Good summary. Your words caused me to look back at old tax returns when I had originally owned DHULZ as a spinoff from Dorchester Gas. On 3/19/84, I sold my entire position at $22.50/unit. This was the same PTP, same units, no stock splits. DHULZ paid 4 cents per unit which works out to about 0.2% for 1984.
Clearly, the DHULZ market interest at that time was potential capital gains as natural gas drilling was very aggresive as a result of the 1970's energy scare. As we now know, the large gas bubble was the result of the drilling activity. Prices were low for a long time. Hopes died hard for investors looking for large increases in value for the energy companies.
Now, the interest seems to be in PTP income. It is a remarkable change in investment perception. Almost no investors have heard of DHULZ. That is the reason that an 8% distribution doesn't excite the marketplace. Barron's recently ran an article about dividend payout. The highest payouts on their list was about 6%. Part of the reason is that with only 10+M units, no investment firm will make a recommendation on DHULZ because it is a "microcap". Why that is bad is hard to understand when the payout is at 8% and is quite safe in my opinion. Having followed this PTP for more than 20 years, I am not concerned about the life of their fields. Most of us will be in the ground before this PTP dries up.
Only time will tell if DHULZ breaks out of the dividend payout group and goes to a reasonable P/E basis.
Interesting comments. It seems some microcaps get recomendations and othrs are shunned. I have watched APL go from a 60 million dollar market cap to over 100 million in just a short time. Sure wish DHULZ would shoot up like APL did but if it doesn't oh well, I'll continue to buy DHULZ when I get cash and the price looks reasonable. Might not be a monster gainer but slow and steady wins the game. If I can just steadily accumulate then maybe over time I'll have a nice income producer.