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Midstream/MLP Q2 2020 Dividends/Distributions Hold Steady

Published Wed, 12 Aug 2020 08:00:30 -0400 on Seeking Alpha

Seeking AlphaCommodities  | Market OutlookMidstream/MLP Q2 2020 Dividends/Distributions Hold SteadyAug. 12, 2020 8:00 AM ET|| Includes: AMNA, BP, CNX, CNXM, CQP, DKL, ENB, HAL, HESM, IPPLF, KEYUF, LNG, MIC, MMLP, PBA, PSXP, RDS-A, RDS-B, RTLR, TELL, TRPby: AlerianAlerian Master limited partnerships, oil & gas, energy, natural resourcesAlerian Insights.cls-1{fill:#024999;}SummaryBased on our broadest midstream index, the Alerian Midstream Energy Index (AMNA), 37 of 42 dividend-paying constituents maintained their payouts sequentially, four grew, and MMLP was the only cut.
We continue to view the larger names in the space as well positioned overall to maintain their payouts and see less risk from smaller names given sizable cuts already instituted or significant cash flow stability (or even growth) for some names.
Equity yields remain stubbornly high even as the risk of additional distribution cuts seems limited, though some unique situations continue to bear watching.

For midstream, 1Q20 dividends (those paid in 2Q20) were being announced at the height of macro energy headwinds in April when the demand impact from COVID-19 was most severe. Many energy infrastructure companies chose to reduce their payouts to prioritize financial flexibility and conserve cash in an unprecedented and uncertain environment. Altogether, twenty midstream names cut their 1Q20 dividends or distributions, though these tended to be smaller names by market capitalization. The larger companies mostly stood pat given a more diversified asset base, stronger financial positioning, and other factors that left them better positioned to weather market headwinds. (See our 1Q20 dividend recap for more detail.) With an improved macro backdrop and proactive cuts completed in 1Q, the downside risk in distributions is diminishing. Today's piece recaps 2Q20 payouts for midstream and discusses the outlook for distributions from here.
2Q20 Distributions/Dividends: A few growers and one cut as... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
MARTIN MIDSTREAM PARTNERS 4.19   0.0 0.00 1.00 24.39
DELEK LOGISTICS PARTNERS LP 30.70   12.5 2.46 3.40 11.22
MACQUARIE INFRASTRUCTURE 39.63   34.2 1.16 4.00 10.04
BP 37.67   14.3 2.64 2.44 6.45
ENBRIDGE 34.70   19.7 1.76 2.21 6.38
CHENIERE ENERGY PARTNERS LP 44.55   0.0 0.00 2.44 5.48
ROYAL DUTCH SHELL A 68.62   27.1 2.59 3.76 5.35
ROYAL DUTCH SHELL B 70.13   0.0 0.00 3.76 5.23
PEMBINA PIPELINE 36.91   16.1 2.29 1.80 4.86
HALLIBURTON 19.75   13.0 1.52 0.72 3.59
TRANSCANADA 49.89   14.6 3.42 2.25 3.14
CONSOL ENERGY 8.32   5.6 1.49 0.00 0.48
KEYERA FACILITIES INCOME FUND 25.27   0.0 0.00 0.00 0.00
CHENIERE ENERGY 64.10   0.0 0.00 0.00 0.00

MARTIN MIDSTREAM PARTNERS - MMLP
MARTIN MIDSTREAM PARTNERS - MMLP  


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