First, not all of the unit holders here bought in at $19.00 (IPO), so some of us are actually in the green.
Two, Vanguard is currently yielding 11.27%, so its not like we aren't getting paid to sit tight.
Three, Vanguard is very small, so it is volatile. Until they make some more acquisitions, which will boost the distribution and unit float, the price will be heavily influenced by whoever shows up to sell or buy that day.
Four, they have been public about half a year, and already made a nice, accretive acquisition that increased the distribution from $1.70/yr to $1.78/yr which is 4.7%. I suspect they will be able to make several more increases of .02/Q due to the deal they made with Apache.
Five, management doesn't appear to have sold any units and I suspect that since VNR has no GP and no incentive distribution rights, that ownership (i.e. skin in the game) is how they intend to make their money.
Six, VNR hedges its production to maintain stable cash flows. If you don't like stable earnings, then VNR isn't the equity for you.
Seven, ATN = Marcellus Shale, it is not a direct comparable