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Terence Channon

 
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  • Knightsbridge Shipping, Ltd. - A Compelling Arbitrage And Share Repurchase Story
    Oct. 23, 2014 VLCCF 18 Comments

    Summary

    • The continued transformation and recent price decline provide a second chance buying opportunity after the early 2014 run-up.
    • The environment is attractive for Knightsbridge to repurchase shares under a critical $10 price point.
    • An immediate arbitrage opportunity exists for investors at today’s price levels.
    • Rarely discussed industry fundamentals provide a potential catalyst for rate increases.
  • Four Oaks Fincorp: Regional Bank With A Financial Moat Poised For A Turnaround And Resumption Of Dividend Payments.
       • Sep. 3, 2014 FOFN 1 Comment

    Summary

    • Strong demand for recent rights offering provides strong liquidity, showcases investor confidence and provides downside protection.
    • Return to historical levels of net income suggests dividend payments may resume shortly.
    • FOFN has $37 million of net operating loss carry forwards which will aid in net income and shareholder equity growth.
    • Defensive or expansionary merger activity is possible with “sister” bank controlled by same controlling shareholder of FOFN.
    • FOFN Valuations are attractive from a price to earnings and theoretical dividend yield perspective and offer 80%+ upside from these levels.
  • Natural Resource Partners, L.P.: A Match For Contrarians; A Trap For Income-Oriented Investors
       • Jun. 15, 2014 NRP 14 Comments

    Summary

    • NRP is going through a transformative stage that could represent a compelling expansion opportunity for contrarian investors.
    • NRP historically trades like a metallurgical coal stock, but royalties from this specific asset represents less than 50% of NRP revenues and may suggest divergence from strictly coal pricing.
    • Increased debt levels, interest expense and chances of more dilution put NRP distribution at risk and should concern income-driven investors.
    • Contrarians with a long-term horizon could potentially endure additional dilution and distribution reductions but near-term income investors should shy away.
  • United Bancorp, Inc.: Compelling Buying Opportunity For Investors Seeking Generous Long Term Dividend Growth & Appreciation
       • May. 23, 2014 UBCP Comment!

    Summary

    • Fed’s near ZIRP (Zero Interest Rate Policy) has created superficial weakness in stock price.
    • UBCP sports history of sustainable, generous dividend payments, insider buying, clear disclosure to shareholders and successful banking execution.
    • Current earnings levels immediately support 12%-18% higher dividend after industry stabilization with potential for 75%+ dividend growth.
    • UBCP’s recent stock performance lag behind peers and benchmarks is the result of a calculated strategy by management to position the bank for greater shareholder gains in the future.
    • UBCP remains an acquisition candidate.
  • Knightsbridge Tankers: Management Signals Confidence For Future Distribution Increases
    May. 12, 2014 VLCCF 4 Comments

    Summary

    • VLCCF recent distribution increase to $0.20 from $0.175 is not a singular, opportunistic gesture based on Q1 2014 settlement income.
    • VLCCF expansion to 39 ships by end of 2016 creates compelling case for rapidly-ascending distributions.
    • We foresee VLCCF paying out $0.89, $1.64, $2.40 and $2.60 annually in years 2014, 2015, 2016 and 2017, respectively.
    • We foresee distribution growth providing for 100% upside potential in stock price by 2016-2017.
  • Harleysville Savings Financial Corporation - Community Bank Investing The Professional Fund Manager Way
       • Apr. 8, 2014 HARL Comment!

    Summary

    • HARL is strongly positioned in a lucrative Montgomery County, PA market that should allow it to grow EPS and annual dividend payments.
    • HARL has a history of increasing and maintaining dividend payments and avoiding dilution even during the most dire times.
    • HARL's arguably aggressive banking practices could be triggering the lower multiples compared to peers but management and 98 years of history indicate their banking formula pays off.
    • HARL should be positioned to continue to yield at least 4.5% over the long term with potential for capital appreciation.
    • Risk of further decline in price could create additional, even more compelling opportunities to build a position at an even higher yield.
  • Aquaculture Trends And Tassal Group Limited, A Company Particularly Positioned To Benefit
       • Mar. 28, 2014 TSLLF Comment!

    Summary

    • TSLLF is the largest producer of salmon in Australia, where the consumption and demand for salmon is growing.
    • Robust salmon prices remain likely and will aid TSLLF margin expansion.
    • TSLLF is reducing current debt loads which should free up liquidity for second phase of expansion slated to begin in 2015.
    • TSLLF evolving retail focus increases likelihood of an acquisition by a suitor wishing to enter the Australian market.
  • A Dividend Investing History Lesson - Pfizer And FirstEnergy Corporation
    Mar. 23, 2014 FE, PFE 15 Comments

    Summary

    • A PFE dividend reduction was one of the catalysts for significant appreciation from 2009 through today.
    • Recent FE dividend reduction means management is taking steps to execute on strategic vision which could lead to increased performance over time.
    • History is not always destined to repeat itself - but it should not be ignored or forgotten while investing.
  • Seacoast Banking Corporation Of Florida's Board Realignment Could Mean Philosophical Transition
       • Mar. 18, 2014 SBCF 5 Comments

    Summary

    • New types of board members suggest a transformation of leadership.
    • CapGen positioning the board to entertain all available offers to realize shareholder value.
    • CapGen investment thesis differs from family/local investor - and will drive decision making.
    • CapGen supportive of current management but preparing itself in the event their patience runs thin.
    • SBCF will pursue aggressive value-creation activities in next 12-18 months: sale, dividends, buy back or acquisitions.
  • Knightsbridge Tankers, Frontline And Karpasia Deal - Who Wins Out?
       • Mar. 18, 2014 VLCCF 16 Comments

    Summary

    • VLCCF Buys New Ships at Historically Low Prices - but at what cost to shareholders?
    • Is FLINZ desperate to unload ships to raise cash? Or getting more strategic?
    • A shipping rate turnaround may yields results for VLCCF they could not obtain on their own.
  • Market Bloodshed May Almost Be Over
    Oct. 10, 2008 SBCF, C, BAC 2 Comments
  • Young Jeezy's 'The Recession': I Think We’ve Bottomed Out
    Aug. 10, 2008 PFE, BAC, GE 13 Comments
  • Seacoast Banking Corporation of Florida: The News We've Been Waiting For
    Editors' Pick • Jul. 25, 2008 SBCF 8 Comments
  • Time To Buy Banks? Proceed With Caution.
    Jul. 18, 2008 WFC, SBCF, JPM 7 Comments
  • Neenah Enterprises: What Happens When the Selling Is Done?
    Jun. 12, 2008 NENA 3 Comments
  • When a Yield Sounds Too Good to Be True...
    Jun. 10, 2008 BAC, PFE, SBCF 8 Comments
  • $125 Oil Not Sustainable for the Time Being
    Jun. 8, 2008 UGA, DBO, OIL 58 Comments
  • Broadwind Energy: Cramer, Someone Had to Say Something
    May. 22, 2008 TRN, BWEN 30 Comments
  • National City Corp. Story Unlikely to Have Happy Ending
    Apr. 17, 2008 NCC 25 Comments
  • Farmers & Merchants Bank of Long Beach: What Just Happened?
    Apr. 10, 2008 FMBL 1 Comment
  • PPC Advertising Takes Its Toll on Google
    Editors' Pick • Mar. 6, 2008 GOOG 12 Comments
  • Seacoast Banking Corporation to Keep Dividend Intact?
    Feb. 21, 2008 SBCF Comment!
  • Has ValueClick Cried Wolf Too Often?
    Feb. 13, 2008 CNVR 2 Comments
  • AT&T: Wake Me Up at $65
    Dec. 12, 2007 T 4 Comments
  • 10 Stock Picks for 2008
    Dec. 9, 2007 ASHG, SVVS, CNVR 1 Comment
  • Sycamore Networks: Market's Reaction Seems Backwards
    Sep. 7, 2007 SCMR Comment!
  • RealNetworks: Good, But Not Great
    Sep. 6, 2007 RNWK Comment!
  • Interest Rate Cut? Sleep it Off - Overall Things Look Good
    Aug. 23, 2007 3 Comments
  • Seaboard Corporation Will Ultimately Reward Shareholders Despite Tough Times Ahead
    Aug. 9, 2007 SEB 2 Comments
  • Seacoast Banking Corp. – After a Little Breather, Time To Buy
    Aug. 7, 2007 SBCF Comment!
  • ValueClick is a Good Long-Term Buy At Current Levels
    Aug. 1, 2007 CNVR 1 Comment
  • Ash Grove Cement and Seaboard: Obvious Winners
    Jul. 23, 2007 SEB, ASHG 2 Comments