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Enterprise Products Partners L.P. Message Board

rudfox 14 posts  |  Last Activity: Aug 22, 2014 1:24 PM Member since: May 23, 2002
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  • I was reading through the DMLP. Net Powerpoint presentation for 2014 Annual Meeting Presentation. I saw the word minerals, and wondered what that meant. Heck, Minerals is in the name of the partnership. Then on page 29, there was a section titled "What is the Minerals NPI and How Does it Work?" Oh good. However it really did not tell me. Are minerals oil, or are they referring to something else?

  • rudfox rudfox Jul 31, 2014 4:45 PM Flag

    I don't. But I think earnings on REITs are different then for some other things. Maybe Yahoo doesn't either. They report P/E (ttm): 8.31. I see the April 14th drop. That corresponds to an ex-dividend day. So does 7/11. I see the larger May 8th drop. That was probably the earnings report that bothers you.

    PMT is up 2% since May 22, and that just about matches the SP500. Plus it just paid a $0.59 quarterly dividend (the one that went ex on the 11th) on my small holding, which is why I looked at it today. I don't know how it will fare in the future.

  • Reply to

    New Base Price???

    by lariatrr Jul 3, 2014 1:10 PM
    rudfox rudfox Jul 11, 2014 2:30 PM Flag

    If I use the average of the highs and lows 07/01/14, then I get 4.0176235045% going to SSE. If I use the closing prices for that date, I get 3.9683301344%. I am inclined to go with that last number. Obviously some rounding is called for. So maybe 3.97% or 3.968%.

    Since there is more than one permitted way, it would be nice if there was some predictable way that the brokers would be using to put you in sync with what they would ultimately report on the 1099-Bs.

    Why don't the companies post their take on this earlier? Is there a tough decision to be made?

  • Reply to

    From FNF website: 84.89% basis to FNF, 15.11%

    by rudfox Jul 8, 2014 6:16 PM
    rudfox rudfox Jul 10, 2014 9:18 PM Flag

    Looking at their example method, they are using June 30 closing prices when the FNF reflected the combination and when FNFV.WI represented just the FNFV part. Using those closing numbers, I come up with 15.37% basis to FNFV. Anybody up for checking the math to see if you can see how they might have come up with 15.11% ? It could be me mis-using a spreadsheet.

  • Document presents this as an example, but it will probably correspond to the method the brokers use. Look for PDF titled Tax Basis Information for FNFV Tracking Stock Distribution. They used the closing prices for the first day of trading for their example numbers.

  • They did not use the method I expected.
    Official form says 73.35% to RYN 26.65% to RYAM
    This is from form 8937 on the RYAM site.

  • On the RYAM site, there is a document called "Form 8937 Allocation of Basis Between RYN and RYAM Common Stock".
    This says in part: Based on the closing prices on June 30, 2014 (as described below), 73.35% of the pre - distribution tax basis in RYN shares should be allocated to RYN common stock and 26.65% should be allocated to RYAM common stock, including fractional shares, received in the distribution."

    My post with the link was deleted.

  • Reply to

    Is RYAM considered an REIT?

    by sasp10 Jul 7, 2014 3:23 PM
    rudfox rudfox Jul 7, 2014 3:54 PM Flag

    No. I think that separation of the REIT stuff from the stuff not appropriate to a REIT was part of the motivation for the spinoff.

  • Based on proportioning the basis of FNF and FNFV, the most commonly used method is to proportion according to the high and low trades, and weighting 0.3333 FNFV for each 1 FNF. Per both Yahoo and NASDAQ historical quotes, those were
    Mon6/1, High, Low
    fnf: 28.9, 27.43
    fnfv: 17, 16.01

    This method gives
    FNF: 83.659783%
    FNFV: 16.340217%

  • Reply to

    26.500676% of Basis to RYAM

    by rudfox Jun 30, 2014 2:45 PM
    rudfox rudfox Jul 1, 2014 4:21 PM Flag

    Fidelity seem to be using 26.6506% to RYAM and 73.3494% to RYN as of today. I rounded. I wonder if that will hold.

  • Reply to

    26.500676% of Basis to RYAM

    by rudfox Jun 30, 2014 2:45 PM
    rudfox rudfox Jun 30, 2014 6:43 PM Flag

    Did you see that brief spike to $40.20 in the last minute? That may be a false report. But if it holds (does not get deleted), that changes my calculation to this:
    73.443293% percent basis to RYN
    26.556707% percent basis to RYAM

    I looked at "time and sales". That appears to be a single trade at 3:59:00 EDT executed while the bid was 38.75 and the asked was 38.87. However I think I show the trade was 400,100 shares on a "third exchange". If somebody has better info, we would be interested to hear it.
    Regarding the office pool, my entry was much later in the day. It will be interesting, but we will probably have to wait a few days to get a definitive number.

  • I expect the basis allocation used by the brokers to report your basis to the IRS (subject to rounding) will be

    73.499324% percent of basis to RYN
    26.500676% percent of basis to RYAM

    This is based on
    RYN: $34.76 day low; 35.89 high; 35.325 avg;
    RYAM: $36.44 day low; 39.98 high; 38.21 avg

    Applying this vs the 48.53 RYN close Friday, the adjusted price last Friday for the components would be
    $35.67 adj RYN Friday June 27 close
    $38.58 adj RYAM Friday June 27 equivalent.

    It still would make sense to check wait until official example calculations are published. That's all that you can expect: examples. But I think that is what the brokers go with.

  • rudfox rudfox Jun 30, 2014 12:29 PM Flag

    Basket is currently *up* 0.45% vs Friday close. Now 0.35%. Still better that SP500 on the day.

  • I made a little watch list that contains 3 RYN plus 1 RYAM share. I named the watch list "RYN 145.59". That package is what somebody who bought 3 shares of RYN Friday June 27 would hold. Using the closing price, that would be $145.59.

    145.59 The closing price of 3 RYN June 27

    143.86 Current price of package as I write
    -1.19% Change in package price as I write

    PS... package is $144.11 as I prepare to click Post.

EPD
40.18+0.60(+1.52%)Sep 16 4:03 PMEDT

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