NCB - Nuveen California Municipal Value Fund 2

NYSE - NYSE Delayed Price. Currency in USD
16.53
-0.06 (-0.35%)
At close: 2:55PM EDT
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Previous Close16.58
Open16.55
Bid16.16 x 1000
Ask16.56 x 1000
Day's Range16.40 - 16.56
52 Week Range14.79 - 17.50
Volume10,163
Avg. Volume3,589
Market Cap54.794M
Beta (3Y Monthly)0.12
PE Ratio (TTM)43.49
EPS (TTM)0.38
Earnings DateN/A
Forward Dividend & Yield0.51 (3.10%)
Ex-Dividend Date2019-09-12
1y Target EstN/A
Trade prices are not sourced from all markets
  • Saudi Stocks Enter Bear Market Just as Aramco’s Giant IPO Nears
    Bloomberg

    Saudi Stocks Enter Bear Market Just as Aramco’s Giant IPO Nears

    (Bloomberg) -- Saudi Arabian stocks slipped into bear market territory, just as investors await the initial public offering of Aramco, the most important share sale in the country’s history.The Tadawul All Share Index declined 1.6% on Tuesday, losing more than 20% from a recent high in early May. The market’s pull-back over the past few months was fueled in part by an increase in geopolitical risk after attacks on giant oil producer Saudi Aramco’s facilities in September.It is dangerous for investors to get involved in the Saudi market “given the geopolitical uncertainty at the moment,” said Naeem Aslam, chief market analyst at ThinkMarkets in London. On top of that, Aramco’s IPO “is happening at an interesting time, when we do not have sufficient demand due to the trade war,” he said.The decline in the country’s equity index comes just as Aramco intensifies preparation for a mammoth IPO that could happen as early as November and potentially raise $40 billion. A number of analysts have said that local investors could be selling other shares in order to open room for Aramco. Even if shareholders decide to float only 1% of the company, it could equal a decade of proceeds raised through other IPOs in the Saudi market.Read: Aramco’s sale tests Saudi faith in the Crown Prince’s big projectLosing SteamSaudi stocks have been losing momentum also as passive inflows, triggered by the nation’s inclusion in major emerging-market benchmarks, fade. Morgan Stanley and EFG-Hermes Holding are among brokers that cut recommendation for Saudi shares earlier this year, citing high prices and weak fundamentals.A gauge tracking the Saudi Arabia’s biggest listed lenders has retreated about 27% since MSCI started to upgrade the kingdom’s equities in May. Al Rajhi Bank, Riyad Bank and National Commercial Bank dropped at least 1.6% on Tuesday, dragging on the index the most.Read: Aramco Is Set to Pay Up to $450 Million in Fees to IPO Advisers“Companies’ earnings, especially banking and petrochemicals, have been under pressure,” said Ali El Adou, the head of asset management at Daman Investments in Dubai. “The market needed a catalyst to move lower, and the Aramco IPO was that catalyst.”(Adds stock performance and quotes starting in seventh paragraph.)To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.netTo contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Jon Menon, Blaise RobinsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • World’s Biggest IPO Tests Saudis’ Faith in Their Crown Prince
    Bloomberg

    World’s Biggest IPO Tests Saudis’ Faith in Their Crown Prince

    (Bloomberg) -- Nawaf Abdel-Aziz has never put any money into the stock market before, but he says buying shares in the world’s most profitable company is a no-brainer.The 29-year-old engineer from Riyadh is among the Saudi faithful waiting to get a piece of Crown Prince Mohammed bin Salman’s much vaunted—and delayed—sale of a stake in oil giant Aramco. The initial public offering, likely the biggest in history, is expected to get the green light in coming days.“It's not a random investment,” said Abdel-Aziz, as he and a friend waited for a table at a burger and sushi place in a swanky open-air mall in the Saudi capital. “The company has a history. It’s very stable. We can see where they’re headed.”The frenzy of excitement across the kingdom and social media over the IPO is only eclipsed by its importance. Indeed, in Saudi Arabia there’s a fine line between savvy investing and patriotic duty when your leader has so much riding on its success.Aramco underpins Prince Mohammed’s overhaul of the economy that’s now into its fourth year and some critics of the sale have ended up in jail, though no charges were disclosed. Suggestions it won’t meet the huge $2 trillion valuation are treated as dissent against the prince, who has repeated the number in interviews for years. Everyone is being encouraged to invest in the kingdom’s most important asset.QuicktakeWhy Aramco’s IPO Is No Ordinary Share SaleMany Saudis see the IPO as a demonstration of loyalty as tension mounts in the Gulf. It will come weeks after a crippling aerial assault on oil installations that the government has blamed on Iran. On Friday, an Iranian oil carrier was hit by missiles in the Red Sea and the Islamic Republic’s tanker company initially pointed the finger at Saudi Arabia before withdrawing the claim.There’s also been pressure on the Saudis from their allies after the kingdom was excoriated internationally for the murder of newspaper columnist Jamal Khashoggi just over a year ago and the jailing of women’s rights activists.“It’s a Saudi company so I feel a national duty to invest in it,” said Mashael, a 28-year-old Riyadh resident.For the crown prince, it’s all about Saudi Arabia’s transition to Western-style capitalism. The next stage is to turn people into shareholders, much like during the 1980s when the stock market became a national pastime for Americans or Britain sold off its utilities to the public.Anticipation has been building. Saudis are asking questions on Twitter about the offering using an Arabic-language hashtag for the IPO. Some seek advice on whether to put all their savings into it, and what to do if there’s another delay. Self-styled analysts offer their thoughts and urge Saudis to invest.There’s even the usual scams: a columnist for Saudi newspaper Aleqtisadiya warned would-be investors in a tweet about falling for groups offering Aramco shares at a discount.Abdullah AlZailaie, a 28-year-old doctor from Abha in the southwest of the country, said people are divided over the Aramco sale but he knows some who have even postponed home purchases just to invest. AlZailaie wants to spend 100,000 riyals ($26,600) on buying shares and if he can’t find the money he will borrow from a bank, many of which are expected to offer credit to boost liquidity for the sale.“It will be a monumental event in the kingdom’s history and Saudi investors should take pride in the fact that they own shares in a global institution that has played a significant role in the kingdom's transformation,” said Abdullah AlGhamdi, 34, a legal adviser in Riyadh.Such a glowing endorsement, however, is not shared by everyone. The IPO plan will still face significant hurdles, including the ability of the kingdom to achieve the $2 trillion valuation it’s been seeking for the company. Demand for the share sale would also likely be affected by lower oil prices as well as growing concerns among top institutional investors about pouring money into fossil-fuel companies that contribute to climate change.In Riyadh, one Saudi businessman said there’s still some uncertainty over the financial allure to local investors even after the announcement of Aramco’s intention to pay out $75 billion in dividends next year. An investment adviser in Saudi Arabia said the giant valuation and low oil prices makes the offering unattractive. Both spoke on condition of anonymity.Saudi businessman Essam Al Zamil was jailed in September 2017 after months of sharing sometimes critical analysis of the government’s economic policies on social media, including the Aramco IPO. In 2016, he posted a series of tweets, later deleted, in which he said it would be impossible for Aramco’s valuation to reach $2-3 trillion without including “even the rights to the oil under the ground.” He opposed that idea and argued that the oil was “the property of the people.”Jamil Farsi, another Saudi businessman, was also arrested in 2017, several months after he had made a public plea not to sell Aramco in an IPO at a Jeddah Chamber of Commerce meeting. Charges against both Al Zamil and Farsi were not publicly disclosed, so it’s unclear if the arrests were related to their stance on the IPO.Saudi Aramco’s board is expected to meet with its advisers around Oct. 17, according to people familiar with the preparations. Then there will be a countrywide advertising blitz to drum up investment from Saudi citizens, who have shown before they have the resources to make an IPO a success. Plans are going “smoothly and quickly,” Aramco Chairman Yasir Al-Rumayyan said on Monday.When National Commercial Bank was sold in 2014, the transaction was restricted to only local retail investors. It still managed to attract 311 billion riyals of bids, making it 23 times oversubscribed, partly because banks offered loans to take part in the IPO. The subscription for the NCB offering would be enough to cover the entire Aramco IPO twice, even at a $2 trillion valuation.“When you talk about Aramco, you talk about almost the main source of revenue for the kingdom of Saudi Arabia,” said Eid Al Shamri, chief executive of investment bank Ithraa Capital. “It’s as if you’re buying the main revenue of Saudi, and in my opinion the $2 trillion is a cheap one.”\--With assistance from Sarah Algethami, Vivian Nereim, Matthew Martin, Reema Al Othman and Fahad Alzahrani.To contact the author of this story: Donna Abu-Nasr in Riyadh at dabunasr@bloomberg.netTo contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net, Rodney JeffersonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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