Did well today with some UGAZ I bought on Tuesday @ 1.81. Still holding as NG may have more rally left in it, for now anyway. Day to day holding.
Sold some CHK today @ 15.75......cost 15.11 on April 21. Had to suffer with that for several days.
Keep those PSEC guys on their toes over there-:)
Now up about $3.00, but is bouncing around.
***declares initial div of 43 cents.....x -div June 12, pays June 29..
**Quarterly sales of $7.6 billion vs year ago of $5.0 billion (+52%)
**EPS (GAAP) of $2.76 vs year ago $1.33 (+107%).....non GAAP $2.94 vs $1.48
Cash of $14.5 billion.......debt of $13.3 billion
Still holding my position. Cost of 73.13 on 3-26-14.
Thanks to hedges for about 2/3's of the distribution. All hedges end at the end of 2015 calendar year. Enjoy them for a few more quarters unless pricing improves significantly.
Kel............just an observer
A low PE Ratio..........the price they pay for having one incredibly effective drug and a few much smaller, mediocre ones.
dsouth........I've held a core (non IRA) position in FEI since Jan. 2013, soon after it's IPO. Very happy to just collect the monthly distributions.
At one time (last fall approx) I also held NML, CEN, and FPL, all at the same time. Decided to lighten up in that area and just stick with FEI, the monthly payer with the nice rising dist record.
I've received paper reports from all these CEFs and have scrutinized them so I understand the accounting methods used in these entities.
I only have one year of post high school Accounting and that was tech school back in 1971-72. I have made great efforts over the years to expand (on my own) my accounting knowledge. It has served me well in all areas of investing.
Sold UGAZ (3 X long natgas ETF)...made 31% in 3 days.
Cleaned out of CHK after a 2 day rally.....all profits.
Starting to feel like Slickster.
Problem.....now very loaded with cash and can't find anything to buy.....looking at....
CVX and / or COP....
more shares of TICC.......
Bought a slug of PSEC @ 8.31, near multi month lows and over $2 below its Dec. 31st NAV of $10.35.
They report EPS on May 6, next Wed., after the close with the CC @ 11:00 AM Eastern the next morning.
Noticed it as a holding of GRX, a Closed end fund that I have a position in.
Mostly Q 4 (Dec. 31) numbers, giving some consideration to the recent offering which raised some desperately needed immediate Cash.
Q 4 revenue...................$254 million
Gross profit.......................65.6 million
Here's the 2 things that really bother me and that are making profitability hard to achieve........
SG&A expenses..........$64.3 million
Interest expense.............9.3 million
**Add just these 2 expenses together ($73.6 million) and subtract them from the Gross Profit of $65.6 million and BIOS is already at an approx $8 million 1/4ly loss. They need to cut SG&A (hard to cut the interest expense) if they want any chance of achieving profitability anytime soon.
Might be cash flow positive, which is good, but investors look at profit, not cash flow (perhaps unwisely)...
Balance sheet.............Debt of $418 million is daunting. If they can grow and control other expenses, they may be able to "grow their way" out of the debt problem.
Accounts payable grew $27 million the last 3 months of 2014, which probably exacerbated the need for the March offering.
Goodwill of $573 million.........could be a huge write off (non cash) coming here someday. They've obviously made some big or numerous acquisitions to have built up such a large number in this area.
If the acquisitions aren't contributing profits (at some point)........current accounting law requires an accelerated write off of Goodwill. Not a horrible thing as it would be non-cash, but it looks ugly and sets a bad precedent.
Just my honest observations as a non holder........................Kel
Biggest position ever in SPXU @ 33.34....shorts the S&P 500 X 3. Market looks very tired. Good open today then struggling with (continued) low volume. In my opinion, we're ready for a healthy sell off. I've basically hedged all my long positions in my regular and IRA accounts. Also big cash positions.
BDCs having a very rough day. PSEC that I bought Friday really &(%$^#.
Now about $43.02.......guess it might have been a good selling area up above 44.50. I'm still holding. I didn't sell either.