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Valuentum Commentary
Jan 26, 2024
Dividend Increases/Decreases for the Week of January 26
Let's take a look at firms raising/lowering their dividends this week. Jan 25, 2024
Earnings Roundup: TSLA, NEE, IBM, CMCSA, NOW
Image: The Model Y was the best-selling vehicle globally in 2023. Image Source: Tesla. Tesla missed fourth-quarter results, and while the firm continues to generate robust free cash flow with a solid net cash position, uncertainty surrounding the name looms. NextEra makes the cut for ESG investors, and its earnings outlook for the next few years remains robust, even if its dividend growth may slow. IBM is back in growth mode, and the firm is looking to capitalize on watsonx and generative AI. Comcast has a lot of things going for it, and the firm's robust free cash flow generation suggests that future dividend growth will be robust, despite its lofty net debt position. ServiceNow continues to deliver for investors, and it continues to grow at a robust pace. Dec 29, 2023
Kinder Morgan’s ~6.4% Dividend Yield Is Much Stronger These Days
Image: Kinder Morgan is back on track. Image Source: Kinder Morgan. Early in December, Kinder Morgan released financial expectations for 2024 that showed the midstream energy giant is back on track. Excluding its recent purchase of NextEra Energy Partners’ STX Midstream assets, Kinder Morgan expects 5% expansion in adjusted EBITDA and distributable cash flow [DCF] in 2024 thanks to growth in its Natural Gas Pipelines and Energy Transition Ventures segments coupled with rate escalations across its operations. For 2024, management is targeting its 7th consecutive year of dividend increases with a projected annualized dividend of $1.15 in 2024. Net debt-to-Adjusted EBITDA is targeted at 3.8x at the end of 2024, a level that is materially lower than its long-term target of 4.5x. We're liking the continued improvements at Kinder Morgan in recent years. Oct 27, 2023
Dividend Increases/Decreases for the Week of October 27
Let's take a look at firms raising/lowering their dividends this week. Oct 3, 2023
We Like NextEra Energy’s ESG Focus But Capital Market Conditions Now Showing Cracks
Image Source: NextEra Energy. NextEra Energy operates a complex business structure, and the firm’s equity is facing pressure on news that its subsidiary NextEra Energy Partners is cutting its distribution per unit growth rate to the range of 5%-8% annually through 2026, which is materially below its prior expectations of growth in the 12%-15%. Since most partnerships are owned primarily for their distribution yields, the revision has sent units of NextEra Energy Partners tumbling, hurting its partner along the way. The news, while not tragic, wasn't very welcoming, and reading between the lines, it appears that we’re starting to see some cracks in the capital markets, as most partnerships are debt-heavy, relying on continuous, affordable access to the capital markets to fund and grow their operations (distributions), which isn’t guaranteed. Jul 28, 2023
Dividend Increases/Decreases for the Week of July 28
Let's take a look at firms raising/lowering their dividends this week. Jul 11, 2023
NextEra Energy Expects 10% Annual Dividend Growth
Image Source: Nextera Energy. We think the utility sector is generally overrepresented in many dividend-oriented and income-producing portfolios, but we think NextEra Energy is a good fit for the well-diversified ESG Newsletter portfolio given its vast renewable resource assets. Shares of Nextera Energy have fallen more than 20% since the beginning of 2022, while the Utilities Select Sector SPDR Fund ETF is down more than 8% over the same time period. Shares of Nextera Energy yield ~2.6%. Apr 25, 2023
Small Cell Deployments a Growth Avenue for Tower Operator Crown Castle
Image: Crown Castle has grown its dividend payout at a compound annual growth rate of ~9% during the past several years. Image Source: Crown Castle. Crown Castle remains one of our favorite income ideas thanks in part to its free-cash-flow rich, asset-light, contractual recurring revenue business model that is tied to long-term secular growth trends in mobile device data usage. The REIT’s forward estimated dividend yield stands at ~5%. Feb 3, 2023
Dividend Increases/Decreases for the Week of February 3
Let's take a look at firms raising/lowering their dividends this week. Oct 28, 2022
Dividend Increases/Decreases for the Week of October 28
Let's take a look at firms raising/lowering their dividends this week. Latest News and Media The High Yield Dividend Newsletter, Best Ideas
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