Saba Capital Management, L.P. Boosts Stake in PIMCO Energy & Tactical Credit Opportunities
On September 12, 2023, Saba Capital Management, L.P., a New York-based investment firm, increased its holdings in PIMCO Energy & Tactical Credit Opportunities (NYSE:NRGX). The firm added 82,006 shares at a trade price of $16.92, bringing its total holdings to 6,393,024 shares. This transaction represents a 1.30% change in shares and has a 0.04% impact on the firm's portfolio. The current position of NRGX in Saba Capital's portfolio is 2.82%, while Saba Capital holds a 14.30% stake in NRGX.
About Saba Capital Management, L.P.
Saba Capital Management, L.P. is a prominent investment firm located at 405 Lexington Avenue, New York. The firm's portfolio comprises 624 stocks, with a total equity of $3.84 billion. Its top holdings include Templeton Global Income Fund (NYSE:GIM), BlackRock Capital Allocation Trust (NYSE:BCAT), BlackRock Health Sciences Trust II (NYSE:BMEZ), BlackRock Innovation & Growth Tr(NYSE:BIGZ), and BlackRock ESG Capital Allocation Trust(NYSE:ECAT). The firm's primary investment sectors are Financial Services and Technology.
Overview of PIMCO Energy & Tactical Credit Opportunities
PIMCO Energy & Tactical Credit Opportunities (NYSE:NRGX) is a non-diversified, limited term closed-end management investment company based in the USA. The company's primary investment objective is to seek total return, with a secondary objective to provide high current income. The company operates in a single segment and has a market capitalization of $755.548 million. The current stock price is $16.9, with a PE percentage of 4.10. The GF Score of the stock is 39/100, indicating a potential for future performance.
Stock Performance and Valuation
The stock's year-to-date price change ratio is 15.75%, while the price change since its Initial Public Offering (IPO) is -15.5%. The GF Value of the stock cannot be evaluated due to insufficient data. The stock's gain percent since the transaction is -0.12%.
Financial Health and Profitability
The stock's Financial Strength is ranked 4/10, while its Profitability Rank is 2/10. The Growth Rank of the stock is 0/10. The stock's cash to debt ratio is 0.01, ranking 1413 in its industry.
Momentum and Predictability
The stock's momentum index for 6 - 1 month is 20.29, and for 12 - 1 month is 14.62. The RSI 14 Day Rank of the stock is 1072, while the Momentum Index 6 - 1 Month Rank is 206. The predictability rank of the stock is not available due to insufficient data.
Conclusion
The recent transaction by Saba Capital Management, L.P. in PIMCO Energy & Tactical Credit Opportunities represents a strategic move by the firm to increase its stake in a company with potential for future performance. The transaction is likely to have a positive impact on both Saba Capital's portfolio and NRGX's stock performance. However, investors should conduct their own due diligence before making investment decisions.
This article first appeared on GuruFocus.
