NGL is in recovery mode. I surely hope the company isn't entertaining thoughts of restoring old distribution cuts, not yet, anyhow. Good companies' foremost obligation to all unitholders is to protect the corpus.
Of course, bigger distributions are going to be welcome but not if at the expense of prudence i.e. sound judgment. At the close of last quarter's business coverage lay somewhere between 1.1x and 1.3x. I hope "steady-as-she-goes" remains the corporate mantra for everybody's sake.
With 23 units in tow, I'll be happy to collect my bounty. And my bet is that if guidance establishes the 39 cent quarterly distribution is holding up well and therefore remains payable. I believe we'll see many investors piling on for not only the quarterly payout but to secure a place as a unitholder before units rise to a more justified and reasonable valuation.
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