Summary
The yield is 9.97%, with 1.17X coverage in Q4 '17. Goes ex-dividend this week.
Management just raised the payout, based on new assets that'll increase 2018 earnings substantially.
It's 12% below analysts' lowest price target.
This is a C-Corp that issues 1099s - no K-1.
There's also a preferred series yielding 8.4%.
You know what's good to see in one of your holdings? Management actually doing what they said they were going to do.
"Following the closing of the acquisition of the remaining 49% ownership interest in the Höegh Grace entities on December 1, 2017, management anticipates recommending to the Board an increase in the Partnership's distribution to common and subordinated units with respect to the quarter ending March 31, 2018." (Source: HMLP site)
That was the management of Hoegh LNG Partners LP (HMLP), a pure play FSRU shipping company, commenting on their intention of raising their upcoming Q1 '18 distribution.
On 4/19/18, they made good on their promise, raising it by $.01/unit to $.44:
"This represents an increase of 2.3% from the fourth quarter 2017 distribution and is related to the acquisition of the remaining 49% of the floating storage and regasification unit ("FSRU") Höegh Grace. The distribution increase brings the total distribution increase since the Partnership's IPO in 2014 to 30.4% and corresponds to an annualized distribution of $1.76 per unit."
"The cash distribution for the common units will be paid on May 15, 2018, to all common unitholders of record as of the close of the business on May 4, 2018." (Source: HMLP site)
That hike gives HMLP a virtual 10% yield at its 4/25/18 price of $17.65. That was the second straight year that management has raised the distribution for the May payout. Are these big hikes? No, but HMLP already was yielding north of 9% before the new distribution increase. Better to be prudent, with small incremental hikes, than to arrive at an unsustainable payout level and have to cut back.
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http://seekingalpha.com/article/4166200-10-percent-yield-increased-distribution-kminus-1-goes-ex-dividend-week
http://finviz.com/quote.ashx?t=hmlp
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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