New Borrowings + New Stock Issuances = Dividends. Good Company??
For EPD, Depreciation + Amortization = Capital Expenditures. That's good, really good. Unfortunately, New Borrowings + New Stock Issuances are needed to cover those juicy Dividends. That's bad, really bad. Some energy MLP's are well run. Some are just market and government sanctioned ponzi schemes. Just read the Cashflow Statements for EPD on the Yahoo screen; you don't need to be Warren Buffet to figure this one out. If your long, sell. If you're not in, good for you, short it. Tick, tick, tick, tick.........
Sentiment: Strong Sell