in 2009 and 2010 when ATLS and XTXI were not paying dividends. Given the number of exits and new inclusions, and the changing mix of c-corps in this data, this data is of significantly less utility than similar data that I have done for other MLPs sub-sectors. Historical GP 'Current Year' Month-End P/E Ratios:

    Jan 08: 25.85 Feb: 27.71 Mar: 25.11 April: 26.61 May: 27.04 June: 23.70
    July 08: 22.36 Aug: 21.86 Sept: 15.86 Oct: 13.24 Nov: 9.52 Dec: 8.78
    Jan 09: 10.66 Feb: 9.62 Mar: 15.40 April: 20.30 May: 21.69 June: 25.03
    July 09: 20.24 Aug: 20.33 Sept: 22.39 Oct: 25.00 Nov: 25.61 Dec: 23.43
    Jan 10: 32.13 Feb: 24.17 Mar: 25.66 April: 28.26 May: 20.65 June: 25.93
    July 10: 27.40 Aug: 28.91 Sept: 31.96 Oct: 32.92 Nov: 35.94 Dec: 36.41
    Jan 11: 28.04 Feb: 32.00 Mar: 33.04 April: 35.29 May: 35.13 June: 35.83
    July 11: 46.99 Aug: 40.63 Sept: 40.42 Oct: 43.09 Nov: 41.82 Dec: 44.77
    Jan 12: 42.88 Feb: 42.88 Mar: 42.88 April: 45.59 May: 40.36 June: 38.41
    July 12: 60.33 Aug: 48.45 Sept: 53.71 Oct: 56.52 Nov: 54.10 Dec: 56.37
    Jan 13: Feb: Mar: April: May: June: 27.58
    July 13: 29.41 Aug: 33.85 Sept: 32.50 Oct: Nov: Dec: 41.31
    Jan 14: 30.23 Feb: 31.22 Mar: 34.61 April: May: June:

    Historical GP 'Current Year' Month-End P/DCFs:

    Jan 07: 21.50 Feb: 21.65 Mar: 22.42 April: 23.89 May: 27.27 June: 30.44
    July 07: 30.43 Aug: 28.72 Sept: 28.14 Oct : 24.93 Nov: 23.49 Dec: 23.60
    Jan 08: 17.41 Feb: 18.04 Mar: 16.64 April: 18.43 May: 18.76 June: 18.37
    July 08: 17.43 Aug: 16.90 Sept: 13.29 Oct : 11.59 Nov: 7.78 Dec: 7.46
    Jan 09: 7.17 Feb: 6.95 Mar: 7.50 April: 9.85 May: 9.19 June: 9.12
    July 09: 10.50 Aug: 10.08 Sept: 10.59 Oct : 10.65 Nov: 11.45 Dec: 12.28
    Jan 10: 11.30 Feb: 11.94 Mar: 12.64 April: 12.78 May: 11.79 June: 14.54
    July 10: 14.35 Aug: 15.37 Sept: 17.19 Oct : 17.67 Nov: 18.50 Dec: 18.81
    Jan 11: 21.08 Feb: 23.36 Mar: 25.08 April: 26.94 May: 25.93 June: 25.87
    July 11: 22.94 Aug: 20.48 Sept: 19.88 Oct : 21.77 Nov: 21.68 Dec: 23.38
    Jan 12: 21.03 Feb: 21.03 Mar: 21.03 April: 22.02 May: 20.22 June: 19.79
    July 12: 20.76 Aug: 20.88 Sept: 23.29 Oct : 23.01 Nov: 22.21 Dec: 22.89
    Jan 13: Feb: Mar: April: May: June: 22.77
    July 13: 24.12 Aug: 23.55 Sept: 24.22 Oct : Nov: 26.30 Dec: 30.18
    Jan 14: 24.48 Feb: 25.20 Mar: 22.98 April: May: June:

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  • MisterJ
    , contributor
    Comments (1171) | Send Message
     
    Seems like ATLS is in value territory.
    14 Apr 2014, 11:53 AM Reply Like
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