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Antero Midstream Partners: How's It Doing amid Sector Weakness?

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Part 4
Antero Midstream Partners: How's It Doing amid Sector Weakness? PART 4 OF 9

Antero Midstream’s Industry-Leading Distribution Growth Guidance

Antero Midstream Partners’ 2Q17 distributions

Antero Midstream Partners (AM) declared a distribution of $0.32 per share for 2Q17. Based on the recent distribution, AM is currently trading at a distribution yield of 4.1%.

The current distribution represents a 7.0% rise compared to the previous quarter and a 28.0% rise compared to the same quarter in the previous year. Antero Midstream has the industry-leading distribution growth. For details on the distribution growth for MLPs in the recent quarter, read These MLPs Increased Distribution in 3Q17.

Antero Midstream&#8217;s Industry-Leading Distribution Growth Guidance

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Antero Midstream’s general partner, Antero Midstream GP (AMGP), announced its first distribution during its 2Q17 earnings call after its IPO (initial public offering) on May 9, 2017. It declared a prorated distribution of $0.027 per share for the recent quarter. According to the 2Q17 earnings release, “AMGP is targeting distributions per share of $0.43 to $0.46 for 2018, $0.70 to $0.76 for 2019, and $1.06 to $1.16 for 2020.” AMGP’s earnings are mainly dependent on distribution income from AM through the ownership of common shares, GP (general partner) interest, and IDRs (incentive distribution rights).

Antero Midstream is targeting an annual distribution growth of 28.0% to 30.0% until 2020. That’ when Plains All American Pipeline (PAA) is planning to announce a second distribution cut. For details, read Why Plains All American Is Expecting Another Distribution Cut.

Antero Midstream Partners’ 2Q17 coverage ratio

Antero Midstream Partners has a strong distribution coverage despite its industry-leading distribution growth. Its distribution coverage improved to 1.5x at the end of the second quarter compared to 1.4x in the previous quarter. That was driven by quarter-over-quarter distributable cash flow growth. AM’s distributable cash flow rose to $109.5 million in 2Q17 compared to $90.9 million in 1Q17, a quarter-over-quarter rise of 21.0%.

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