Predicting Dividend Cuts For Dividend-Rich Closed-End Municipal Bond Funds [View article]
Interesting look at a largely neglected but useful income investment vehicle - the Muni Bond CEF. While the UNII and ECR would seem to be likely predictors of a dividend change in an interest rate static world, I suspect the interest rate environment will be the major determinant of the success or failure of these funds as they are constituted of bonds and many, if not most, are leveraged to provide higher distributions.
Apple (AAPL -0.2%) roundup: 1) Leon Cooperman liquidated his 266K-share stake in Apple in Q4 (13F). Cooperman gradually built his position over 2 years. 2) Bloomberg adds its name to those reporting an iWatch is in development (previous). ~100 product designers are reportedly working on it. 3) Jefferies Peter Misek believes iPhone 5 build orders have been slashed to 30M from 40M, but thinks this is due to an upcoming iPhone 5S launch. Misek, whose track record with iPredictions is spotty, also expects a 4.8" iPhone, but not until mid-2014 due to display yield issues. [View news story]
What a terrible and troubled company Apple is - may not last the week...Please everybody, if you own this terminally distressed company go sell your stock immediately ---(so I can buy some more)...
Buy Atlantic Power For A 10% Yield, Paid Monthly [View article]
From Annual Report: 2011 EBITA ~ 185 million $
Rough Math:
Lost Annual Revenue: Auburndale 11% = 20.35 million $ Lake 10% = 18.5 million $ Total = 38.85 million $ New Revenues (from above article - minimum): Piedmont: 8 million $ Canadian Hills: 16 million $ Orlando: 14 million $ Total New Revenue (minimum estimate): 38 million $
Buy Atlantic Power For A 10% Yield, Paid Monthly [View article]
The key issue is whether Atlantic Power can continue to pay the current dividend or whether a dividend cut will be necessary. One would have hoped, in the interests of the share holders, that a comment would have been made regarding managements view of dividend security in the announcement of these asset sales. The absence of such a comment has undermined confidence in the company and led to a justified reduction in share price. Without management's view we are only left to estimate and guess with less than perfect data and that is troublesome for the typical utility holder. Why did management not comment on dividend security? One can only conclude that either they did not foresee the effects of their significant revenue generating asset sale announcement, which suggests poor judgement, or they feel the dividend is indeed at jeopardy and their silence is announcing this unpleasant fact. Nether possibility leads one to be happy in the ownership of the company.
I suspect Roger Conrad's publishing company puts out these articles to SA which are rehashes of notes from his subscription services. The articles are therefore sometimes not well constructed and it is rare to receive author follow up in the comments.
Among energy companies tracked by 24/7, the sharpest increases in short interest came in top pipeline MLPs Kinder Morgan (KMP) and Enterprise (EPD). With the pipeline partnerships’ business model a proven winner, the increase in short interest looks like a bet against the pipeline companies based on debt levels and shrinking cash flows as demand slackens. [View news story]
May have MLP tax changes in mind - not a good bet to me.
Atlantic Power: Monthly Dividend With A 9.75% Yield [View article]
For what it is worth Roger Conrad who has followed AT for many years has spoken to the CEO and CFO and feels confident that they were not warning on the AT dividend.
Even With A Fiscal Cliff Deal, Stocks And The U.S. Economy Will Unravel In 2013 [View article]
Nothing new under the sun: "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years... The American Republic will endure, until politicians realize they can bribe the people with their own money."
Atlantic Power (AT) declares C$0.09583/share monthly dividend, in line with previous. For shareholders of record Sep 28. Payable Oct 31. Ex-div date Sep 26. (PR) [View news story]
Poor payout ratio for the quarter and raising payout ratio guidance for the 2012 year to 97 - 102%; uncertainty regarding the two expiring power plant contracts in Florida (one in 2013, one in 2014); delayed payments from litigation results (to 2013); two analyst downgrades; recent advances in stock price = significant drop... Management did however state on the conference call that they were confident in the safety of the dividend.
Crescent Point Energy Seems To Thinks Its Shares Are Not Undervalued [View article]
Written from the view point of a trader. I am happy to wait as this excellent management team builds further value and pays me monthly a generous 6.9% dividend for my patience.
Buy Atlantic Power For A 10% Yield, Paid Monthly [View article]
Predicting Dividend Cuts For Dividend-Rich Closed-End Municipal Bond Funds [View article]
Apple (AAPL -0.2%) roundup: 1) Leon Cooperman liquidated his 266K-share stake in Apple in Q4 (13F). Cooperman gradually built his position over 2 years. 2) Bloomberg adds its name to those reporting an iWatch is in development (previous). ~100 product designers are reportedly working on it. 3) Jefferies Peter Misek believes iPhone 5 build orders have been slashed to 30M from 40M, but thinks this is due to an upcoming iPhone 5S launch. Misek, whose track record with iPredictions is spotty, also expects a 4.8" iPhone, but not until mid-2014 due to display yield issues. [View news story]
Buy Atlantic Power For A 10% Yield, Paid Monthly [View article]
Rough Math:
Lost Annual Revenue: Auburndale 11% = 20.35 million $
Lake 10% = 18.5 million $
Total = 38.85 million $
New Revenues (from above article - minimum):
Piedmont: 8 million $
Canadian Hills: 16 million $
Orlando: 14 million $
Total New Revenue (minimum estimate): 38 million $
Rough math not too bad.
Buy Atlantic Power For A 10% Yield, Paid Monthly [View article]
One can only conclude that either they did not foresee the effects of their significant revenue generating asset sale announcement, which suggests poor judgement, or they feel the dividend is indeed at jeopardy and their silence is announcing this unpleasant fact.
Nether possibility leads one to be happy in the ownership of the company.
3 MLPs To Watch In 2013 [View article]
Among energy companies tracked by 24/7, the sharpest increases in short interest came in top pipeline MLPs Kinder Morgan (KMP) and Enterprise (EPD). With the pipeline partnerships’ business model a proven winner, the increase in short interest looks like a bet against the pipeline companies based on debt levels and shrinking cash flows as demand slackens. [View news story]
Atlantic Power: Monthly Dividend With A 9.75% Yield [View article]
Vanguard Natural Resources, LLC (VNR) declares $0.20/share monthly dividend, 1.3% increase from prior dividend of $0.20. Forward yield 9.35%. For shareholders of record Dec. 3. Payable Dec. 14. Ex-div Nov. 29. (PR) [View news story]
Why Energy MLPs Will Beat Utilities In The Months Ahead [View article]
Even With A Fiscal Cliff Deal, Stocks And The U.S. Economy Will Unravel In 2013 [View article]
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years... The American Republic will endure, until politicians realize they can bribe the people with their own money."
-Alexis de Tocqueville 1805-1869"
Atlantic Power (AT) declares C$0.09583/share monthly dividend, in line with previous. For shareholders of record Sep 28. Payable Oct 31. Ex-div date Sep 26. (PR) [View news story]
Management did however state on the conference call that they were confident in the safety of the dividend.
BreitBurn Energy (BBEP): Q3 EPS of -$1.00 misses by $1.22. Revenue of $111.7M (+17.9% Y/Y) misses by $6M. (PR) [View news story]
Crescent Point Energy Seems To Thinks Its Shares Are Not Undervalued [View article]
Vanguard Natural Resources (VNR): Q3 EPS of $0.34 misses by $0.05. (PR) [View news story]