Coverage ratios, and why the distribution is the only promise that counts
It traded at 31.39, -0.14% on the session. An income investment is a claim on cash, and everything else is commentary.
Pipelines, coverage ratios, and durable distributions for income-minded investors.
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It traded at 31.39, -0.14% on the session. An income investment is a claim on cash, and everything else is commentary.
The spread-based segments I track, and how much they move the whole.
When gas is cheap where it is produced and dear where it is used, the gap is the case for a new pipeline. Watching the gap tells you where the next one goes.
Most of the cash comes from fees that do not care about commodity prices. A few segments still do, and they are where the surprises come from.
The power-sector gas demand I track, and the pipeline expansions it supports.
When a partnership yields well above its peers, the market is being paid for something: complexity, leverage or governance. Knowing which is the work.