Your distribution for CNXM is listed as $1.37 but should be $1.44 (.3603 quarterly)

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Satisfaction mark by sjm- cfa 4 years ago

Its up to Seeking Alpha if it wants to show bad data.  But it does beg the question, how many other companies have bad distribution data?  What is the policy that leads to this decision?  At a minimum, the policy leads to inconsistency.  In some cases its inaccurate, perhaps even misleading.Let's look at REAL examples.  SA uses TTM for OKE, for WMB latest Q (both large, C-corps converted from MLPs).  For ARCC its TTM,  for TCRD last Q (both BDCs).  These (TTM v. Q) differences are small (2-7%).  But, look at BPL.   SA lists $4.02 distribution (TTM) while latest Q is $3.00 (Q418 cut from $1.2625 to $.75).  That is a BIG difference.CNXM has been paying a distribution since Q12017, consistently increasing its distribution q-o-q (with plans for continuation of increases).  In my opinion latest Q is the more appropriate number because its most representative, although I can see it is the least conservative.  At a minimum, your policy needs to be reviewed and disclosed PLUS the inconsistencies corrected.Regards,Steve Mygrant

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SA Admin Daniel Hochman
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We are showing the Trailing Twelve Month (TTM) dividend rate. $1.44 is the FWD dividend rate. For most stocks we show the forward rate, but with stocks that pay an inconsistent/unpredictable amount, we show TTM.

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Thanks for the detailed follow up. Every dividend rate and yield is clearly labeled as (TTM) or (FWD) on each stock's quote page. On our portfolio view, we plan to show 2 different columns- one for TTM and one for FWD. Right now, you are right that it's mixed and that's not ideal. 

Our logic is that any stock flagged as a consistent payer (defined as 50% or more of their distributions are the same as the previous Qtr/Qtr), uses a FWD rate. Stocks which change their distribution every QTR will show a TTM rate. We do this because showing a FWD rate for inconsistent payers results in erroneous data because you could be projecting forward a dividend payout which is not representative of their real future distributions. Most ETFs fall into this category (e.g. SPY).  

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sjm- cfa

Thank-you for the prompt and detailed response.  It does now make a little more sense.  Notwithstanding, I do think that SA is still misleading in using BPL's TTM.  A $4+ dividend is quite different that a $3 div. in the decision making process.  Clearly I am analyzing the data myself, but not sure all your readers are doing so.

sjm