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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary

Jul 23, 2021
Dividend Increases/Decreases for the Week July 23
Let's take a look at companies that raised/lowered their dividend this week.
Oct 27, 2020
Energy Transfer’s Dividend Cut Not Enough, Needs to Slash It More
We expect another distribution cut from Energy Transfer in the not-too-distant future. Its traditional free cash flow generation is still too meager to cover its now-reduced distribution level, and the energy markets are simply not cooperating. The energy sector has been among the worst-performing equity sectors for some time now, and investor appetite for new equity and debt issuance is waning as return expectations are ratcheted down in a troubled energy resource environment. We expect more pain to come for Energy Transfer’s stock. Our fair value estimate stands at $4 per share.
Sep 17, 2020
Maybe Jim Cramer Was Overmatched
Image Source: EpicTop10.com. Have you ever wondered why so many trust the TV for financial advice or stock tips? You guessed it: It comes back to "brain science" or the concept of familiarity. When we see a celebrity or our favorite stock guru on the television, it arouses our emotions and connects us with the idea, making the experience more memorable. The brain tends to treat our favorite newscaster or celebrity as a trusted, familiar friend, and therefore we translate those feelings into expertise and a "valid" endorsement.
Sep 10, 2020
High Yield Dividend Income Investing in a Time of Need
Image: EpicTop10.com. The skills to successfully invest for long-term capital gains or long-term dividend growth are much different than those required for generating high yield dividend income. Income investing is a much different proposition. However, the skills do center on a similar equity evaluation process, but one that requires an acknowledgement and heightened awareness of considerably greater downside risks. Income investing, or high yield dividend income investing, should at times be considered among the riskiest forms of investing, as many high dividend-yielding securities tend to trade closer to the characteristics of junk-rated bonds than they do most net cash rich and free cash flow generating powerhouses that we like so much in the Best Ideas Newsletter portfolio and Dividend Growth Newsletter portfolio.
Jun 11, 2020
5 Years Later – #ThrowbackThursday on MLPs
Since Valuentum warned against the significant risks of the MLP business model June 11, 2015, on a price basis, the Alerian MLP ETF has fallen by more than 65%, while the S&P 500 has surged nearly 50%. There have been dozens and dozens of explicit (or phantom) MLP distribution cuts since we released our thesis 5 years ago to this day, and many MLPs have subsequently simplified their business models, rolling up into C-corps, as we predicted.
Feb 21, 2020
MLPs Hit 52-Week Low
Enterprise valuation is paramount. In June 2015, Valuentum released its bearish case to Barron's on Kinder Morgan and the MLPs. This was no small call. Since then, on a price basis, the MLP ETF (AMLP) is down more than 50%, while the S&P (SPY) is up roughly 60% (orange line). Read more about this story in Value Trap.
Feb 7, 2020
GasLog MLP Family Highlights Problems with Flawed Model
Image Source: GasLog Ltd - 2018 Analyst Day Presentation. We’ve written about it many times in the past and we’re writing about it again: the master limited partnership (‘MLP’) model is fundamentally broken. Equity holders in this arrangement have little to no say over how the family of companies are run, and management is often beholden to no one. Only by converting to a C-Corp can this arrangement be rectified. Recently, the LP GasLog Partners cut its per unit distribution by 78% sequentially after reporting fourth quarter and full year earnings for 2019. Now the LP’s distribution stands at $0.50 per unit on an annualized basis. Equity holders got crushed on February 6, 2020, with GLOG ending down 9% and GLOP falling by a whopping 49%. This follows two other high profile cuts recently, at Alliance Resource Partners and Martin Midstream Partners.
Jan 24, 2020
Dividend Increases/Decreases for the Week Ending January 24
Let's take a look at companies that raised/lowered their dividend this week.
Nov 13, 2019
Chesapeake Energy’s Pain Indicates Nothing “Safe” About Energy MLP Distributions
Image Source: Valuentum slide deck, December 2015. Valuentum released its bearish case on MLPs in June 2015.  Summary There is nothing "safe" in the stock market, and given the track record of the distributions of pipeline MLPs, there is nothing "safe" about pipeline MLP distributions. The MLP business model continues to be phased out, a trend that we anticipated when we made our bearish call on the group in June 2015. Chesapeake Energy's pain is a yet another reminder of the pipeline MLP group's exposure to energy resource pricing through the health (or rather ill-health) of its customer base. We continue to encourage pipeline operators to disclose free cash flow (cash flow from operations less all gross capital spending) prominently in press releases, alongside other industry-specific metrics. Investors of Chesapeake could get completely wiped out in a Chesapeake bankruptcy, and this could have implications across the pipeline MLP arena.
Oct 25, 2019
Dividend Increases/Decreases for the Week Ending October 25
Let's take a look at companies that raised/lowered their dividend this week.


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The High Yield Dividend Newsletter, Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports, articles and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. The sources of the data used on this website are believed by Valuentum to be reliable, but the data’s accuracy, completeness or interpretation cannot be guaranteed. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a money manager, is not a registered investment advisor and does not offer brokerage or investment banking services. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.