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Comparing Royalty Interest Owner MLPs: VNOM and BSM

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Part 6
Comparing Royalty Interest Owner MLPs: VNOM and BSM PART 6 OF 11

How VNOM and BSM Compare on Distribution Growth

Historical distribution

Viper Energy Partners (VNOM) declared a distribution of $0.332 per unit for 2Q17, which represents a 76% YoY (year-over-year) rise. By comparison, Black Stone Minerals (BSM) declared a distribution of $0.3125 per unit for its common units and $0.20875 per unit for its subordinated units. BSM’s 2Q17 distribution of common units represents an 8.9% YoY rise.

How VNOM and BSM Compare on Distribution Growth

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Based on their recent distributions, VNOM and BSEM are trading at attractive distribution yields of 7.1% and 7.2%, respectively. The distribution yield of a stock refers to the ratio of annualized distribution and stock prices.

Distribution forecast

VNOM has not announced any distribution guidance for 2017. However, the partnership might continue to grow its distribution by the end of 2017, driven by recent acquisitions and strong production guidance.

Meanwhile, BSM is expecting to continue distribution growth over the next year. According to BSM’s recent investor presentation, common unit distribution growth will likely be supported by subordinated unit structure through 1Q19. The partnership expects annualized distribution over $1.2 per common unit by the end of 2017 and over $1.3 per common unit by the end of 2018.

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