54 Straight Hikes, A 9% Yield, No IDRs For This Blue-Chip LP

Are you a fan of record streaks? Joltin' Joe DiMaggio set the all-time baseball record for hits in consecutive games in 1941, with 56 straight games - a record which still stands today, nearly 77 years later. Management has raised the quarterly payout for 54 straight quarters. They have a five-year distribution growth rate of 7.4%. An expansion project in the western Permian Basin is due to come online in Q4 '18.

The management of Holly Energy Partners LP (HEP) looks like they're copying Joltin' Joe's style - they've got a streak of 54 straight quarterly distribution hikes going, as of their most recent payout of $.655, which was a 5.6% increase over the distribution for the first quarter of 2017. Like some other energy LPs, HEP has had a rocky go of it in 2018 - it's down -13% year to date and has trailed the benchmark Alerian MLP ETF (AMLP) and the S&P 500. Its price/unit has perked up slightly over the last month, but it still trails the AMLP for that period.

Source: Seeking Alpha

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