It had doubled in price at one time this afternoon lol. If you don't look at the average price of my 4k shares it was a nice green on a red day.
It would seem now that the common distribution cut, long overdue, has been made that the better buy might be the preferred. The preferred dividend can not be cut as long as the common is paying and the preferred is not paying twice what the common is.
I am definitely a "hair on fire" investor with my trading account - money I can live without (don't want to but could :) and right now the oil/gas/drillers are the wild west. I own Miller preferreds - which right before they suspended the divi the president said were his main focus on paying, GRH preferreds which were suspended without comment 2 months ago as well as ARP, BBEP, and PGN. PGN is the strange one as they did away with divi a long time ago to conserve money, have had a huge 1st and 2nd quarter cash flow and profit-wise and trade for .70. BBEP cut twice. Really not sure the reasoning behind keeping the payout where it is for ARP (over 50%) at one time. I would be quite happy with 5 cents a month if it pushed our debt problems another 18 months.
Thank you very much for the quick and thorough answer - yes, was confused on the type of Prospector rig. Figured they had to keep the existing fees for the contracts and hopefully in the next year+ can add time to them.
Slow goer here - so PGN (Prospector sub) sells 2 deep water rigs for 292 million net. They then pay SinoEnergy $71,000 a day til next Nov (~$34 million) and $42,000 a day for the 43 months after that (~$50 million) for a barebones charter (no crew). Won't go into the math for the other rig ( which will be more expensive). Is that correct? Does PGN keep the money from the contracts the rigs are already under? What if the rigs go under a new contract? I would think they would have to the current fees to be economically feasible. Who is picking up the tab for the crew?
No doubt the REITs in 2009 were the place to be if you had money to potentially lose and a strong stomach. I got in the common at 1.25 and started in the preferreds at ~8.00. My grandkids still have them in their education accounts but I sold out the PreF in the mid 24s. The divi was wonderful but the common has appreciated over 40 times from the lows as opposed to 3+ for the pref - the winning strategy (which I did not do :( was to reinvest the dividends into the common. Probably would be a good play doing it that way with ARP.
Could be a simple Buy at the Close order that took the average price over a set period of days. The common also dropped right at the close.
No surprise the MM's are in control - after waiting a while, the other 2000 filled at .87 (bid/ask at the time was .865 and 89). Looks like another 10K filled at the same time so maybe I just swept up with a big enough order that the MM wanted to fill. Bid/ask immediately back to .83 - .87.
Yes, I had to slap myself (wife not around at the moment) about the ridiculousness of trying to finagle 1-2 cents ..... raised the bid from .85 to .87 and got 1000 of the 3 I have the bid in for (actually got 100 at .855 lol). the fact 2000 of mine are sitting there with the ask moving up from .87 to .89 shows there is nothing for sale in between.