For sure that was out of the ordinary. He defiantly wanted a piece of the action. For the usually coy funds he laid his cards on the table there. Mega bullish imo.
FYI thats the son of billionaire Leon Cooperman of Omega . That was a rare moment when you saw a hedge fund lining up to get TOO shares.
From the CC__
The next question comes from the line of Wayne Cooperman of Cobalt Capital. Please go ahead, sir.
Hey, guys I just want to know how I get involved with these discussions for preferred equity given that I'm a relatively large shareholder I'd be interested participating.
Okay. Well, give me a call afterwards, Wayne.
He calls out beyond 2017 so that drops you into 2018 at the earliest. Along the way I would expect an increase maybe in 2018..maybe a nickle.....maybe a dime........even a dime they can say they doubled the dividend so you see the impact as a headline. As far as what it used to be. To be honest I never see that returning ever.
Here it is from the CC
Yes. That’s helpful. Second question just around the distribution when or how that might come back on. It looks like a lot of your cash flows through 2018 are going to go towards the leveraging. Am I right in thinking that we probably shouldn't expect distribution increase before you sort of reach the target leverage level?
I'm not going to get drawn on when we're going to restore the distribution and increase it but that remains our plan as we articulated in December. And what we're doing on the financing initiative side I think gives us the opportunity to one, complete our CapEx; but two, then we don't have any significant CapEx beyond 2017.
Got it. Okay. And just last really quick one for me. It sounds like obviously the gap is closed for the time being and things have been pushed out. .
I come away with similar thoughts and add this. I am impressed in this downturn how well they are navigating financing ect. They are still paying a dividend and are taking forward looking measures to stay liquid. The steps you out line on good really sets them up to have few liquidity concerns going forward in the next few years.
Feb ,18 Q4 earnings call
CEO Peter Evensen___
The decision in December to temporarily reduce the partnerships distributions as a result of increasing reserves was a difficult decision and was caused by the inability to access competitively priced capital in the current negative capital market environment and was not caused by shortfall in the cash flows from our operations.
We strongly believe the reduction is in the best interests of long-term unitholders, as the reallocation of a significant portion of our internally generated cash flows in order to fund our profitable growth projects scheduled to deliver over the next several years will result in higher available distributable cash flow per unit in the future..
They made it pretty clear the last earnings. The div will not restore for several years........2 is a couple so three at least in my opinion. This is a multi year task as they have money due in the coming years and the div now lowered should cover most but not all of the costs.
This is getting old, just cannot sustain any momentum. It tracks oil to a degree but when oil recovers TOO just doesn't. Long term investment......not looking that way. I have to slide it to the day trade screen it appears. Buy mid day and sell the first 60 min of trading. Rinse and repeat.
Good for you, thats the deal..make some $$ any way you can. If I may how many shares are you swinging around? This thing is so thinly traded I want to do the same but just dont see the volume.
Most certainly the way you want it to look pre earnings in the morning. . Was a concentrated buy effort between 10:45 and 12:15 that was interesting. Sustained colum on the buy side as someone took a nice position.
Down now 9 days in a row.....42 off last weeks high and for what? Dividend payout of 11 cents and pre earnings. I tell ya............some.many want no part of this company going into earnings. Most oil related stock still hold great profits. This is all but erased.
Insider buying is largely a manipulation move company officers use to move the stock price on rookie retail investors. If it follows new business or contracts that's one thing but when out of the blue no thanks.For the most part I hate to see any insider buys cause it usually signals trouble rather then good times.
Well it has broken thru any near term support it had and for me personally broken back to where I initially bought. Still kicking myself for not selling above $7. Old dumb habits die hard when money is involved. Sell in may has historically pummeled me and I have yet to beat it. Beginning to wonder if now is the time to exit and but back at $2 bucks. The whole market just concerns me at the moment.
They have all fallen of late. I hate to see this movement pre earnings as I always think of it as someone with prior knowledge is getting out and this has played out to be exactly dead on way too many times. We get retail investors pushing up the pps out of the gate then the pros come in and sell it off nearly the entire day and let off in the end to let the retailer lift it going into the close. This is being repeated day after day. Just non stop selling lurks behind every rise. Dissapointing.
You know whats interesting in that dump is they sold 178k at 10.22....then next min they bought 224k and the buying continued in small lots for 5 mins. Whats interesting is that one sell tore it down from the collapsing $6 levels and ripped it down to $5.80- ish and the buys could not make it recover as it was buying into a sellers slant. . I think someone saw it breaking lower and had enough and wanted out fast.
I am guilty and guilty of the same. Its was purely the greed effect that smart traders and investors should avoid. Hindsight shows what a great trade selling at $7.20 and having re-bought at $5.75 would have been....lots of free shares. Just have to work to o better. This oil train is going nowhere fast and I have to remember that.
We are now at a 20% decline since last week. Whats upsetting is a good earnings report does what? Returns us to last weeks $7 level and a poor one send us back to 3 bucks? Dang, lesson learned. Note to self TOO is a day trade stock not a long term hold. Truth be told I was looking at my TOO pre market last week at $7 and about hit the sell button as a drug stock SRPT was getting hammer and was down to $7.80 pre market but I stayed pat. Today SRPT is at $18.30 and they gave it a $60 price target....day late and a dollar short. All in good spirit