Thursday, July 21, 2011
Inergy LP (NRGY) is down 1 on a Citigroup downgrade to sell and a 31 target. Seems like propane use is down this summer as detailed in the E.I.A report. Global Partners (GLP) is down 1.76 as the days biggest loser on guidance that wasn't encouraging. The mlp index is up just under 1 point. EV Partners (EVEP) is the big winner up 1 and change and btw this one now yields 5% which is a far cry from the 20+% it yielded during the meltdown.
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joseph cioffi's Source Page - Associated Content
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I read the GLP press release and got a pretty good impression. Management is hitting the cashflow problem head-on with austerity measures including employee layoffs. Most important is that the distribution is intact.
The market is reacting like there is going to be a distribution cut. Also interesting is that other MLPs are not dropping in sympathy. That points to GLP's unique position as a handler of gasoline in the New England region. Compare this to the mostly cookie-cutter copies of so many similar MLPs operating in and around the southwest.
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