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Cumulative Dividend Cuts At The Midpoint Of Q2 2019

Published Fri, 24 May 2019 07:34:53 -0400 on Seeking Alpha

We're just past the midpoint of the second quarter of 2019, where the pace of dividend cuts that have been announced to date in our near real-time sampling of these declarations is well ahead of the same point of time a year earlier in the second quarter of 2018. The following chart illustrates the cumulative number of dividend cuts by day of quarter for both 2018-Q2 and 2019-Q2, where we find that the cumulative number in 2019-Q2 is running near the threshold that would indicate recessionary conditions are present within the U.S. economy:

Here's the working list-to-date of our sampling through the midpoint of 2019-Q2, where the first part of our list focuses on firms that pay variable dividends to their shareholders, where changes in dividend payments automatically follow from changes in their revenues and earnings:
Sachem Capital (SACH) MV Oil Trust (MVO) BP Prudhoe Bay Royalty Trust (BPT) Mesabi Trust (MSB) Mesa Royalty Trust (MTR) Dorchester Minerals (DMLP) Permian Basin Royalty Trust (PBT) Blackstone Group (BX) San Juan Basin Royalty Trust (SJT) Permianville Royalty Trust (PVL) CVR Partners (UAN) SandRidge Permian Trust (PER) SandRidge Mississippian Trust I (SDT) SandRidge Mississippian Trust II (SDR) AllianceBernstein (AB) Viper Energy (VNOM) AllianceBernstein (AB) Carlyle Group (CG) Sabine Royalty Trust (SBR) Chesapeake Granite Wash Trust (CHKR) Apollo Global Management (APO) ECA Marcellus Trust I (ECT) Mesa Royalty Trust (MTR) Marine Petroleum Trust (MARPS)... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
SANDRIDGE MISSISSIPPIAN TRUST I 0.60   3.4 0.18 0.15 25.89
SANDRIDGE MISSISSIPPIAN TRUST II 0.60   3.0 0.20 0.14 25.69
SANDRIDGE PERMIAN TRUST 1.64   3.4 0.48 0.28 17.64
SUMMIT MIDSTREAM PARTNERS LP 6.85   0.0 -0.34 1.15 16.99
MARTIN MIDSTREAM PARTNERS 6.66   0.0 0.00 1.00 14.99
BLUEKNIGHT ENERGY PARTNERS LP 1.09   0.0 0.00 0.16 14.95
ECA MARCELLUS TRUST I 1.75   0.0 0.00 0.26 14.63
ANNALY CAPITAL MANAGEMENT 9.21   0.0 -1.59 1.20 13.16
MESABI TRUST 29.25   8.7 3.37 3.56 12.18
MV OIL TRUST 7.61   5.0 1.53 0.86 11.50
AMERICAN CAPITAL AGENCY 16.92   1.0 0.01 1.92 11.44
CHESAPEAKE GRANITE WASH TRUST 1.14   0.0 0.00 0.12 11.12
MARINE PETROLEUM TRUST 2.38   0.0 0.00 0.24 10.75
DORCHESTER MINERALS L.P. 18.19   10.7 1.70 1.93 10.59
MESA ROYALTY TRUST 12.15   10.3 1.18 1.25 9.99
SABINE ROYALTY TRUST 47.58   13.1 3.62 4.31 9.00
BP PRUDHOE BAY ROYALTY TRUST 15.38   3.0 5.06 1.38 8.58
CROSS TIMBERS ROYALTY TRUST 11.87   9.4 1.27 0.98 8.49
ARTISAN PARTNERS ASSET MANAGEMENT 26.77   10.6 2.53 2.20 8.37
CVR PARTNERS 3.43   0.0 -0.33 0.28 7.89
SAN JUAN BASIN ROYALTY TRUST 4.00   0.0 0.00 0.32 7.64
CINER RESOURCES LP 17.16   6.6 2.58 1.36 7.23
SENIOR HOUSING PROPERTIES 8.25   24.3 0.34 0.60 7.19
PERMIAN BASIN ROYALTY TRUST 5.75   10.4 0.55 0.48 7.09
ALLIANCEBERNSTEIN HOLDING LP 29.21   12.2 2.39 1.96 6.76
APOLLO GLOBAL MANAGEMENT 34.12   38.8 0.88 1.84 5.53
MEDLEY MANAGEMENT 2.60   0.0 -0.35 0.12 4.80
CENTERRA GOLD 22.56   13.4 1.69 0.76 3.43
BLACKSTONE GROUP LP 44.80   18.5 2.42 1.48 3.35
RPC 6.92   12.1 0.57 0.20 2.81
BANC OF CALIFORNIA 14.02   32.6 0.43 0.24 1.74
FIRST FINANCIAL BANKSHARES 30.26   26.8 1.13 0.48 1.62

SANDRIDGE MISSISSIPPIAN TRUST I - SDT
SANDRIDGE MISSISSIPPIAN TRUST I - SDT  


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