11% Yield, Record Earnings, 15% Dividend Growth Through 2023

Looking for dividend growth in the high yield space? This stock yields 11.55%, with strong 1.41X trailing coverage, and mgt. has guided to 1.20-1.30X coverage in 2020. Management has 19 straight distribution hikes and guided to 15% annual dividend growth through 2023. It had record revenue, adjusted EBITDA, and distributable cash flow in Q4 '19. Management has eliminated IDRs, which will lower cost of capital.

The management for CNX Midstream Partners LP (CNXM) reiterated its commitment for 15% distribution growth for the next 3 years on its recent Q4 '19 presentation. At the 2/7/20 price/unit of $14.35, 15% annual distribution growth would translate into a 12.61% yield in 2020 and work its way all the way up to over 19% in 2023. This distribution growth is backed by Minimum Well and Volume Commitments, which total $960M through 2023. CNXM issues a K-1 at tax time.

Source: Seeking Alpha

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