Simple reason; they are issuing seven million new shares in a shelf offering priced below the current market value. Reason; to pay revolving debt. Price not yet published.
If you believe-buy more. Problem is I have too much already.
You can always look at it this way. If VNR is doing well for you, AND YOU BELIEVE than you don't have too much. You have too much of other things that aren't doing as well, and you might benefit by selling your worst investment and upgrading your portfolio with additional units of VNR with the proceeds.
1) consistently issuing shares at 52-week high gives them new capital at best possible price so new properties are acquired with fewer shares
2) lets current shareholders consistently buy more shares at a discount.
What's really depressing is when a company needs to issue stock when price is at a 52-week low, like QRE.
I will be picking up more this morning.
There is fear out there in the market. A lot of fear. That translates into a buying opportunity. If you don't add a few units at these prices you will look back later and realize you should have. I'm sure you remember the old story- I shoulda, I woulda, I coulda- --well now is the opportunity to step up to the plate or wonder why you didn't later.