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Albert Alfonso

 
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  • ONEOK: Get Ready For A 14% Dividend Increase In 2015 [View article]
    OKE is a C-corp, not a MLP. Dividends are taxable, though can be safely held in an IRA.
    Dec 9, 2014. 07:39 PM | Likes Like |Link to Comment
  • Baytex Energy Slashes Dividend 60%, Now Yields 8.3% [View article]
    Big Mie,

    10/24 = 41.667%

    In other words, the new dividend is only 41.667% of the prior dividend, a 58% cut.
    Dec 9, 2014. 06:06 PM | 2 Likes Like |Link to Comment
  • Baytex Energy Slashes Dividend 60%, Now Yields 8.3% [View article]
    As an aside and update to this piece, my estimates for FFO are likely on the bearish side of the fence. I am assuming flat costs and a continued wide spread between WCS and WTI.
    Dec 9, 2014. 09:43 AM | 1 Like Like |Link to Comment
  • Penn West: The Dividend Needs To Go [View article]
    I found the difference. I was using debt as of year-end 2013. I needed to do this as the 2P reserve metrics at the end of the article were from that time period. Should be fixed soon.
    Dec 9, 2014. 08:50 AM | 1 Like Like |Link to Comment
  • Penn West: The Dividend Needs To Go [View article]
    Nope, that debt number is already adjusted for the asset sale. I should have stated "net debt". Should be fixed shortly.
    Dec 9, 2014. 05:03 AM | 3 Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    PSEC has not seen $17 per share since 2007, before the great recession. Not at all comparable to the current situation.
    Dec 9, 2014. 04:59 AM | Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    dkostek,

    What can I say. In my experience, 8-K's often lag press releases. Sometimes, really bad news is buried in an SEC filing and no press release is offered. The press release was made pre-market on Monday. IMO, PSEC did not hide its dividend cut news. Any follower of the stock had ample warning to make a investment decision.

    Also, given the multiple articles on the topic, this event was anticipated by the market. I think the decline would have been much worse if it came out of the blue.
    Dec 8, 2014. 11:07 PM | Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    JohnWayne,

    All good points. This news caught me by surprise as this article was initially focusing on the share issuance at below NAV. I'll need to write my thoughts on why this cut is a positive/expected development.
    Dec 8, 2014. 07:29 PM | Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    The 8-K is in the system. Usually takes a few hours to show up. I just got the email confirm.

    http://bit.ly/1yuiH1T
    Dec 8, 2014. 07:27 PM | Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    MoFanatic,

    The annual meeting is basically a rubber stamp. PSEC issued shares below NAV during the financial crisis and made a bundle on the new investments.

    The new lower dividend is inline with projected NII and is much safer. Besides, much of the previous dividend was in theory just a return of capital, so was lowering NAV per share every quarter.
    Dec 8, 2014. 07:25 PM | Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    jraskib,

    PSEC issued shares at around $10 each in Q3, a 4.5% discount to NAV. There is no way they would want issue shares at current prices.
    Dec 8, 2014. 07:22 PM | Likes Like |Link to Comment
  • Prospect Capital Cuts Dividend, Now Yields 11% [View article]
    rray73161,

    You may need to check your numbers.

    If you have held for 5 years you would have received at the very least $6.50 per share in dividends. Your cost basis was likely $11.50 to $12.50. At the current $1.00 per share dividend, your yield is likely 8% or more. If any of these dividends were reinvested, your YOC would be much higher.
    Dec 8, 2014. 06:14 PM | 2 Likes Like |Link to Comment
  • Prospect Capital suspends ATM stock issuance program as dividend is cut [View news story]
    This cut was widely expected. Stock should rebound after the initial shock abates.
    Dec 8, 2014. 07:50 AM | 2 Likes Like |Link to Comment
  • Linn Energy: Is The Market Pricing In A Distribution Cut? [View article]
    bobdbus,

    No analyst specifically said that Q4 DCF would drop and 2015 DCF would increase. That is obviously my interpretation from reading of the various notes. Also, "many" versus "several" is nitpicking at best. Obviously, any article is going to have some author bias. That's the difference between a human and a robot.

    Considering the amount of DD I do for an article, I'll always take issue when a reader claims that I made something up. I do not spread baseless claims or peddle "technical projections" as is so often the case in other stocks. Just turn on CNBC and you'll get flooded by that sort of noise.
    Dec 5, 2014. 05:59 AM | 4 Likes Like |Link to Comment
  • ONEOK Partners: Expect 6% To 8% Distribution Growth Through 2017 [View article]
    Yup, those two are very similar Also, TRGP seems overvalued compared to its MLP NGLS. For OKS/OKE, I think OKE is the more undervalued of the two.
    Dec 5, 2014. 05:34 AM | 1 Like Like |Link to Comment
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