As a GURE long, I welcome positive news. Yet I have lost confidence in management . Aside from being unresponsive, they have not followed through on share repurchase, a no-brainer when the cash per share is about equal to the share price. Shareholder value does not seem to be on their radar
You are one of the few posters whose advice I value. I am a long-term holder of SDRL & SFL - Your comments are well taken. I also hold TWO -despite its' drop in price, seems worth holding since current price is well below book ( $10.35 ), portfolio is positioned to protect BV, sizable share repurchase (23M remain as of early Nov.) and has a maintainable 10% dividend. Your thoughts please.
Based on what I heard at at Nov. 5 earnings call and at most recent presentation (Nov. 1 ), the dividend appears sustainable. They have paid .27 for past seven quarters.
In April, 2013, co. authorized a $2M stock repurchase. Yet I've seen nothing to indicate that this was implemented; and had no response in this regard from the co. It would seem to be a no-brainer considering that the cash / share is close to the current share price; and that the book value is over $7 /share. This confirms management's lack of interest in its' shareholders. Does anyone have any info on the repurchase ?
An excellent presentation that confirmed anticipated strong earnings and cash flow, sizable backlog, higher day rates, longer contracts , likely dividend increase and positive aspects of the upcoming spinoff. My one concern is that debt/cap will remain at high end of range through 2014. Your thoughts would be appreciated.
Adj.FFO = .24 for 3rd quarter; .61 for 9 months. Confirmed that co. will pay .20 quarterly dividend through 2014. Originations in the commercial real estate business are way up; sharp decline in revenue and profit from syndicated loan business. Very conservative leverage of 1.8 My conclusion - a worthwhile pick for an income portfolio.
Staggman -I always appreciate your insightful comments ( a rarity on message boards ) .Correction- When HRZN paid .45 it was a quarterly dividend, not monthly . The current 11.5 cents monthly, or 34.5 quarterly, does represent a decline ; but still provides a generous dividend. I continue to hold HRZN since it sells below its NAV of $14.95 ; earnings cover the dividend; average yield on investment is 14%; 92% of borrowing is fixed, reducing risk; and pipeline activity increased significantly in the 4th quarter.
I appreciate the optimistic outlooks expressed by several respondents, yet the initial market response to the earnings report is concerning. The ocean business continues to do poorly . Why does the company stay in this business since it is a drag on the more productive segments ?
As a long-term , long-suffering shareholder, I would like to share your optimism . Each quarter management anticipates improved results down the road ; but instead of reaching light at the end of the tunnel, the tunnel just gets longer. Considering the amazingly high inside ownership, this company should really be taken private so management can stop deluding shareholders.
The company is running a nickel shy ( on an annual basis ) of covering the current dividend . Considering the additional shares issued in September, the increased credit line, and the robust pipeline, I am cautiously optimistic that the current dividend will be maintained.
As a long-term shareholder, I am pleased by these results and anticipate a significant price rise on Monday. I am still perplexed that the stock still sells for less than the cash it holds per share. Since it was authorized in April , we've heard no more about the $2M buyback . I've asked, but no response from management. It doesn't compute.
Other than Motley Fool, the ratings in recent months have been " Buy." My current holding of SDRL is based on the $19B backlog, earnings increases likely for q3 &4, for this year & next, a PEG = 0.48, industry leading day rates , utilization in the high 90s , a 15% annual growth past 5 years and a superb, sustainable dividend.
The preferred shares for NYMT are listed as NYMTP . They paid 7.25% ( $1.81 annually ) when issued at $25 in May, 2013. Currently selling below par, the return is around 8.4% . While the common pays twice as much as the preferred, the latter provides a higher degree of safety. I own both the common and the preferred.
On two occasions in recent months I contacted IR with the same question, but received no response. The $2M share repurchase announced in April, 2013, could be significantly increased since the co. had over $84M in cash in early April. A sizable buyback would send a very positive sign to the financial markets since the float is only 25M shares (out of 38M ). The only hope for us long-suffering shareholders is that the cash will attract a buyer ( possibly co. insiders ) to take the co. private . Management's failure to communicate is disappointing and unsettling.