+ Watch GLP
on My Watchlist
The Company is a wholesale distributors of gasoline, distillates and residual oil to wholesalers, retailers and commercial customers in the Northeast.
GLP is one of my favorite MLPs. It may combine the best of both worlds: distribution growth and high yield. Lehman is the only analyst house that covers it (as far as I'm aware) and they are looking at 5-year distribution growth of 7--7.5%. Current coverage is an ultra-healthy 1.7 x. This is a small cap partnership with IDR split to the general partner still in the 2% tier. That's good because it lowers the cost of capital for accretive spending projects and -- all things being equal -- makes GLP more competitive. That will change, of course, as the distribution grows; the GP will be highly motivated to do so with the current split so low. As recently as November 2006, it was paying out at a whopping 8% distribution. The market has recognized value and bid the price up in the last couple of months, dropping the yield accordingly. I suspect it is still off the radar screens of many MLP investors.
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