this year's special dividend of $1.83 is considerably larger than last year's $1.31. the run up in price isnt going to wait until tuesday.... it already started today. and keep in mind last year on the ex-date, THE PRICE WENT UP $1.80! there was huge buying on high volume on the ex-date.
the ex-date for the special will be interesting because last year on the ex-date, PDI actually finished up by about 50 cents on a day that went $1.31 ex-dividend. so PDI was effectively up $1.80 that day.
i think the sell off this month is a combination of tax loss selling as well as the BDCs getting chucked in with the sell off in high yield. regarding today, PNNT sold off on high volume in the same way as ARCC on their ex-date. this strongly suggests an institutional investor bailing out. i think the gap will be filled by the end of january, if not a lot sooner.
bananabb......... i'd hold on to every single share if i was you. we'll probably see a very large rally by the end of january, as wash sale limitations expire.
i think the selll off is specific to a fund selling it off on the ex-date. ARCC behaved the exact same way on the ex-date... massive sell off.
the sold shares were because of a margin call. meanwhile, another officer of MHR was a buyer of shares on that same day (12/1)
low volume, dude. all the after hour trades are for only a couple hundred shares.
low volume. it's only 16,000 shares. clearly all retail sales as they dribble out a couple hundred shares at a time. no big deal
from analyst Brian Brungardt of Stifel Nicolas (12/10/14): "We are maintaining our Buy rating on the units/shares and lowering our target price to $22 reflecting the lowered commodity price environment. We arrive at our $22 target price applying a FY15E EV/EBITDA multiple of 8.0x. While we believe distribution coverage will be challenged should the current commodity environment persist during FY15, we believe management is committed to maintain the distribution. Investors will benefit in FY15, in our opinion, from management’s moves to lower the corporate decline rate which lowers the maintenance capex needs. We do anticipate LINE to be active in FY15 on the acquisition front particularly should oil prices remain at current levels. With approximately $2.5 billion in liquidity, we believe the partnership could pursue approximately $1 billion in acquisitions without being forced to access the capital markets."
where did you get "78 cents as of sept"???? on the pimco website they have UNII as $1.57 as of november 1st. it's unclear however if any of that is left over from 2013.
they must think the broader market is gonna suck if "outperform" means the stock goes lower.
meh. repayments are lumpy quarter to quarter with BDCs. in the 2nd quarter they had $117 million in repayments, while this past quarter they had $89 million in repayments.
i see PSEC cut their dividend today, maybe that caused some kind of ripple effect through the whole BDC space. i think JNK selling off didnt do us any good either. hideous day.
good work! i never even got that far on their somewhat frustrating website. i got as far as the "strategies and focus" page in which they state, "Stellus has two investment focus areas: Private credit and Energy private credit. " that makes your findings in the 10Q even more interesting. they have a focus in energy but only 1 out of 28ish investments are in energy related companies.
some of the BDCs are a disaster right now even though their most recent quarters were okay. i'm buried in MCC and TCRD. and then today for no obvious reason they are absolutely getting hammered. is this algos gone wild? tax loss selling that's triggering margin calls? #$%$? as i type this, SCM is sitting at $12.55.... which seems absurd, but it still doesnt match the massacre of MCC. right now i dont trust any BDC at any price.
thanks for the tip. i think CELG is in the process of making up for every investing mistake i've ever made.