KEYUF - Midstream Income Opportunities: Dividends Resilient Throughout Recent Quarters

• As the financial implications of COVID worsened in early 2020, midstream yields increased to peak levels due to overall weak equity performance, and multiple midstream corporations and MLPs cut their dividends by 50% or more, though cuts were biased to smaller names in the space.
• Since then, dividends have remained mostly stable each quarter, which allowed yields to moderate to more sustainable levels as equity prices continued to improve.
• Although repurchases are becoming more popular, dividends are still the primary method of returning capital to shareholders within the midstream space.

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