shareholder return too weakI've been struggling with the lack of shareholder return from GEI. We're out, swapping for a senior midstreamer that has a superior dividend-growth record. I think GEI is a great company, but the gains in the past 4-5 years have mostly gone to management with little left for the common shareholders.
Gibson management made good decisions over the past few years and turned the company into a better-focussed, more efficient entity. But despite opportunities to raise the dividend substantively, they have not. 3% (net 1% after inflation) is not enough for the risk that we take on. The company we swapped into has 3.5x GEI's net dividend growth rate.
The DRU outcome will be interesting to watch and success with it perhaps will prompt the Board to improve dividend growth. Good fortune to all.