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Capital Product Partners: Nearly 12% Yield With Growing Coverage And No K-1

Published Wed, 26 Sep 2018 05:00:00 -0400 on Seeking Alpha

CPLP Overview - 11.5% Yield, Conservative Posture
Image Credit: CPLP, Q2-18 Earnings Presentation
Capital Product Partners LP (Nasdaq: CPLP) is a shipping holding company specializing in vessels with medium and long-term charter contracts, primarily in the product tanker and container sectors. CPLP has superior forward revenue visibility due to the nature of its contracts and staggered roll-offs. This allows it to appeal to more income-focused investors versus direct rate speculators. Despite this strength and a very strong balance sheet, the stock has been trading terribly towards the end of summer 2018.
This report will examine current asset values, cash flow potential and long-term sustainable payout levels. Current NAV is over $4/unit, even with underlying asset values near record lows.
CPLP currently trades at $2.79 with approximately 130 million common units outstanding, for a current market capitalization of just over $360 million. It also has nearly 13 million convertible preferred units (privately held), with a par value and conversion at $9/unit. CPLP common units currently offer a quarterly distribution of $0.08 for a current yield of 11.5%.
Fleet and Employment Overview CPLP has a fleet of 37 vessels, primarily made up of product tankers and containerships on medium- and long-term charters. The majority of these vessels are on fixed charters to top-tier counter-parties, with current employment shown below.

Source: Capital Product... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
DYNAGAS LNG PARTNERS LP 1.58   0.0 -0.12 0.25 14.45
GOLAR LNG PARTNERS LP 11.22   18.1 0.62 1.62 14.36
KNOT OFFSHORE PARTNERS LP 19.04   9.7 1.96 2.08 10.91
GASLOG PARTNERS LP 20.93   14.2 1.47 2.20 10.65

DYNAGAS LNG PARTNERS LP - DLNG
DYNAGAS LNG PARTNERS LP - DLNG  


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