CSI Compressco LP announced that its board of directors has declared a cash distribution of $0.01 per outstanding common unit for the quarter ended December 31, 2023. This represents an annualized distribution of $0.04 per outstanding common unit. The distribution will be paid on February 14, 2024, to all common unitholders of record as of January 31, 2024.
Friday, the stock of CSI Compressco LP (NASDAQ: CCLP) moved 1.2%, reaching a trading price of $1.75 per share.
CSI Compressco LP, based in The Woodlands, Texas, is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. The company's contract services business includes a fleet of approximately 4,500 compressor packages providing approximately 1.2 million in aggregate horsepower, utilizing a full spectrum of low-, medium- and high-horsepower engines.
Jon Byers, the CFO of CSI Compressco LP, stated, "We are pleased to announce the quarterly distribution, reflecting our commitment to delivering value to our unitholders."
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $314,020 | $340,093 | $301,587 | $304,171 | $353,398 | $381,826 |
| Revenue Growth | n/a | 8.3% | -11.32% | 0.86% | 16.18% | 8.04% |
| Operating Margins | -13% | -7% | -20% | -15% | -5% | -2% |
| Net Margins | -12% | -6% | -24% | -17% | -6% | -3% |
| Net Income (k) | -$36,978 | -$20,973 | -$73,840 | -$50,272 | -$22,095 | -$10,379 |
| Net Interest Expense (k) | $52,585 | $53,375 | $54,468 | $54,791 | $50,503 | $53,423 |
| Depreciation & Amort. (k) | $70,500 | $76,663 | $80,533 | $78,234 | $78,231 | $76,852 |
| Earnings Per Share | -$0.87 | -$0.45 | -$1.54 | -$0.81 | -$0.16 | -$0.08 |
| EPS Growth | n/a | 48.28% | -242.22% | 47.4% | 80.25% | 50.0% |
| Diluted Shares (k) | 42,373 | 47,073 | 47,302 | 61,054 | 141,109 | 141,995 |
| Free Cash Flow (k) | -$73,880 | -$8,102 | $6,064 | -$16,242 | -$16,529 | -$1,064 |
| Capital Expenditures | $104,001 | $75,798 | $14,698 | $43,398 | $52,073 | $52,432 |
| Current Ratio | 1.61 | 1.18 | 1.63 | 1.41 | 1.52 | 1.51 |
| Total Debt (k) | $633,013 | $638,238 | $638,631 | $631,141 | $648,145 | $634,210 |
| Net Debt / EBITDA | 20.07 | 12.15 | 30.02 | 18.63 | 10.53 | 8.78 |
CSI Compressco LP has weak revenue growth and decreasing reinvestment in the business, consistently negative margins with a positive growth rate, and a highly leveraged balance sheet. On the other hand, the company has a strong EPS growth trend working in its favor. Furthermore, CSI Compressco LP has negative cash flows and just enough current assets to cover current liabilities.
