Elliott Gue and Roger Conrad’s Complete Guide to

Energy & Income Investing

Over 50 years of combined experience in analyzing the energy markets!

THIS MONTH’S ISSUE

In this Election Year, Energy Action Speaks Louder than Words

June 26, 2024|

› Please join us Thursday, June 27 starting at 2 pm for this month’s live webchat. You can also send us questions prior to the chat to service@capitalisttimes.com. Thanks for reading. Watch what we do—but not necessarily what we say. That’s the best (and only) way to make sense of energy industry and government actions this year—at a time when energy politics have run off the rails. There’s actually a lot less at stake for energy investors in upcoming November elections than meets the eye. The Biden Administration has made no secret of its preference for energy sources other than fossil fuels. Yet since the last presidential election, for example, oil and gas is the top-performing sector in the S&P 500—by massive 2-to-1 margin over Big Tech. The Biden Administration has been a mirror image on policy of the “drill baby drill” Trump Administration. Yet, the S&P Energy sub-index lost more than half its value during the Trump years. And the largely earnings-less S&P Global Clean Energy Index gained over 150 percent—more than double the S&P 500. US presidents do have control over permitting and tax policy. But aside from being able to block energy infrastructure projects that lack previously...

Live Chat

with Elliott Gue and Roger Conrad

On 07/31/2024

Live Chat with Elliott Gue and Roger Conrad

Variable Rate Dividends Rising Again

By |June 26, 2024|

Share the wealth: That’s the idea behind variable rate dividends paid by the 10 oil and gas producers listed again in our table “Variable Rates Rising Again.” Three of the companies—Black Stone Minerals LP (NYSE: BSM), Dorchester Minerals LP (NSDQ: DMLP) and San Juan Basin Royalty Trust (NYSE: SJT)—pay dividends that are entirely variable from quarter to quarter. The other seven pay their dividends in two parts: A “base” dividend that only changes when management deems it sustainable even at much lower oil and gas prices, and a “variable” portion that rises and falls with near-term profit. The table breaks...

Endangered Dividends List

By |June 26, 2024|

Endangered Dividends List companies are vulnerable for one or more of the following reasons: Cash flow coverage of distributions is inadequate. Elevated debt levels with imminent refinancing needs. Revenue pressure triggered by weakness for at least one key asset. Inability to access the equity market on favorable terms to fund capital spending, forcing management to utilize more internally generated cash flow. Exposure to volatility in commodity margins from either rising or falling prices of raw materials. Aggressive general partners anxious to buy in limited partners’ cash flows at discounted prices. Regulatory reversals. Expiring contracts with little hope for renewals at...

On Track for a Strong Q2 Report

By |June 26, 2024|

Here’s when to expect the companies in our Actively Managed Model Portfolio and on our High Yield Energy List to report calendar Q2 results and to next declare dividends. Dates indicated with an asterisk (*) are estimated rather than formally declared by management: Alliance Res Part (NSDQ: ARLP)—July 31*, July 26 Baker Hughes (NYSE: BKR)—July 25, July 26 Black Stone Minerals (NYSE: BSM)—July 31*, July 25 Cameco Corp (TSX: CCO, NYSE: CCJ)—July 31, Oct 28 Chesapeake Energy (NYSE: CHK)—August 1*, Aug 1 CrossAmerica Part (NYSE: CAPL)—August 7*, July 25 Energy Transfer LP(NYSE: ET)—August 2*, July 25 Enterprise Prod Part (NYSE: EPD)—August...

Meet Our Editors

Elliott H. Gue

Founder and Chief Analyst

Since earning his bachelor’s and master’s degrees from the University of London, Elliott has dedicated himself to learning the ins and outs of this dynamic sector, scouring trade magazines, attending industry conferences, touring facilities and meeting with management teams.

Roger S. Conrad

Founder and Chief Analyst

Roger S. Conrad has successfully advised income investors since the 1980s, with a nationally acclaimed sector specialty in utilities, telecommunications and energy. He’s a managing partner of Capitalist Times author of Power Hungry, independent director of NYSE-listed Miller Howard High Income Equity Fund and contributing editor to Forbes.com.

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