"Nothing is certain, except death and taxes," wrote Christopher Bullock in 1716. In the shipping tanker world, you could add vessel surveys, drydockings, and re-contracting challenges to that list. This LP yields over 13% with trailing 1.07x coverage. It's 16% below analysts' lowest price target. This article examines why it's so cheap and also offers an alternative trade strategy.
Such is the plight of Golar LNG Partners LP (GMLP), a holding of ours for quite some time, which we've written several articles about. Historically, GMLP has been a dependable payer - it started by paying $.3342 in Q3 2011 and worked its way up to $.5775/unit every quarter, which is the level that management has kept the distribution at since May 2015. During that time, GMLP's annual distribution coverage went from a low of .99x in 2012, up to a high of 1.33x in 2016, and ended 2017 with an annual coverage factor of 1.07.
Source: Seeking Alpha
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