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Factoids
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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 GP Data Using Q2 Distributions - 4-28-14 2 comments
    Apr 28, 2014 4:25 PM

    Notes: (1) WMB has yet to declare its Q2-14 distribution -- so the Q1-14 number is currently being used for the Q1-14 number. (2) The data under the "Year-to-Date Percent Change" header is for changes in the projections or numbers since the first of the year. The is one exception to that. (3) The change in the distribution is the year over year change. PAGP did not pay distributions in 2013 - it had yet to IPO. For PAGP only, the percent change compared the Q2-14 distribution divided by the Q1-14 distribution.

    Publicly Traded GP's for MLPs 04-28-14



        12-31-13 Current Distrib/ Q2 Dist Dist/dcf Dist/dcf Year-to-Date Percent Change
      Price Price Quarter Yield 2014 2015 Price Pr+Dist EPS Target DCF Dist* cagr

    Atlas Energy, L.P ATLS 46.85 40.73 0.4600 4.52 75.10 53.80 -13.06 -12.08 0.00 0.00 0.41 48.39 -8.00
    AllianceHoldings GP, L.P. AHGP 58.63 65.25 0.8475 5.20 96.31 90.40 11.29 12.70 -2.26 0.00 0.57 11.22 0.00
    Energy Transfer Equity, L.P. ETE 81.74 93.48 0.7176 3.07 89.98 72.67 14.36 15.21 -7.75 5.30 -0.31 11.26 16.67
    Kinder Morgan, Inc. KMI 36.00 32.38 0.4200 5.19 91.30 86.15 -10.06 -8.92 -1.38 -2.32 -2.13 10.53 -18.75
    NuStar GP Holdings, LLC NSH 28.09 34.63 0.5450 6.30 98.64 96.89 23.28 25.22 6.43 8.37 0.45 0.00 25.00
    ONEOK Inc. OKE 62.18 62.42 0.5600 3.59 99.56 84.21 0.39 1.03 -14.21 -3.35 -6.25 55.56 -20.00
    Plains GP Holdings, L.P. PAGP 26.77 27.31 0.1705 2.50 96.06 77.50 2.02 2.61 -26.76 4.93 1.43 6.70* 5.88
    Targa Resources Corp. TRGP 88.17 107.25 0.6475 2.41 81.96 69.25 21.64 22.33 38.83 13.00 0.32 30.81 0.00
    Western Gas Equity Partners, LP WGP 39.51 47.75 0.2500 2.09 88.50 68.49 20.86 21.44 3.09 4.03 0.89 39.86 0.00
    Williams Companies, Inc. WMB 38.57 41.71 0.4025 3.86 71.56 63.89 8.14 9.18 -2.63 6.21 -4.26 14.18 0.00
    EnLink Midstream, LLC XTXI 36.16 35.21 0.1800 2.04 74.23 77.42 -2.63 -2.21 0.00 34.05 10.23 50.00 -16.00

    The GP Average     3.71 87.56 76.43 6.93 7.92 -0.60 6.38 0.12 27.85  

    Yield + CAGR Total Return Expectations

    Company Q2-14 Consensus Total Bonds DCF My Total Rtn Consensus Pr Impl
        Yield CAGR Return Ratings Accr RRRs - RRR Ratings CAGR

    Atlas Energy, L.P ATLS 4.52% 23.00% 27.52% B 5.00 16.00 11.52 2.3 11.48
    AllianceHoldings GP, L.P. AHGP 5.20% 9.00% 14.20% none 3.00 13.50 0.70 3.0 8.30
    Energy Transfer Equity, L.P. ETE 3.07% 14.00% 17.07% BBB- 3.00 10.50 6.57 1.9 7.43
    Kinder Morgan, Inc. KMI 5.19% 6.50% 11.69% BBB 1.00 10.50 1.19 2.3 5.31
    NuStar GP Holdings, LLC NSH 6.30% 2.50% 8.80% BB+ 4.00 12.00 -3.20 3.0 5.70
    ONEOK Inc. OKE 3.59% 16.00% 19.59% BBB 1.50 10.00 9.59 2.2 6.41
    Plains GP Holdings, L.P. PAGP 2.50% 18.00% 20.50% BBB 2.00 9.50 11.00 2.2 7.00
    Targa Resources Corp. TRGP 2.41% 18.50% 20.91% BB 2.00 13.00 7.91 2.5 10.59
    Western Gas Equity Partners, LP WGP 2.09% 24.50% 26.59% none 3.00 11.50 15.09 1.6 9.41
    Williams Companies, Inc. WMB 3.86% 16.50% 20.36% BBB 3.00 11.00 9.36 2.2 7.14
    EnLink Midstream, LLC XTXI 2.04% 21.00% 23.04% B+ 4.00 16.00 7.04 3.0 13.96

    Average   3.71% 15.41% 19.12%         2.38  
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Comments (2)
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  • Scooter-Pop
    , contributor
    Comments (4699) | Send Message
     
    Facto,

     

    Dumb question. Why is ENbridge absent?
    1 May 2014, 04:43 PM Reply Like
  • Factoids
    , contributor
    Comments (1156) | Send Message
     
    Author’s reply » Even for the GPs, "EPS" is not "DCF". I include in my coverage universe those companies for which I can find multiple DCF projections. There are GPs where IDRs are not the primary source of income. I am using my powers of observation along with some logic in this speculation -- and I speculate that is why some general partners are not covered by the MLP brokerage analysts. BTW - due to the above being the case, there are several publicly traded GPs that are not in my coverage universe.
    1 May 2014, 05:50 PM Reply Like
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