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North Atlantic Drilling Limited Message Board

bobdbeck 221 posts  |  Last Activity: Apr 24, 2015 9:48 AM Member since: Oct 7, 1999
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  • Reply to

    More NRZ coverage (3 this week):

    by bobdbeck Apr 23, 2015 9:17 AM
    bobdbeck bobdbeck Apr 24, 2015 9:48 AM Flag

    Well, it's increased from about $12 to $17. Remember, they had a 1:2 reverse split back in Oct, but almost 50% increase in share price was the intent of management for the split. They seem to be getting the company recognition they were seeking. WMC is pretty range bound (I own a small position for about a year). I think their dividend cut last Q may be holding it back a bit but for me it's like a surrogate bond. Great yield with no expectations of any great price appreciation. GLTUTOO

  • Reply to

    SFL/NMM

    by bayman667 Apr 20, 2015 7:47 PM
    bobdbeck bobdbeck Apr 23, 2015 9:57 AM Flag

    Geez, same info posted 3 times within 4 minutes. Can't you guys find news of your own? LOL

  • Reply to

    SFL/NMM

    by bayman667 Apr 20, 2015 7:47 PM
    bobdbeck bobdbeck Apr 23, 2015 9:46 AM Flag

    MONACO--(Marketwired - Apr 23, 2015) - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an international owner and operator of drybulk and container vessels, announced that the MSC Cristina, a 2011 South Korean-built container vessel of 13,100 TEU was delivered today to Navios Partners' owned fleet.

    The MSC Cristina has been chartered out to a high quality counterparty for 12 years at a rate of $60,275 net per day, with Navios Partners' option to terminate after year seven. The vessel is expected to generate approximately $18.4 million of annual EBITDA and approximately $217.8 million of aggregate EBITDA for the charter period, assuming operating expenses approximating current operating costs and 360 revenue days

  • New Residential Investment initiated with a Buy at Compass Point; tgt $19 (16.96)

    Compass Point initiates NRZ with a Buy and price target of $19 noting despite the low mortgage rate env't, cash flows have been steady.

    Currently, co ests there are MSRs covering $150B of mortgage for sale, requiring a capital investment of $1.0-1.5B. Co is in a leading position to capitalize on these sales, though firm believes co is in the later stages of the cyclical transfer of servicing from banks to special servicers.

  • New Residential Investment initiated with a Buy at Compass Point; tgt $19 (16.96)

    Compass Point initiates NRZ with a Buy and price target of $19 noting despite the low mortgage rate env't, cash flows have been steady.

    Currently, co ests there are MSRs covering $150B of mortgage for sale, requiring a capital investment of $1.0-1.5B. Co is in a leading position to capitalize on these sales, though firm believes co is in the later stages of the cyclical transfer of servicing from banks to special servicers.

  • Reply to

    SFL/NMM

    by bayman667 Apr 20, 2015 7:47 PM
    bobdbeck bobdbeck Apr 21, 2015 12:11 PM Flag

    And the BDI today "soared" to 601 (finally over 600)

  • Reply to

    NRZ IS A REAL DAISY...!

    by staggman99 Apr 20, 2015 9:59 AM
    bobdbeck bobdbeck Apr 21, 2015 9:26 AM Flag

    Credit Suisse reinstates coverage of NRZ with an "Outperform" and a target price of $19. Expects Q2 divvy increase from .38 to .42 :~)

  • Reply to

    Coverage initiated by BofA

    by bobdbeck Apr 20, 2015 9:47 AM
    bobdbeck bobdbeck Apr 20, 2015 1:26 PM Flag

    OOPS!. Sorry guys, I DID post the BofA PR on NRZ. LOL. Getting too old.

  • today with a "BUY" and a P.T. of $18,50. :~)

  • Reply to

    B of A

    by bobdbeck Apr 20, 2015 9:02 AM
    bobdbeck bobdbeck Apr 20, 2015 9:14 AM Flag

    We are initiating coverage on New Residential Investment Corp (NRZ) with a Buy
    rating and an $18.50 price objective, implying a 20% total potential return. NRZ is
    an externally managed REIT that primarily invests in mortgage servicing rights
    (MSRs) related assets. Having recently acquired HLSS’ assets, we think, NRZ is
    well positioned to capitalize on the continued movement of mortgage servicing
    toward non-bank servicers and a capital-light servicing model. With a current
    distribution rate of ~10%, NRZ is an attractive yield-paying asset that also offers
    investors potential for capital appreciation. Risks to our earnings and PO forecast
    include faster prepayments, changes to the regulatory backdrop, or a disruption at
    one of NRZ’s servicing partners.
    Well positioned for growth
    We are forecasting ’15 and ’16 core EPS at $1.99 and $2.09, respectively, reflecting
    organic portfolio growth, as well as the accretive impact of the HLSS acquisition.
    NRZ is particularly well positioned for continued portfolio growth in our view. As
    mortgage service rights (MSR) transfer activity picks up, and the transfer of MSRs
    from banks to nonbanks continues, we think NRZ will be a prime beneficiary. Being
    embedded with the two largest nonbank servicers likely gives NRZ unique visibility
    into upcoming opportunities. NRZ also stands to benefit from an improving
    macroeconomic backdrop and an increase in interest rates. Based on our
    projections, NRZ could generate ROEs in the low-teens, which supports an increase
    in NRZ’s quarterly dividend.
    $18.50 PO and 10% distribution rate imply 20% upside potential
    Our Price Objective of $18.50 is based on our 2015 dividend forecast of $1.66 and a
    9% distribution rate requirement. Investors will likely view favorably NRZ’s senior
    position in the servicing cash flow stream, its stable earnings potential and gearing
    to an increasing interest rate environment. NRZ has also recently increased its
    focus on residential mortgage servicing related assets, which helps simplify the
    story and could lead to a re-rating of the stock as investors recognize the stability of
    earnings from excess MSRs and servicing advances. We think the market will likely
    value NRZ at a premium to residential mortgage REITs, which yield around 11%
    currently, and at a discount to commercial mortgage REITs, currently yielding 8%.

  • Reply to

    OT: Huff - look out below on AAPL

    by dividendhunter Apr 15, 2015 3:08 PM
    bobdbeck bobdbeck Apr 18, 2015 5:49 PM Flag

    PT III

    Additionally, with its stock price bouncing 30% since its January low following the distribution announcement, Smith believes Linn will aggressively pursue a C-corp acquisition "due to the fact that Linn needs to use equity-financed acquisitions to help the company reduce its financial leverage," Smith said. "In addition to the property market, we expect Linn to aggressively use its LNCO paper to try and acquire an E&P corporation."

    Oil-weighted assets are likely targets, he said, due to the contango of the price pullback, as are certain basins that are now less attractive from an organic growth outlook due to reduced market valuation for PUD and undeveloped acreage. "Therefore, for the first time, Bakken producers are a likely target," he said. "We anticipate that it is more likely for Bakken asset deals to get done in this environment, given the relatively unattractive drilling economics of the basin."

    So who could be on the hit list, ponders Smith?

    "We think likely targets are Rockies producers Northern Oil and Gas, Oasis Petroleum and Bill Barrett. Given Linn's market cap of $4.1 billion, we would expect Linn to target companies with market caps between $1 billion and $2 billion."

    A broader list of maybes, all small-cap, E&P C-corps, includes Bonanza Creek, Clayton Williams, Comstock Resources, Laredo Petroleum, Resolute Energy, Rosetta Resources, SandRidge Energy and Ultra Petroleum.

    So the pullback in distribution and capex are merely preparation for opportunity ahead, believes Smith. To think Linn won't be bigger and stronger on the other side of the trough is just insanity.

  • Reply to

    OT: Huff - look out below on AAPL

    by dividendhunter Apr 15, 2015 3:08 PM
    bobdbeck bobdbeck Apr 18, 2015 5:34 PM Flag

    PT II of III:

    Not so exciting in its singularity, but on top of that the Houston-based MLP joined with private-equity player GSO Capital Partners to fund its growth-oriented drilling program to the tune of $500 million-without any additional capital expenditure by Linn.

    Add to that a robust hedge book to shore up cash flow, and the company is poised to pounce. Acquisitions are likely, according to Smith. Big acquisitions. Recall that Linn has done this before, with the $4.6-billion buyout of oil-rich Berry Petroleum.

    "Due to the 50% decline in oil prices over the last seven months, we expect to see a tremendous amount of oil and gas properties on the market in the second half of the year as companies aggressively pare down debt levels ... Look for Linn to be an active acquirer in 2015."

    In addition to the GSO pact, Linn is seeking another private capital alliance for acquisition funding.

    This, said Smith, would give Linn the flexibility to bid on assets heretofore not considered MLP-friendly, allowing the to-be-determined partnership to split the assets by long-lived producing vs. valuable drilling inventory. Linn could conceivably retain a first option to buy any non-MLP-friendly assets once their production levels out.

  • Reply to

    OT: Huff - look out below on AAPL

    by dividendhunter Apr 15, 2015 3:08 PM
    bobdbeck bobdbeck Apr 18, 2015 5:32 PM Flag

    Very interesting article from IV, re: LINE:
    OIL & GAS INVESTOR (March 20)

    Robust and growing distributions are the measuring stick of success for master limited partnerships, so when upstream MLP Linn Energy announced in early January that it would cut its distribution by a whopping 57% in response to free-falling oil prices, it must have been desperate or insane, right? For years, we've watched the MLPs do everything possible to boost the distribution to woo yield-oriented investors, and to go down in yield even a little was considered the proverbial third rail-sure death in the marketplace.

    Now Linn has firmly grasped that rail, the first (certainly not last) upstream MLP to do so. And maybe, just maybe, this is an aggressive, offensive strategic positioning rather than a defensive move as some perceive.

    Raymond James analyst Kevin Smith sees it that way. While other analysts are either downgrading Linn or holding neutral, Smith boldly reiterated an Outperform rating in a Feb. 6 research note, citing various moves Linn is making to position itself for acquisitions.

    "With Linn's deep hedge book, expectation to be cash-flow neutral in 2015, and over $2 billion in untapped liquidity, in our view Linn is in an attractive position to take advantage of this period of weak oil and gas prices to opportunistically purchase assets-and possibly companies," he said.

    Beside the distribution cut, other moves have shored up Linn's financial strength to be poised for acquisitions as others flounder.

    Simultaneous to the distribution cut, Linn, like most other producers, slashed its 2015 capital program by more than half of its prior-year expenditures. This cut allows it to maintain current production levels while being cash-flow neutral, "something its peers are going to struggle to do."

  • Reply to

    O/T NMM

    by rich_mo_florida Apr 17, 2015 4:53 PM
    bobdbeck bobdbeck Apr 17, 2015 8:27 PM Flag

    From the NMM earnings release, 2/2/15:

    Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, "I am pleased with our results for the quarter, as we recorded EBITDA of $39.3 million and net income of $13.5 million. We also announced a quarterly distribution of $0.44 and a quarter cent, representing an annual distribution of $1.77 per unit. This annual distribution provides a current yield of about 15% -- about 2.5 times the Alerian MLP index yield. We take the opportunity not only to reaffirm Navios Partners' existing distribution through the end of 2015, but we extend this commitment through the end of 2016."

  • Reply to

    O/T NMM

    by rich_mo_florida Apr 17, 2015 4:53 PM
    bobdbeck bobdbeck Apr 17, 2015 5:27 PM Flag

    The one thing many on this board learned since last year is to take what management says with a grain of salt. Those divvy promises are great, until they aren't, so says John Fredriksen.

  • bobdbeck by bobdbeck Apr 17, 2015 12:56 PM Flag

    some here own it. Just increased divvy from .48 to .51.

  • Reply to

    OT: Huff - look out below on AAPL

    by dividendhunter Apr 15, 2015 3:08 PM
    bobdbeck bobdbeck Apr 17, 2015 11:56 AM Flag

    I didn't buy CPLP but it's a "C" corp, no K-1 1099.

  • Reply to

    WMC AND NRZ Climbing.........Again

    by seeds.bill Apr 14, 2015 3:04 PM
    bobdbeck bobdbeck Apr 16, 2015 6:27 PM Flag

    Never actually hit $8.00 until it crossed the $16.00 mark LAST WEEK (split adjusted). Traded in the $6's for almost 18 months. I'm in from the beginning, where the cost basis was "0" for me. All my shares were from the NCT spin off on a 1 for 1 basis and almost all are in IRAs :~). Free I tell ya, FREE shares by the 10's of 1000's. LOL.

  • Reply to

    WMC AND NRZ Climbing.........Again

    by seeds.bill Apr 14, 2015 3:04 PM
    bobdbeck bobdbeck Apr 16, 2015 2:41 PM Flag

    Heck, NRZ will hit $17 BEFORE they even pay their last declared dividend :~)

  • Reply to

    O/T CPLP

    by rich_mo_florida Apr 15, 2015 8:29 PM
    bobdbeck bobdbeck Apr 16, 2015 11:12 AM Flag

    bill, that's what I can't understand about trying to get "secondary" shares from one's broker. I can see an IPO, where the odds are very high that you'll get nice price appreciation immediately on a bounce, but in most instances, a secondary will trade down 3-6% easily on the day after the announcement. Now you own CPLP at $9.53, but I can buy it right now at $9.26 and save $500 over what you paid for your shares. Am I missing something?

NATDF
1.50-0.18(-10.71%)Apr 24 3:09 PMEDT