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A 15% Yield For Patient Income Investors

Published Sat, 30 Jun 2018 09:15:00 -0400 on Seeking Alpha

Looking for bargain basement deals in the high-yield space?
Take a gander at these performance figures for Summit Midstream Partners LP (SMLP), a company whose price/unit has been seriously pressured over the past year and year-to-date, greatly underperforming the benchmark Alerian MLP Index ETF (AMLP) and the S&P 500.
SMLP had been up in the low $20s as recently as February '18, but then drifted down into the mid to low teen region, after its Q4 '17 earnings report. Over the last trading quarter, it has started to come back - it's up 14.18%:
What Happened? SMLP's Q4 '17 report showed flat revenues and EBITDA, with distributable cash flow - DCF - declining for the third straight quarter, while net income had a big -230% drop.
The Q1 '18 earnings report in early May had a bigger decline in DCF and Net Income, while revenues also fell -13.61%, and EBITDA was slightly down, year-over-year.
Sequentially, SMLP's Q1 '18 earnings figures didn't bring much joy either, with revenue, EBITDA, and DCF all down vs. Q4 '17. EBITDA and DCF also were down vs. Q3 and Q2 '17. Net income was a smaller loss in Q1 '18 than Q4 '17, but declined vs. Q3 and Q2 '17:
As income investors, we concentrate on EBITDA and DCF to gauge distribution and debt sustainability, since net income for infrastructure-intensive companies is usually loaded with non-cash depreciation and amortization.
In SMLP's case, there's... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
SUMMIT MIDSTREAM PARTNERS LP 7.31   0.0 -0.34 1.15 15.11


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