CNXM - CNX Midstream: The Party Is Over

CNX Midstream (CNXM) is a "captive" division of CNX Resources (CNX). The attraction to investors was the low leverage and the well-covered dividend. Unfortunately, for the shareholders of CNX Midstream, CNX Resources management made a grab for both in the process of raising badly needed cash. They obviously succeeded at the expense of CNX Midstream shareholders.

Source: CNX Midstream Fourth Quarter 2019, Conference Call Slide Presentation

CNX Resources management badly dented the distribution coverage by negotiating a cash payment as well as 3 million shares of Class B units that would

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