Published Fri, 11 Jan 2019 09:15:00 -0500 on Seeking Alpha
At Hidden Dividend Stocks Plus, we aim to seek out undervalued income vehicles which have been overlooked or undervalued by the market. Sometimes that type of situation can come from a broad market selloff, such as the one we experienced in the fourth quarter of 2018.
Even preferred stocks got discounted in the general downturn, sending them far below their $25.00 call values.
An LNG Shipping Pick:
Such was the case with the Dynagas LNG Partners LP, 8.75% Series B Fixed To Floating Rate Cumulative Redeemable Preferred Units, (DLNG.PB), which we added to the HDS+ portfolio on 12/31/18, at a deeply discounted price of $17.99.
These units have bounced back big time in 2019, rising over 20% year to date, vs. a ~3% rise for the S&P 500:
The thing is, though, that they're still more than 13% below their $25.00 call value, which gives them a ~10% yield, with their first distribution coming soon in early February.
These are cumulative units, meaning that DLNG must pay you for any skipped distributions before paying common distributions. In addition, they rank senior to the common units in a liquidation scenario and they have much better distribution coverage.
The coupon rate is 8.75%, but at $21.67, they yield over 10%. They don't go ex-dividend until 2/1/19, with a 2/22/19 pay date:
Another interesting feature is that they have a floating rate, of 5.593% above the three-month LIBOR rate, after their 11/22/2023 Call Date. Here... Read more
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