14% Yield, 2X Coverage

This stock has been an up and down ride, which we've held on for, due to the very attractive yield over cost. Management was able to increase the quarterly August distribution after cutting it by 27% in May. It yields 14.6%, with 2.06X coverage. Like some of the high yield vehicles we've covered in our recent articles, it has had a rough ride in 2020 - although it has outperformed the Energy Select Sector SPDR ETF and the S&P over the past month and quarter, it still lags the market by a wide margin over the past year and year to date.

We've owned Global Partners LP (GLP) common units since the crash of 2008. Global Partners LP was founded in 2005 and is based in Waltham, Massachusetts. It's one of the largest fuel distributors in the New England area, selling via retail and wholesale divisions. It's also involved in the transportation of petroleum products and renewable fuels through rail from the mid-continent region of the United States and Canada, and has a rail and waterborne terminal on the West Coast, in Oregon.

Source: Seeking Alpha

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