cash flow and payout ratio and USDProjected cash flow for 2021 is 1.78 per share - if the dividend is maintained at .31 per quarter or 1.24 annualized that equates to a current payout ratio of 69.6%.
If PFGP resumes full distributions it results in an annual bump in cash flow of .11 - so if full dsitributions from PFGP resume in July as they seem to expect then would add another .05-.06 in cash flow for the remainder of the year or about 1.835 per share - 1.24/1.835 = 67.5%.
Impact from US dollar depreciation was a bit of a suprise as in the past IR has told me that their hedging "goalposts" were 1.25 to 1.35 - right now the CAD to USD is 1.2156 so expected to have the USD dollar hedged at a minimum of 1.25 which would have mitigated some of the impact of the depreciation.
Distribution looks quite safe and would not be suprised to see a small bump when Q3 results are announced particularly if PFGP restores full distributions and they have more capital deployed over the next few months - even if there is no bump a 7.3% yield is pretty decent.