PAA - This Dividend Growth Streak Comes to an End After 59 Consecutive Quarters
As they say, all good things must come to an end. Sadly, that's the case for Holly Energy Partners' (NYSE: HEP) distribution growth streak. The MLP had increased its payout every quarter since its IPO in 2004, notching its 599th straight raise in July. However, it recently put an end to that streak by pressing pause on dividend growth through at least next year.
That decision will help ease some of the pressure on the company's financial profile, which has weighed on its valuation in the last year, causing its yield to spike above 12%. While the company plans to keep paying at the current level through 2020, it has a lot of work to do before it can restart its distribution growth engine.
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