I'd like to have bought 10% cheaper. Probably wouldn't have happened though. Can't buy at the bid price if there's a 3-4 cent spread. Tried to get "inside" that 4 cent spread yesterday and couldn't get an execution.
It's the big picture here that counts, not a few cents. If the positive trends continue at the company, we'll be laughing about how we could have bought @ 75 - 80 cents.
Now at about 26.20. Range for 52 weeks is 24.11 - 30.61. Next x-div date is about Oct. 8 - 10. Last payout was .995 in July. They usually declare just a few days prior to the X date.
If the div comes in at about $1.00, the annual yield would be 15.25%. Not holding any, just watching.
The hedges guarantee certain prices for their oil production in the $90 + area. They aren't permitted to put on new hedges, so after March 2015 the prices they realize will be totally dependent on market prices. Could be better, or worse, all dependent on the then current WTI pricing.
The poor performance of the stock is probably a reflection of forward looking investors reacting to these uncertainties. If crude prices fall at the same time production starts to decline (no more new wells), a new valuation will be put in place by Mr. Market.
Won't all happen at once, but will gradually over the next year or two.
Kel....................just my opinion
Ten year spikes about 6 basis points to 2.61%, from 2.55%.
DJIA and S&P 500 turn down....DOW down about 22 right now.
Gold and Silver fall.
Kel.....@ 2:04 PM Eastern
The last of 888 wells will we drilled by the end of this calendar year. The oil (90%+ of production) price hedges end next March (2015). Still OK at this moment, but things will change a lot in the next 6 months - 1.5 years.
Kel...................a x-holder, now just an observer.
Should add that my order was .75 limit, AON, day. Typical order for me with light trading stocks. Heavy traders I just do market orders. I use Fidelity. 90%+ good or great executions.
Bid was .73 / 1K size.......ask was .77 / 5K size. Tried to get inside that big spread with a 2K order. Left it in about 15 minutes. MMs wouldn't come down.
Kel.....................already a holder, want more.
Also borrowed money @ 8.25%. With the tighter spreads in the BDC space, this will be difficult to invest at a profit unless their decisions are perfect.......which they haven't been lately.
into CLF @ 14.95. Over time it has generally tracked steel stocks. Has lagged that group over the last few years. Steel has been hot. Look at X, AKS, STLD, and NUE.
Technically, it looks like CLF has put in a nice double bottom.
Just my opinion.................Kel.....(ps...this should generate numerous 'thumbs down')
Looks bad.......read the "management commentary." All they talked about was the expansion of their portfolio (done thru SPOs and loans). Didn't address any of the reasons for the portfolio losses.
Also noticed they borrowed money at 8.25%. Pretty high rate to try to invest those funds and make money in this environment, especially if they make and poor choices. Very ugly. Just my opinion.
Frig....a question....when PIK is received is it generally just a $$ amount added to the loan balance? Or is it something that can be turned into immediate cash? Can see where too much PIK would be a problem if it can't be turned into something liquid.
I know that when some CEFs got in trouble they paid out more shares in place of cash distributions. Of course, private companies w/o publicly traded stock would be unable to do that.
Got about $138 for my $1270 loss.....about a 10.8% recovery. Better than I expected.
Been waiting a long time for this $137.76. Wasn't sure how much it would be on my $1269 loss about 7 years ago. Looks like 10.8% recovery, better than most class actions.
This lawsuit dealt with holders of bonds and the $25 type preferred, which were bonds more or less converted to preferred stock.
Has to be some others out there waiting on these checks................??????????
Have been looking at MCC as it appears to be a good value in the 12.40 area. Seeking Alpha article from this morning is very critical. Says they have loans that are basically over valued. Adds that interest income is misleading as some of it is PIK (payment in kind).
Some who commented brought up some good points. Such as, are these issues things that most / all BDCs are dealing with on an ongoing basis? Just being over hyped with MCC?
Well worth reading if you're at all interested or involved with MCC. Not a current holder...
Strange day....my list of Utilities....all were up
BDCs......almost everything down
MLPs.......almost every one down
The 10 year was flat to slightly down for the day. Not sure why the Utes did so well. Anyone know?
AVNR has approved and selling product with strong likelihood of additional approvals. There are numerous biotechs out there with market caps many multiples of AVNR's. Many of them have no sales and products that are far from being proven, and, if approved, questionable ability to generate substantial sales.
Looked a lot at both today. Was very tempted but decided to wait. Ugly group today.
Did sell some of my AVNR @ 11.16, closed at 12.59....up 85%. Bought some ARIA and returned to SFY.....just trading material. hopefully.