day I think 1 day or two after it went ex dividend they opened it up at $19 printed 14K shares (luckily I had put an order in for .10cents below that am and got filled)....this stock has been on a wild ride...my ? for you folks is why is this so volatile and are there really that many funds/institutions playing the dividend capture game?? any thoughts thanks
On July 20, 2009, the Partnership announced a cash distribution of 51.75c per common unit, or $2.07 per unit on an annualized basis, for the second quarter of 2009. This cash distribution will be paid August 14, 2009 on all outstanding common units to holders of record as of the close of business on August 5, 2009.
"We intend to make cash distributions to our unitholders and our general partner at least at the minimum quarterly distribution rate of $0.3375 per common unit per quarter ($1.35 per common unit on an annualized basis). Due to our cash distribution policy, we expect that we will distribute to our unitholders most of the cash generated by our operations. As a result, we expect that we will rely upon external financing sources, including other debt and common unit issuances, to fund our acquisition and expansion capital expenditures."
This sounds to me that they expect to lower the distribution from $2.07 to $1.35.
I don't this that the price of NGLS is going to soar anytime soon. The S&P Analyst should come out with a comment in a few days. I'll post it when that happens. They had a price target of $20 before earnings. But after the huge miss, we'll see if it gets lowered.
The Analysts a few weeks age were jumping all over each other to raise the price target, that helped the stock to soar. If they go the other way now, that's not going to be good.