This Dirt Cheap High-Yield Stock Just Got Even Stronger
Crestwood Equity Partners (NYSE: CEQP) is quickly becoming the Rodney Dangerfield of MLPs. Despite a rapidly improving financial situation, the pipeline and processing company doesn't get the respect from investors that it deserves. Because of that, units sell for a crazy cheap valuation of less than eight times cash flow, which is one reason why it yields a jaw-dropping 10.2%.
In the third quarter, the company took additional steps to improve its financial profile: It sold a noncore asset and secured joint venture funding for another project. As a result, Crestwood has the cash it needs to finance its expansion plan, which positions it to start increasing its already lucrative payout in the near future.
At first glance, Crestwood Equity Partners' third-quarter financial results were a big step back from the year-ago quarter:
Source: Fool.com
