StoneMor Partners (STON) Shares Down on Heavy Volume; CEO Comments on Recent Market Activity
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StoneMor Partners L.P. (NYSE: STON) issued a statement today in response to recent market activity in its unit price.
CEO Larry Miller stated, "Normally, it is not the policy of StoneMor to respond to price action of our units. We feel an obligation to our unit holders to provide some information that adds insight into our business.
"StoneMor Partners, since becoming a publicly traded MLP, has acquired cemetery and funeral assets of more than $220 million. Because MLPs pay out most of their cash flow to unit holders, StoneMor, like every other MLP, finances these acquisitions with debt and periodic equity offerings..."
Average daily volume is light at approx 84K, however, the stock traded almost 1.4 million shares so far today. Share plummeted at the open, but have recently bounced back...last trade at $24.15, down $1.39 (-5.44%). Yesterday's closing price was $25.54, shares opened this morning at $24.67, then fell to $20.63 before beginning to climb back.
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CEO Larry Miller stated, "Normally, it is not the policy of StoneMor to respond to price action of our units. We feel an obligation to our unit holders to provide some information that adds insight into our business.
"StoneMor Partners, since becoming a publicly traded MLP, has acquired cemetery and funeral assets of more than $220 million. Because MLPs pay out most of their cash flow to unit holders, StoneMor, like every other MLP, finances these acquisitions with debt and periodic equity offerings..."
Average daily volume is light at approx 84K, however, the stock traded almost 1.4 million shares so far today. Share plummeted at the open, but have recently bounced back...last trade at $24.15, down $1.39 (-5.44%). Yesterday's closing price was $25.54, shares opened this morning at $24.67, then fell to $20.63 before beginning to climb back.
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