Saba Capital Management, L.P. Boosts Stake in PIMCO Energy & Tactical Credit Opportunities
On October 17, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based investment firm, increased its holdings in PIMCO Energy & Tactical Credit Opportunities (NYSE:NRGX). The firm added 119,930 shares at a trade price of $19.29, bringing its total holdings to 7,029,711 shares. This transaction had a 0.06% impact on the firm's portfolio and increased its position in NRGX to 15.72%.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is a prominent investment firm located at 405 Lexington Avenue, New York. The firm's portfolio consists of 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. As of October 19, 2023, the company's market capitalization stands at $856.242 million, and its stock price is $19.1523.
Financial Performance of PIMCO Energy & Tactical Credit Opportunities
NRGX has a PE Percentage of 4.64, indicating its profitability. The company's GF Score is 39/100, suggesting a poor future performance potential. Its Balance Sheet Rank is 4/10, Profitability Rank is 2/10, and Growth Rank is 0/10. The company's F Score is 7, indicating a healthy situation. However, its Z Score is 0.00, and its Cash to Debt ratio is 0.01, ranking 1411 in the Asset Management industry.
Stock Performance of PIMCO Energy & Tactical Credit Opportunities
Since the transaction, NRGX's stock price has decreased by 0.71%. Since its IPO, the stock price has decreased by 4.24%. However, the year-to-date price change ratio is 31.18%. The stock's RSI 5 Day is 53.43, RSI 9 Day is 57.08, and RSI 14 Day is 58.67. Its Momentum Index 6 - 1 Month is 15.19, and Momentum Index 12 - 1 Month is 16.92. The stock's RSI 14 Day Rank is 1614, and its Momentum Index 6 - 1 Month Rank is 228.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of additional shares in PIMCO Energy & Tactical Credit Opportunities is a significant move. Despite NRGX's current financial performance and stock performance, the firm's increased stake in the company indicates its confidence in the company's future prospects. However, investors should conduct their own research and consider the company's financial health and market conditions before making investment decisions.
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