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  • Seadrill Ltd.: My Game Plan For Tomorrow [View article]
    Feels like a temporary bottom right now @ $16. Dead-cat bounce seems likely - that cat fell a LONG way. Nothing you'd want to own for a few years, but maybe a few days?
    Nov 26, 2014. 01:03 PM | Likes Like |Link to Comment
  • EXCO Resources: What Just Happened? [View article]
    Man I love it when good information comes out fast, and this is really good, really fast. Thanks!!
    Oct 2, 2014. 03:47 PM | 1 Like Like |Link to Comment
  • Atlas Resource Partners to acquire Eagle Ford oil assets for $225M [View news story]
    Thanks Carl.

    One comment: in the oil and gas industry we use M to denote thousands when talking about reserves and reserve values. I know that's counter intuitive, but that's just the way it's always been.

    Think of the units of measure for natural gas, MCF. That stands for Thousands of Cubic Feet, so there you go. Reserves that would be millions are denoted MM - so 12 Million BOE = 12 MMBOE. And then, to be consistent with our inconsistency, we extend that to money as well. So, for this article ARP paid $225MM for 12 MMBOE.

    Of course, in SA articles you're dealing with a broader spectrum of reader than just oil and gas people, so you correctly default to M = Millions. We oil and gas folks just have to be careful when we read these articles.
    Sep 24, 2014. 01:17 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    it's out now. I read it this afternoon.
    Sep 21, 2014. 09:18 PM | Likes Like |Link to Comment
  • HYMB Has 12.62% YTD Return And 4.67% Tax Free Yield, But What Are The Risks? [View article]
    Thanks Reuben. This is an area that has received too little attention from SA writers and I'm glad you're covering it.

    I'm still interested in the fundamental comparison between these high-yield bond funds and NQM, Nuveen's Investment Quality Municipal Bond Fund. I there are fundamental differences, but NQM still seems to have some distinct advantages, particularly the tax-free yield.
    Sep 21, 2014. 02:04 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    I look forward to your next piece. I'd really like to figure out if NQM is as great as I think it is or if I'm missing something. All I know is they keep paying those dividends and my CPA assures me they're tax free.
    Aug 29, 2014. 04:49 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    I don't know because I don't think I care, but you can correct me if I'm wrong. This may be hopelessly simplistic, but if I get $0.08 per share every month and I know that that income is exempt from federal income taxes, what else do I care about? Again, maybe I'm naïve, but if that's how much goes into my account each month, then it's after expenses, right?
    Aug 29, 2014. 04:45 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    User 18510422: Whoa, you scared me for a minute. I double checked with Nuveen and my CPA and both assure me that NQM is exempt from all Federal taxes, with the possible exception of its 4.09% exposure to AMT. Again, I'm no pro, but their comments were clear and unambiguous. And, since I am fortunate enough to live in Texas, there's no state income tax either.
    I understand that it's not a short-term fund, and therefore more susceptible to interest rate swings. One only has to look at its performance during this QE era to observe how it reacts to concerns about rising interest rates, or the lack thereof.
    Aug 29, 2014. 04:42 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    Thanks for the good article and lead on another solid earner. I'm curious why no one on SA has written about NQM. It probably has to do with the fact that it's a closed-end fund and so it's apples and oranges(?), but man, it kicks out 6.45% TAX FREE and in the time that your SHYD has been open, SHYD is up only a fraction and NQM is up about 10% - in addition to that whopping 6.45% tax free yield.
    What am I missing?
    Aug 28, 2014. 05:21 PM | Likes Like |Link to Comment
  • Among energy firms, a disconnect between Q2 results and stock movement [View news story]
    To expand on mjtroll's comments: NFX and XCO are not oilfield service and equipment companies. Both are pure E&P (exploration and production) companies. They are in the same general Energy sector of course, but their sub-industries are completely different. The distinction may be academic for investors and traders as the XOP and OIH are inextricably linked and rarely move independently. However, relative valuations do tend to follow more closely the sub-industry than the sector, just as they follow an independent company more closely than its sub-industry.
    Jul 30, 2014. 03:42 PM | 2 Likes Like |Link to Comment
  • Memorial Resource Development IPO Expiration Provides Hot Buying Opportunity [View article]
    Don - I appreciate you letting us know when these new issues arrive and when the quiet period is set to expire. That can be a solid lead to a great buying opportunity on a conceptual level.

    I recognize this article as being very similar to the one you published a few weeks ago about Parsley Energy (PE). Same concept, same recommendation, same type of company. But that never worked for PE as the underwriters came out with either Hold or Outperform ratings and the stock tumbled 7-8%. Considering that they had every reason to promote that stock, a Hold rating was quite damning, and chased me off the stock for good.

    That probably won't happen here. I agree that MRD has a great chance at being a success. Unlike PE, its management, backers and associated companies are all proven winners.
    Jun 26, 2014. 06:07 PM | 2 Likes Like |Link to Comment
  • Quiet Period Expiration For Parsley Energy Offers New Buying Opportunity [View article]
    First five ratings I've seen were either Outperform or Neutral. Not an exciting start for the stock and probably not the push higher that was expected from the underwriters.

    Don, perhaps you know if this is typical of the underwriters. I would've thought they'd come out with a Buy if at all possible, so these underwhelming ratings seem all the more significant considering the political pressure to support a company they've underwritten.

    The ratings I've seen so far: Wells Fargo: Outperform; Goldman Sachs: Neutral;
    JP Morgan: Neutral; Credit Suisse: Outperform; GHS: Neutral; Raymond James: Outperform.

    Since Don's original article was published the stock has fallen from $24.85 to current price of $22.77 (-8%). Compare to JONE, a similar company in that it's relatively new and helmed by a second-generation oilman. JONE, during same period, is up from $24.23 to $25.93 (+7%). JONE has six Buy ratings and two Outperforms.

    I jumped on both a week or so after issuance, but bailed on PE when the ratings started coming out. Unfortunately JONE rose slower than PE fell and I'm still negative on the pair, but I like JONE for the long-haul. Clear merger bait.
    Jun 23, 2014. 11:51 AM | Likes Like |Link to Comment
  • IPO Preview: Memorial Resource Development [View article]
    Massively leveraged to natural gas. Not just income, but all reserves in all categories. I'd love to know their breakeven gas price to drill these horizontals, but I'm betting we're not far from it right now.

    We've all gotten pretty comfortable with $4.50 gas the last six months or so, but oil and gas are such fickle commodities. This company will take iron will to stick with through any kind of gas price decline.

    Remember last year, when we had way too much gas and we were always going to have way too much gas and there was no end in sight and no way for it to get better? Then we had this incredibly great/awful winter and used up more storage than we had in years, and suddenly everyone's excited about nat gas again.

    So the storage will take all summer to refill (but it probably will get filled before it gets cold again) and what else has changed? We're not about to start exporting it, we're at the break-even price on coal switching, more gas is coming to market from all the oil resource plays and new pipelines...etc.

    There are lots of ways to bet on gas. This one reminds me of a 3x leveraged ETF. That doesn't mean it's a bad idea, but it does mean that caution is mandatory. I'd only invest my play money in it.
    Jun 12, 2014. 07:04 PM | Likes Like |Link to Comment
  • Quiet Period Expiration For Parsley Energy Offers New Buying Opportunity [View article]
    Maybe I should know this, but do you mean 20 days after IPO or 20 days after quiet period expires?
    Jun 8, 2014. 04:18 PM | Likes Like |Link to Comment
  • Quiet Period Expiration For Parsley Energy Offers New Buying Opportunity [View article]
    As a 30+ year participant in the financial and operational sides of E&P, I've spent many hours observing and analyzing the difference between the generations. Houston is filled with multi-generational oil and gas guys, and I think I can count on one hand the number of sons or grandsons that have made good over a prolonged period of time. Certainly there are the Jeff Sandefers that got a boost from dad, made a quick pop and got out with some serious cash, but there are so many others I won't name that got the same boost, enjoyed the ride for awhile, but then found out that it was a lot of hard work for a really long time and just couldn't handle it.

    Having said that, I love PE's business plan. Vertical and now horizontal wells into multiple stacked pays in one of the hottest basins in the world - nice! I was all set to dive in until I saw who was running it - and I don't know the young man at all - but a 3rd generation silver-spooner has me on the sidelines. This is patently unfair of me, just as it may be equally unfair to assume that his family DOES give him an edge. We should all be given every opportunity to prove that we're our own man and capable of making it on our own.

    And then I read that he started with 100 wells he got from Grampa. After working as an operations tech for Dad. Just exactly how well would he have done in the world if he hadn't had their help, and how much can they help him now? Guess we'll all find out.
    Jun 6, 2014. 06:01 PM | 2 Likes Like |Link to Comment