Seeking Alpha

Albert Alfonso

 
View as an RSS Feed
View Albert Alfonso's Comments BY TICKER:
Latest  |  Highest rated
  • Vanguard Natural Resources: The Lackluster Coverage Ratio Remains A Concern [View article]
    RLP,

    I am still long VNR. The quarter was disappointing to say the least. However, it appears maintenance capex is simply inflated.
    Aug 5 01:51 PM | Likes Like |Link to Comment
  • Vanguard Natural Resources: Is The Recent Transaction Foreshadowing A Strong Quarter? [View article]
    Jerry,

    I am currently researching the LINE acquisition.

    VNR and LINE are in the same sector and are very similar. However, LINE has been the target of short-sellers and therefore carries more risk.
    Aug 5 10:29 AM | Likes Like |Link to Comment
  • Vanguard Natural Resources: Is The Recent Transaction Foreshadowing A Strong Quarter? [View article]
    CF,

    I have a new article coming out which should answer the DCF question.

    Spoiler: VNR's capital program with QEP and ultra is baked into maintenance capex. Maintenance capex is up over 100% Y/Y.

    Due to low natural gas prices, revenues were not high enough to offset the increased costs.
    Aug 5 10:27 AM | Likes Like |Link to Comment
  • Vanguard Natural Resources: Is The Recent Transaction Foreshadowing A Strong Quarter? [View article]
    Peter,

    It is a miss. But, digging into the numbers, it appears VNR is increasing capex. More to come in a new article soonish.
    Aug 4 04:59 PM | 3 Likes Like |Link to Comment
  • Vanguard Natural Resources: Is The Recent Transaction Foreshadowing A Strong Quarter? [View article]
    Pablo,

    We must be on the same wavelength. I was thinking of the BBEP/QRE merger as well. If VNR misses (sub 1.00x DCF ratio) I may turn bearish.

    Q1 was just plain bad, though new production coming online should more than make up for the DCF shortfall.
    Aug 4 01:13 PM | 2 Likes Like |Link to Comment
  • Enterprise Products defends backlog, says others overpromise [View news story]
    What a passive aggressive swipe at KMP/KMI.
    Jul 31 05:20 PM | 3 Likes Like |Link to Comment
  • Baytex Energy Sells Its Bakken Assets [View article]
    They were too small a part of the combined company to make a difference. Less than 5% of production.
    Jul 31 04:16 PM | 1 Like Like |Link to Comment
  • Windstream: Dividend Cut 30%, Stock Rallies 12% [View article]
    Sonia,

    WIN has been paying out more than 100% of its FCF in dividends since 2013. The writing was on the wall. Management did a good job in spinning this as a positive.
    Jul 30 10:22 PM | 1 Like Like |Link to Comment
  • Penn West: The Chickens Have Come Home To Roost [View article]
    Great list.

    ERF is a great turnaround story. Huge Marcellus growth.

    BTE is a "steady eddy" heavy oil producer which recently boosted its dividend 9%.

    PBA is probably the least known growth midstream in North America. I used to be long and sadly sold too soon.
    Jul 30 07:13 PM | 2 Likes Like |Link to Comment
  • Penn West: The Chickens Have Come Home To Roost [View article]
    Brian,

    The company noted that it may need to lower current year FFO estimates. The Globe & Mail reported that these issues go back up to 4 years.
    Jul 30 01:21 PM | Likes Like |Link to Comment
  • Penn West: The Chickens Have Come Home To Roost [View article]
    fliper,

    I wish I was as positive. I can no longer trust the numbers with PWE. What is PWE's NAV now? How far back do these issues go? Lots of questions, no real answers unfortunately.
    Jul 30 07:55 AM | 1 Like Like |Link to Comment
  • Penn West: The Chickens Have Come Home To Roost [View article]
    Marco,

    Do you have some facts backing up your claim regarding PGH?

    As for the journalism dig, you seem to be missing the point. I write about stocks that I find interesting.

    If I were in in for the money you would see me write about Apple, tesla, netflix, etc. How many people do you really think read about Canadian income stocks?
    Jul 30 07:51 AM | 13 Likes Like |Link to Comment
  • American Realty Capital Properties: A Solid Choice For Income [View article]
    curtlevy,

    I am long ARCP and think the Red Lobster deal is a good one. Very profitable and accretive for shareholders. I am merely stating the most recent numbers available for Red Lobster from Darden's 10-Q which had same-store sales down over 9% y/y.
    Jul 29 10:18 PM | 1 Like Like |Link to Comment
  • American Realty Capital Properties: A Solid Choice For Income [View article]
    Vandooman,

    A few theories I have:

    Short trading history as a public company

    Massive growth in a short time period

    Overpaid senior management

    Lower quality tenant base
    Jul 29 08:05 PM | Likes Like |Link to Comment
  • American Realty Capital Properties: A Solid Choice For Income [View article]
    From bloomberg: http://bloom.bg/UJo0Zf

    “We now believe the sale of the multitenant portfolio will deliver the best value-creation option to our shareholders and serve to enhance the clarity of our single-tenant, net lease investment strategy,” Schorsch said in today’s statement.

    American Realty was wise to switch strategies because Blackstone probably is paying more for the properties than the company would have gotten in the public markets, Lachance said. Investors would have discounted American Realty Capital Centers because plans called for it to be externally managed, a structure that is “unattractive because management is not appropriately aligned with shareholders,” he said.

    The $1.98 billion Blackstone agreed to pay is marginally less than the properties’ open-market value, reflecting a “large check-writer’s discount,” he said. That price is still significantly higher than what the spinoff would have raised, according to the analyst.

    “All this serves to recapitalize the company, and puts the company in a position to continue to aggressively buy assets,” Lachance said.
    Jul 29 07:37 PM | Likes Like |Link to Comment
COMMENTS STATS
1,413 Comments
1,603 Likes