Green Plains Partners hikes distribution by 262.5%

Green Plains Partners LP (GPP) will hike its distribution by 262.5 percent to $0.435 per unit in 2021. This comes after a cut by GPP to its quarterly distribution by almost 75 percent to $0.12 per unit last year. The MLP previously raised its quarterly distribution by 1.1 percent to $0.475 per unit in the second quarter of 2018.

The next GPP distribution is payable on Nov. 12, 2021, to unitholders of record at the close of business on Nov. 5, 2021. A new annual distribution of $1.74 yields 11.2% at a stock price of $15.57.

Green Plains Partners LP is a limited partnership formed by Green Plains Inc. (GPRE) to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. GPP was formed by Green Plains, a vertically integrated ethanol producer, to support its marketing and distribution activities as its primary downstream logistics provider. The company's ethanol storage assets are the principal method of storing ethanol produced at its parent's ethanol production plants.