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July Summary: The Oil Well Services & Equipment sector finished the month down 0.19% year-to-date [vs being down 4.41% at the end of June] with a sector average [before updated distributions] yield of 6.65% [vs a yield of 6.93% at the end of May - a fall of 28 basis points] and a post distributions updated yield of 6.86%. The Oil & Gas Operators sector finished the month down 9.43% year-to-date [vs -9.51% at the end of June] with a sector average [before updated distributions] yield of 7.29% [vs 7.29% at the end of last month] and a post distributions updated yield of 7.33%. The Propane sector finished the month down 3.77% year-to-date [vs -5.14% at the end of last month] with a sector average [before updated distributions] yield of 7.77% [vs 7.83% at the end of last month - a fall of 6 basis points] and a post distributions updated yield of 7.93%. The 10-year Treasury note yielded 4.47% [vs 4.60% last month - down 13 basis points]. Distribution Updates: I had started following these stats in May, and had not updated distributions/dividends since then. Seven of the twelve Service companies had increased their distribution since that time, along with one of the Opersations and three of the Propane MLPs. So in order to compare apples to apples - listed in the summary above is the before and after distributions yields. While most of the distribution increase were only a penny or two - three had noteworthy increases: KPP went from a quarterly div of 84 cents to 98 cents; MWE from 69 to 74 and ETP went from 70 to 75. EPS Updates: I had gone about 60 days between updating earnings estimates - and I was shocked by the volutility in those estimate changes. A good example would be APL - which had a 2004 EPS estimate of $2.45 on the last update - and that estimate fell to $1.58. The following companies had changes of greater than 10%: APL, MWE, PAA, EPD, FGP and SPH. That is six out of the twenty-one MLPs covered here. |