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Calumet Specialty Products Partners LP Message Board

richardleeds 15 posts  |  Last Activity: May 25, 2016 3:14 PM Member since: Apr 1, 1999
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  • Reply to

    If NG price is holding down CHK

    by cane_nation May 25, 2016 12:44 PM
    richardleeds richardleeds May 25, 2016 3:14 PM Flag

    Unfortunately I own a great deal of CHK. The problem is that CHK has been issuing shares, approximately 10% additional equity in the last 30 days to retire a few hundred million in bonds when they have $9 billion in bond indebtedness. Also, they signed fixed price contracts a few years ago to move their oil and gas through pipelines when prices were $100 for a barrel of oil and $6mcf for natural gas. The transportation expense of moving their product makes the revenue from sales unprofitable.

  • Reply to

    Time to nibble on BGFV near 8.xx

    by joetong419 May 16, 2016 2:34 PM
    richardleeds richardleeds May 23, 2016 7:53 PM Flag

    I agree this goes to $5-6 in the recession. I see no way they are profitable for the rest of the year. Last quarter was a 5 cent loss per share and I expect this to continue. So paying the dividend when you are not making money is not wise.
    My wife and I buy all of our sport shoes online.
    The newspapers yesterday reported that Sports Authority was unable to sell any of their stores in bankruptcy and would liquidate the inventory. This is going to take 3-6 months to sell off 450 stores of inventory. Frankly, I think Big 5's recent loss could widen if this much inventory impacts Big 5 more than all think.

    Not wise to buy at this price as the share price has been dropping all year, month after month and imagine it will continue until the end of the year.

  • richardleeds richardleeds May 18, 2016 1:57 PM Flag

    CHK basically holds natural gas and price of NG is around $2/mcf, down from $6/mcf two years ago. Big glut. Selling gas at $2 or below is not profitable.

  • Reply to

    Big 5 has Big 5 dividend

    by thostuart May 13, 2016 9:48 AM
    richardleeds richardleeds May 13, 2016 3:12 PM Flag

    problem is they are not very profitable as earnings are declining and most retail stores are taking a big hit including Walmart, Nordstroms, etc.

  • Investors need to think about the these numbers and what they tell us.
    Retire 1% of your debt for 4% of your stock. That dilution if extrapolated tells a great deal about how management. It equates to retiring 10% percent of your debt or around $1 billion of debt for 40% of the stock. That is quite a dilution which should tell all investors a great deal.

  • Reply to

    Sinking ship

    by ss_nandha Mar 3, 2016 10:50 AM
    richardleeds richardleeds May 12, 2016 5:58 PM Flag

    you are right on. There is a ton of inventory to be liquidated out of these huge stores and why the CEO of Big Five thought it would be a sale for a couple of months. This could take six months before the inventory is gone which will clean out so much inventory that sales for the year will be lousy.

    Also, Nordstrom's, a very good retailer missed on earnings and the shares dropped almost 8 dollars today. Missing with retail stores is the kiss of death for the stock. I would suggest that shareholders dump there shares and buy back at $8 or $7 or $6 or $5 because the news is going to be bad again for the second quarter which is over in 6-7 weeks.

  • Reply to

    Sinking ship

    by ss_nandha Mar 3, 2016 10:50 AM
    richardleeds richardleeds May 11, 2016 6:10 PM Flag

    You are right. It is going to take a year to sell out the inventory of the two competitors with 250 stores to empy and this is going to impact sales of Big 5 for the entire year of 2016. If management was smart it would have eliminated the dividend for the year instead of paying out cash when they will have losses all year as they are unable to compete with the stores being liquidated. Those stores are double or triple the size of a Big 5 store and they are wrong that the liquidations will take 3 months. It is not 250 stores being liquidated it is equal to 750 Big 5 stores being liquidated. This is going to take time.
    Management needs to be changed but that will not happen.
    Big 5 internet sales will not be able to compete against the Amazon model.
    Why are they paying dividends when they are not making money at Big 5. This is a recipe for further disaster.

  • Reply to

    Get ready boys....for $36 oil

    by frackingoilman May 6, 2016 8:20 AM
    richardleeds richardleeds May 6, 2016 2:16 PM Flag

    The largest producing oil town in Alberta has burned down. The oil sands fire is 100 square miles. This production will be out of commission for a year. So you think oil is going down in price.

    Do you think the Middle East is going to be more stable or less stable over the next year? If less stable, then production is going to fall in Iraq and Libya. Do Iran and Saudi Arabia love each other or is there the possibility of a future war between Iran and Saudi Arabia? Remember, Iran and Iraq fought an 8 year war.

    I see the Middle East becoming less stable and Canada shipments of oil to the U.S. declining, but you see these issues as decreasing the price of oil???

  • Reply to

    Down, down down

    by mwalk819 May 4, 2016 1:25 PM
    richardleeds richardleeds May 5, 2016 3:02 PM Flag

    You are right, but I think it goes to $15 as this is the second quarter with losses and the current quarter is over in less than sixty days and it will be another loss. When the dividend gets cut or eliminated this will dive by 20%-25%.

  • How corrupt is China? A court has allowed another company to use the name "Apple" on its products.
    In addition, China is now barring Apple from selling iTunes, etc.
    The U.S. Congress needs to think about barring Chinese companies from selling their products in the U.S. if China is not going to allow Apple to sell iTunes.
    Also, the brand value for Apple is going to decline in China if another company uses the "Apple" name on its products.

  • richardleeds by richardleeds May 1, 2016 4:29 PM Flag

    Company should cut dividend as they are not profitable in the present market. If they are smart and cut the dividend the equity is going to dive and present a buying opportunity.

  • Reply to

    CLMT Not Going Bankrupt

    by bubba_gumm_01 Apr 19, 2016 4:07 PM
    richardleeds richardleeds Apr 19, 2016 5:08 PM Flag

    This is not "a good solid company". It had bad management that expanded at the top of the energy boom by going into debt to make acquisitions that flopped. It now has $2 Billion in debt and very little cash and is borrowing at interest rates of 11% when "good companies" pay 5-6% for debt. There is no reason to hold this equity and lenders will be tougher and tougher on these energy companies that overspent.

  • The price and volume today indicates shorts are starting to cover.
    There is still more covering to take place. I see price jump again tomorrow.
    Also management is going to reduce drilling and sell off some acreage and production to
    have cash for 2017 debt due. There is no incentive for shorting, so question is when do all
    the shorts unravel their positions by buying. The smart money in the shorts is gone now
    and only the fools are going to keep shorting.

  • richardleeds by richardleeds Mar 2, 2016 4:54 PM Flag

    How does the board justify bonuses when the equity declines to nothing during the year?

  • Reply to

    McClendon.....farewell.......

    by boar292hog Mar 2, 2016 3:14 PM
    richardleeds richardleeds Mar 2, 2016 3:36 PM Flag

    One of the creators of the shale and resurgence of energy in the U.S. is gone. I guess he knew that he would be found guilty for price rigging and did not want to spend 5-10 years in prison. I wrote to him many years back congratulating him on his vision and he responded with a nice letter and gift. He really was an amazing individual but he was also reckless. I have taken a beating on my CHK shares and I mean big losses. It still does not change what he did. A sad day.

CLMT
4.06+0.20(+5.18%)May 27 4:00 PMEDT