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Post by xray on Nov 4, 2022 15:46:51 GMT
Business Wire Global Partners Reports Third-Quarter 2022 Financial Results Fri, November 4, 2022, 8:00 AM
WALTHAM, Mass., November 04, 2022--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) ("Global" or the "Partnership") today reported financial results for the third quarter ended September 30, 2022.
"We delivered strong third-quarter results, driven by growth across all three segments of our business," said Eric Slifka, the Partnership’s President and Chief Executive Officer. "Our Gasoline Distribution and Station Operations (GDSO) segment continued to perform well in the third quarter, reflecting increased activity at our convenience stores as a result of our recent acquisitions and higher retail fuel margins year-over-year. In our Wholesale segment, we continued to effectively manage our fuel inventory amid sustained backwardation in the gasoline and distillates markets. Our Commercial segment saw a year-over-year increase in bunkering activity.
"During the third quarter we expanded our GDSO footprint in the mid-Atlantic with the acquisition of Tidewater Convenience, a transaction that included 15 retail fuel and convenience store locations in Virginia," Slifka continued. "At the end of the quarter, our GDSO portfolio totaled 1,684 sites, including 356 company-operated locations. Our portfolio of company-operated locations has grown more than 20 percent year over year. The M&A pipeline remains very active across all areas of our business, and we continue to evaluate potential opportunities that align with our strategic growth objectives."
Financial Highlights
Net income was $111.4 million, or $3.12 per diluted common limited partner unit, for the third quarter of 2022 compared with net income of $33.6 million, or $0.86 per diluted common limited partner unit, in the same period of 2021.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $168.2 million in the third quarter of 2022 compared with $79.4 million in the same period of 2021.
Adjusted EBITDA was $168.5 million in the third quarter of 2022 versus $79.2 million in the same period of 2021.
Distributable cash flow (DCF) was $128.0 million in the third quarter of 2022 compared with $49.7 million in the same period of 2021.
Gross profit in the third quarter of 2022 was $328.4 million compared with $203.1 million in the same period of 2021, driven primarily by the GDSO and Wholesale segments.
Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $351.3 million in the third quarter of 2022 compared with $223.9 million in the same period of 2021.
Combined product margin, EBITDA, Adjusted EBITDA, and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under "Use of Non-GAAP Financial Measures." Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and nine months ended September 30, 2022 and 2021.
GDSO segment product margin was $261.6 million in the third quarter of 2022 compared with $177.7 million in the same period of 2021. Product margin from gasoline distribution increased to $188.0 million from $112.4 million in the year earlier period, primarily due to higher fuel margins (cents per gallon) and an increase in volume sold due to recent acquisitions. Product margin from station operations increased to $73.6 million from $65.3 million in the third quarter of 2021, primarily due to recent acquisitions.
Wholesale segment product margin was $79.3 million in the third quarter of 2022 compared with $42.3 million in the same period of 2021. The increase was primarily driven by more favorable market conditions, largely in gasoline and distillates.
Commercial segment product margin was $10.4 million in the third quarter of 2022 compared with $3.9 million in the same period of 2021, reflecting an increase in bunkering activity.
Sales were $4.6 billion in the third quarter of 2022 compared with $3.3 billion in the same period of 2021. Wholesale segment sales were $2.5 billion in the third quarter of 2022 compared with $1.8 billion in the third quarter of 2021. GDSO segment sales were $1.8 billion in the third quarter of 2022 versus $1.3 billion in the same period of 2021. Commercial segment sales were $326.2 million in the third quarter of 2022 compared with $202.5 million in the same period of 2021.
Volume was 1.3 billion gallons in each of the third quarters of 2022 and 2021. Wholesale segment volume was 779.2 million gallons in the third quarter of 2022 compared with 813.4 million gallons in the same period of 2021. GDSO volume was 430.0 million gallons in the third quarter of 2022 compared with 416.8 million gallons in the same period of 2021. Commercial segment volume was 102.1 million gallons in the third quarter of 2022 compared with 101.2 million gallons in the same period of 2021.
Recent Developments
Global expanded its footprint in the mid-Atlantic region with the acquisition of Tidewater Convenience, Inc. The purchase included 15 gas stations and convenience store locations in Southeast Virginia.
Global announced a quarterly cash distribution of $0.6250 per unit, or $2.50 per unit on an annualized basis, on all of its outstanding common units for the period from July 1, 2022 to September 30, 2022. The distribution will be paid November 14, 2022 to unitholders of record as of the close of business on November 8, 2022.
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Comment: GLP raised their dividend three months ago from $0.5950/Qtr to $0.6250/Qtr...
Live Long and Prosper....
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Post by retiredat48 on Nov 5, 2022 0:39:51 GMT
retiredat48 , You might find this "very interesting" with Ron Barron this morning (IMHO).... cnb.cx/3Wpv2CZRon Barron is " FULLY INVESTED" and gives us a brief historical of why not investing can be dangerous to one's Goals and Objectives.... Live Long and Prosper.... at xray,...thanks. Ron Barron is on my list of: "Stop and Listen To", when he speaks. At my age (77) I avoid owning individual stocks...often tempted though. Am preparing for someone else to have to manage my holdings...in the long run. I assume you are aware of Barron and large Tesla early ownership. R48
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Post by xray on Nov 5, 2022 22:02:12 GMT
retiredat48, 1... In my case, when Ron Barron speaks, I listen for the message and react accordingly (if/when required).... 2... I am a follower of the "Managers" of the CEF's. They leave, I leave immediately as all of the historical data (when used in our analysis) becomes "worthless" IMHO. GAB was a good example of this way back when.... Sometimes, like GLP bought at 20.77 with a average MktBuyPrc.. GPP fell into my lap when mentioned on both Zacks and insider monkey when they were a after thought on another security they were reporting on. Individual stocks can be profitable if/when we are following them with "Insider buying/selling" again IMHO.... 3... Aware but would never buy the security directly. I get nervous (Excessive "RISK" wise) when buying any security >$20.... "Penny Stocks" are more interesting (like KYN currently with 10.36/8.87 NAV/MktPrc closing on Friday. The discount is excessive and is performing very well in this continuous down market. On 5/29 KYN had a NAV of 9.75 with a MktPrc of 8.39. Sometimes (with penny stocks <$10), in continual down markets we can analyze securities that are increasing in value while the MktPrc is going lower or remains steady or even increasing. Penny stocks (although dangerous to own) can be very profitable because we can buy additional shares we would otherwise not be able to because of our built in risk factors (goals and objectives).... Live Long and Prosper....
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Post by xray on Nov 8, 2022 23:14:10 GMT
Yahoo Finance Midterm elections: What 60 years of stock market data says Brian Sozzi Brian Sozzi·Anchor, Editor-at-Large Tue, November 8, 2022, 6:22 AM
Bring on Nov. 9.
With the midterm elections underway today, investors are eyeing if Republicans could win back control of government and more effectively stop any and all legislation that could rattle markets. "Gridlock, you've seen, has been pretty good for the markets," Maslansky and Partners president Lee Carter on Yahoo Finance Live. "I think people are predicting that at least that's the direction we're going to go. And when we've talked to Republicans who are running, ... what we're going to do from between now and 2024 is just stop Biden's agenda." The S&P 500 has climbed nearly 5% in the past month despite a flurry of downbeat earnings reports from the likes of Amazon, Meta and many others.
Investors may be right to be on the bullish side of the ledger. The S&P 500 has historically outperformed the market in the 12-month period after a midterm election, with an average return of 16.3% per data from US Bank. This is especially the case for the one and three month periods following the midterm elections.
Stocks tend to do well post mid-term elections.
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Live Long and Prosper....
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Post by xray on Nov 10, 2022 15:43:21 GMT
Zacks Here is Why Growth Investors Should Buy Global Partners LP (GLP) Now Zacks Equity Research Wed, November 9, 2022, 12:45 PM
Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock. By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss. However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
Global Partners LP (GLP) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy). Here are three of the most important factors that make the stock of this company a great growth pick right now.
Earnings Growth
Arguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Global Partners LP is 34.5%, investors should actually focus on the projected growth. The company's EPS is expected to grow 654.2% this year, crushing the industry average, which calls for EPS growth of 80.7%.
Impressive Asset Utilization Ratio
Asset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.
Right now, Global Partners LP has an S/TA ratio of 6.2, which means that the company gets $6.2 in sales for each dollar in assets. Comparing this to the industry average of 1.4, it can be said that the company is more efficient.
In addition to efficiency in generating sales, sales growth plays an important role. And Global Partners LP is well positioned from a sales growth perspective too. The company's sales are expected to grow 43.1% this year versus the industry average of 31.7%.
Promising Earnings Estimate Revisions
Beyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for Global Partners LP. The Zacks Consensus Estimate for the current year has surged 55.2% over the past month.
Bottom Line
Global Partners LP has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #1 because of the positive earnings estimate revisions. This combination positions Global Partners LP well for outperformance, so growth investors may want to bet on it.
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Live Long and Prosper....
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Post by xray on Nov 10, 2022 23:16:15 GMT
GlobeNewswire CrossAmerica Announces the Closing of Acquisition of Assets of Community Service Stations CrossAmerica Partners Thu, November 10, 2022, 4:15 PM In this article:
CAPL +1.98%
Allentown, PA , Nov. 10, 2022 (GLOBE NEWSWIRE) -- CrossAmerica Announces the Closing of Acquisition of Assets of Community Service Stations
ALLENTOWN, PA, November 10, 2022 – CrossAmerica Partners LP (NYSE: CAPL) announced today that it has completed the previously announced agreement to acquire certain assets of Community Service Stations for a purchase price of $27.5 million plus working capital .
The assets consist of wholesale fuel supply contracts to 38 dealer owned locations, 35 subjobber accounts and two commission locations (1 fee based and 1 lease). The supply contracts include approximately 75 million gallons of fuel annually through such fuel brands as Exxon Mobil, Shell, Gulf and others.
The acquisition was financed with cash on hand and undrawn capacity under the CrossAmerica revolving credit facility. The Partnership expects the acquisition to be immediately accretive to distributable cash flow to limited partners.
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Allentown, PA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- CrossAmerica Partners LP Reported Third Quarter 2022 Results
-Reported Third Quarter 2022 Operating Income of $39.6 million and Net Income of $27.6 million compared to Operating Income of $12.6 million and Net Income of $8.9 million for the Third Quarter 2021 -Generated Third Quarter 2022 Adjusted EBITDA of $62.2 million and Distributable Cash Flow of $50.9 million compared to Third Quarter 2021 Adjusted EBITDA of $35.9 million and Distributable Cash Flow of $30.4 million -Reported Third Quarter 2022 Gross Profit for the Wholesale Segment of $56.8 million compared to $48.2 million of Gross Profit for the Third Quarter 2021 and Third Quarter 2022 Gross Profit for the Retail Segment of $56.3 million compared to $27.9 million of Gross Profit for the Third Quarter 2021 -Distributed 338.1 million wholesale fuel gallons during the Third Quarter 2022 at an average wholesale fuel margin per gallon of 12.5 cents compared to 354.6 million wholesale fuel gallons at an average wholesale fuel margin per gallon of 9.6 cents during the Third Quarter 2021, a decrease of 5% in gallons distributed and an increase of 30% in margin per gallon -Leverage, as defined in the CAPL Credit Facility, which excludes any pro forma EBITDA from CrossAmerica’s recently announced acquisition of assets from Community Service Stations, Inc., was 3.9 times as of September 30, 2022, compared to 5.1 times as of December 31, 2021
The Distribution Coverage Ratio was 2.55 times for the three months ended September 30, 2022 and 1.74 times for the trailing twelve months ended September 30, 2022. The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter 2022
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Live Long and Prosper....
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Post by xray on Nov 13, 2022 20:26:45 GMT
Some securities to study and analyze:
Insider transactions:
Security ........ Buy date ......... # of shares ......... MktPrc .......... Current MktPrc ........... After MktPrc
ARCC ............ 9/14 .............. 2,500 ................. 19.04 ............ 19.51 ........................ 19.57 CAPL ............ 11/4 ............... 7,037 ................. 18.46 ............ 19.87 FSK .............. 11/9 .............. 7,175 ................. 18.76-18.91 .... 19.68 ....................... 19.99
All of the above have a portfolio risk (Rf) of >+1.000 (>0.885 required) by "single opinion" analysis
Other news on above:
ARCC ZACK's Swayta Shah Fri, November 11, 2022, 8:02 AM In this article: ARCC +0.46% Ares Capital: This Zacks Rank #2 (Buy) stock is a specialty finance firm that primarily invests in U.S. middle-market companies (firms having annual earnings in the range of $10-$250 million). Based in Maryland, ARCC offers customized financing solutions, ranging from senior-debt instruments to equity capital, with a focus on senior secured debt. Its investments in corporate borrowers generally range from $30 million to $500 million while investment in power generation projects is between $10 million and $200 million. As of Sep 30, 2022, Ares Capital had total investments (fair value) of $21.34 billion, total assets of $22.04 billion and a net asset value (NAV) of $18.56 per share. Ares Capital has been witnessing growth in total investment income over the last few years. The company is expected to continue witnessing a rise in investment income in the quarters ahead, given the regulatory changes and rising demand for customized financing. Also, its investment commitments to new and existing portfolio companies have been steadily rising. As of Sep 30, 2022, ARCC had a debt of $11.82 billion and cash and cash equivalents (including restricted cash) of $257 million. The company has a revolving credit facility, allowing it to borrow up to $4.3 billion at any time, with a maturity date of Mar 31, 2027. In order to maintain its RIC status, Ares Capital distributes approximately 90% of its taxable income. In October 2022, it announced a dividend hike of 12%, marking the third such increase this year. Also, it has a share repurchase program worth $500 million in place, which will expire on Feb 15, 2023.
CAPL Zacks Equity Research Tue, November 8, 2022, 9:40 AM In this article: CAPL -1.00% CrossAmerica Partners (CAPL) is a stock many investors are watching right now. CAPL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CAPL has a P/S ratio of 0.15. This compares to its industry's average P/S of 0.37. Finally, our model also underscores that CAPL has a P/CF ratio of 5.72. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 6.80. Within the past 12 months, CAPL's P/CF has been as high as 8.51 and as low as 5.65, with a median of 7.23.
FSK Zacks Equity Research Mon, November 7, 2022, 6:15 PM In this article: FSK +2.93% FS KKR Capital (FSK) came out with quarterly earnings of $0.73 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this business development company would post earnings of $0.65 per share when it actually produced earnings of $0.67, delivering a surprise of 3.08%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. FS KKR Capital , which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $411 million for the quarter ended September 2022, surpassing the Zacks Consensus Estimate by 0.76%. This compares to year-ago revenues of $360 million. The company has topped consensus revenue estimates four times over the last four quarters. FS KKR Capital shares have lost about 7% since the beginning of the year versus the S&P 500's decline of -20.9%.
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Live Long and Prosper....
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Post by xray on Nov 13, 2022 20:33:59 GMT
Current Dividend Announcements
ARCC: Ares declared a payment of 48 cents per common share on October 25. The dividend is payable on December 29 for the fourth quarter. Also to be paid at that time is a special dividend of 3 cents, declared back in February. Taking just the regular payment, Ares’ dividend annualizes to $1.92 and gives a yield of 10%.
CAPL: CrossAmerica Partners LP (NYSE: CAPL) announced that the Board of Directors of its general partner has approved a quarterly distribution of $0.5250 per unit attributable to the third quarter of 2022 (annualized $2.10 per unit). The distribution attributable to the third quarter is payable on November 10, 2022 to all unitholders of record on November 3, 2022.
FSK: "FSK again delivered strong earnings during the third quarter as our adjusted net investment income of $0.73 per share increased 9.0% sequentially," said Michael C. Forman, Chief Executive Officer & Chairman. "As a result, we are pleased to announce a fourth quarter distribution totaling $0.68 per share, which consists of our base distribution of $0.61 per share coupled with a supplemental distribution of $0.07 per share. As we begin looking forward to 2023, I believe we are well positioned with respect to our strong capital structure, committed liquidity position, and floating rate-based investment portfolio, which is poised to continue benefiting from rising interest rates."
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Live Long and Prosper....
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Post by xray on Nov 14, 2022 21:10:14 GMT
Business Wire Eagle Point Credit Company Inc. Declares $0.50 Per Common Share Special Distribution Mon, November 14, 2022, 8:00 AM In this article:
ECC +4.93%
ECC-PD +5.94%
GREENWICH, Conn., November 14, 2022—(BUSINESS WIRE)—Eagle Point Credit Company Inc. (the "Company") (NYSE:ECC, ECCC, ECC PRD, ECCV, ECCW, ECCX) today is pleased to declare a special distribution of $0.50 per common share, payable on January 24, 2023 to stockholders of record on December 23, 2022.
Record Date Payable Date Amount per common share December 23, 2022 January 24, 2023 $0.50
"We are very pleased to declare our second special distribution this year," said Thomas Majewski, Chief Executive Officer. "This special distribution is attributable to the continued strong cash flows from our portfolio and a reflection of our proactive portfolio management in a challenging market."
"Based on preliminary estimates, we expect our 2022 taxable income for the tax year ended November 30, 2022 will exceed our aggregate regular distributions paid to common stockholders for the tax year," added Ken Onorio, Chief Financial Officer.
Distributions on common stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Company’s stockholders on Form 1099 after the end of the 2022 calendar year.
ABOUT EAGLE POINT CREDIT COMPANY
The Company is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation, primarily by investing in equity and junior debt tranches of collateralized loan obligations. The Company is externally managed and advised by Eagle Point Credit Management LLC.
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Comment: ECC closed today at: ECC 11.49 +0.54 +4.93%
Live Long and Prosper....
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Post by xray on Nov 14, 2022 21:19:17 GMT
Best Momentum Stocks to Buy Using Driehaus Strategy
Tirthankar Chakraborty Mon, November 14, 2022, 6:55 AM
GLP-PB +0.72%
Any investor with an appetite for high risk may apply Richard Herman Driehaus’ investing strategy for higher returns. The strategy focuses on the “buy high and sell higher” rule and tends to pick momentum stocks. No doubt, it’s a successful investment strategy that helped Richard Driehaus make a place in Barron’s All-Century Team.
To that end, stocks like Ethan Allen Interiors Inc. ETD, Global Partners GLP, LPL Financial LPLA and Esquire Financial ESQ have been selected as the momentum picks for the day using the Driehaus strategy.
A Look at Driehaus’ Strategy
After a detailed study of the Driehaus’ strategy, American Association of Individual Investors (AAII) concluded that it mainly focuses on strong earnings growth rates and impressive prospects to pick potential outperformers. While this strategy was created to provide better returns over the longer haul, companies with a strong history of beating estimates were also given importance. “I would much rather invest in a stock that’s increasing in price and take the risk that it may begin to decline than invest in a stock that’s already in a decline and try to guess when it will turn around,” Driehaus had said in an interview.
Screening Parameters
The percentage 50-day moving average is one of the key criteria in this strategy. A positive percentage 50-day moving average indicates that the stock is trading at a price higher than its 50-day moving average level, indicating an uptrend. It is calculated by dividing the numerator (month-end price minus 50-day moving average of month-end price) by the 50-day moving average of the month-end price. Another momentum indicator – positive relative strength – has also been included in this strategy. In order to make the strategy more profitable, we have only considered those stocks that have a Zacks Rank #1 (Strong Buy) as well as a momentum score of ‘A’ or ‘B’. Our research shows that stocks with a Style Score of ‘A’ or ‘B’ when combined with a Zacks Rank #1 or 2 offer the best upside potential.
• Zacks Rank equal to #1 No matter whether the market is good or bad, stocks with a Zacks Rank #1 have a proven history of outperformance. You can see the complete list of today’s Zacks #1 Rank stocks here.
• Last 5-year average EPS growth rates above 2% Strong EPS growth history ensures improving business
• Trailing 12-month EPS growth greater than 0 and industry median Higher EPS growth compared to the industry average indicates superior earnings performance
• Last four-quarter average EPS surprise greater than 5% Solid EPS surprise history indicates better price performance
• Positive percentage change in 50-day moving average and relative strength over 4 weeks Positive percentage change in 50-day moving average and relative strength signal uptrend
• Momentum Score equal to or less than B A favorable momentum score indicates that it is ideal to take advantage of the momentum with the highest probability of success.
These few parameters have narrowed down the universe of over 7,720 stocks to only 16.
Here are four of the 16 stocks:
Ethan Allen Interiors is a leading interior design company, and manufacturer and retailer of quality home furnishing. Ethan Allen Interiors has a Momentum Score of B. The trailing four-quarter earnings surprise for ETD is 36%, on average.
Global Partners is a Delaware limited partnership formed by the affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. Global Partners has a Momentum Score of A. The trailing four-quarter earnings surprise for GLP is 287.2%, on average.
LPL Financial is a clearing broker-dealer and an investment advisory firm. LPL Financial has a Momentum Score of A. The trailing four-quarter earnings surprise for LPLA is 9.1%, on average.
Esquire Financial is a bank holding company. It provides banking products and services to law professionals, professional service firms, small to mid-sized businesses and individuals primarily in the United States. Esquire Financial has a Momentum Score of B. The trailing four-quarter earnings surprise for ESQ is 6.4%, on average.
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Live Long and Prosper....
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Post by xray on Nov 18, 2022 17:26:14 GMT
Reference: 11/14 post on ECC
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Here is the original posting on ECC:
Sep 19, 2021 at 11:23am Post by xray on Sep 19, 2021 at 11:23am ECC
GREENWICH, Conn., August 10, 2021--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (the "Company") (NYSE:ECC, ECCB, ECCC, ECCW, ECCX, ECCY) today is pleased to announce the declaration of distributions on shares of the Company’s common stock.
The Company has declared three separate distributions of $0.12 per share on its common stock, an increase of 20% from its previous monthly distribution rate of $0.10 per share, payable on each of October 29, 2021, November 30, 2021 and December 31, 2021 to stockholders of record as of October 12, 2021, November 10, 2021 and December 13, 2021, respectively. The following schedule applies to the distributions:
Record Date Payable Date Amount per common share October 12, 2021 October 29, 2021 $0.12
November 10, 2021 November 30, 2021 $0.12
December 13, 2021 December 31, 2021 $0.12
Distributions on common stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Company’s stockholders on Form 1099 after the end of the 2021 calendar year.
"Given the strength of the Company’s recent financial performance and our investment portfolio’s recurring cash flow generation, we are pleased to be able to increase our monthly distribution by 20% to $0.12 per common share," said Thomas Majewski, Chief Executive Officer. "This is the second consecutive quarter we have been able to raise the dividend and further underscores our confidence in the Company’s future prospects."
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GREENWICH, Conn., September 15, 2021--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (the "Company") (NYSE: ECC) has been named "Best Closed-End CLO Fund" by Creditflux, a leading global information source covering credit funds and CLOs.
The award was presented at Creditflux’s Credit Symposium and Manager Awards, which took place in London on September 8th. The annual Creditflux Manager Awards recognize leading managers and funds based purely on data over the applicable review period. The "Best Closed-End CLO Fund" award category measured the change in value of eligible funds between January 2020 and March 2021.
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Quick analysis review [single opinion]:
ECC [COB Friday]:
-Star Rating: 10star [last 2-wk period] ... [0-10star rating system] -13wk Star rating: 8.83 stars
-Report Card grade: 88 ... [0-100 system] -Power Rating: 98 -Projected Report Card rating: 100
-Last week's performance: +356 ... [need >+2.84] -YTT: +8.01 ... [need >+2.22] -TTL Analysis scoring: +13.19 ... [need >7.05]
-MktPrc: 13.73 [Up +0.21] -Best MktBuyPrc: 13.55 -Trend [going forward]: +8.59 ... [need >+2.76] -Crash Data on MktPrc decline: 13.17
-NAV: 12.97 ... Up from 12.02 last Qtr ... ... Consider some risk taken when in portfolio's as ECC does not report regularly on their "NAV".... ... If buying, control on # of shares is required [IMHO]....
-Distribution: 10.49% ... paid monthly [$0.12/m] -Premium/Discount status: At current premium
-MTB: +1.01 ... [need >+1.00] -Risk Factor [Rf] w/2% portfolio: +0.348 ... [need >+0.283] -Intrinsic value increase: +0.18 ... [need >0.03]
Comment: ECC, at one time was in a lot of our portfolio when it was in the 20's before the bottom fell out. We have tracked it for a while now. If/when a security pays shareholders 9% or greater, it must be expected that it will "NOT" compare to other securities [paying less or nothing] if/when looking at charts unless you calculate the distribution amount into the chart itself.....
Disclosure: Some of us bought a opening phase "0" position [0-2%] in ECC....
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Current Comment: ECC has made a second EOY and remains a very good hold for income investors (single opinion). With the "2" EOY's, investors are getting >20% in income this year. "KEEP IN MIND THAT ECC DOES NOT DO WELL IN CHART EVALUATIONS AS MOST CHARTS DO NOT ADD IN THE 20% INVESTORS ARE CURRENTLY GETTING" IN DIVIDENDS OR EOY'S....
Live Long and Prosper....
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Post by xray on Nov 21, 2022 22:06:55 GMT
Reference: My earlier post: Post by xray on Aug 15, 2022 at 2:10pm Current data (sole opinion) indicates that the market is ripe for picking up some CapGains. Some securities have advanced in MktPrc beyond their fair value.... Good time to review our portfolio's and use the "Sell/Buyback" methodology talked about in earlier posts. Those investors who bought on or near the bottom are sitting on some substantial CapGains.... Income oriented investors need to receive "both dividends and CapGains" when ever possible IMHO.... AFCG, AVK, DPG, FSK, GLP, GPP, HQH, HQL KYN, LGI, NRZ, RC and RVT ARE PRIME CANDIDATES (depending on how long you have been holding them nd what previous CapGains were taken earlier (IMHO). The number of shares we are buying back (always leaving some sh to average any new shares with) will depend on what our current analysis is indicating. Looking at my (sole opinion) current analysis data, the following star ratings are currently assigned (COB Friday): 7star, 6star, 10star, 10star, 10star, 10star, 10star, 10star, 10star, 10star, 10star 10star, 8star (using a 0-10star system where 0-3star is sell, 4-6star is hold, 7star is 1st buy signal, 8star is 2nd buy signal (increasing shares), 9star is 3rd buy signal (increasing shares), and 10star is considered a immediate buy "dependent on market direction)....
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-Current Rf (Risk factor for holding in portfolio's) for the above securities are currently (must be >+0.800): AFCG +0.833, AVK +0.741, DPG +0.967, FSK +0.910, GLP +1.342, GPP +0.665, HQH +0.927, HQL +0.904, KYN+1.176, LGI +0.761, NRZ (now changed to RITM) +0.813, RC +0.696 and RVT +0.763. However, always however's, August data to currently is expected to have some big variations in Rf with the current down market.
-Based on individual risk factors (by individual analysis) the number of shares in current portfolio's should be re-evaluated accordingly (from the previous August data shown IMHO)....
Live Long and Prosper....
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Post by uncleharley on Nov 21, 2022 22:15:51 GMT
xray, Could you tell us what data you are looking at? The reason I ask is that the index charts that I use look like they could go either way, with a slight bias toward testing the August highs.
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Post by xray on Nov 22, 2022 22:12:50 GMT
My computer data looks at all of the recent historical "negative" data and is programmed to calculate the most "positive" positional data (looking forward). Looking at my calculated data that I posted, you are very close to what the computer used (early September). Going forward, though, the computer will again compare the current data and the analysis point could change (always dependent on market conditions that are "variable" in nature).... Hope this helps a little....
Live Long and Prosper....
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Post by xray on Nov 23, 2022 14:03:50 GMT
Keep in mind that there are some really negative CEF Rf's out there currently and investors would be wise to currently avoid these CEF's (IMHO). Looking at some very "NEGATIVE" Rf's (where Invest grades must be >0.800 currently):
OPP ... 0.057 GLV ... 0.084 IRL .... 0.093 VGI .... 0.096 GLO ... 0.117 GLQ ... 0.147 GOF ... 0.132 CHW .. 0.141 EDF .... 0.141 EDI .... 0.165 FCT ... 0.192 GGT .. 0.228
Most currently pay distributions and dividends that are "not" sustainable in current market conditions (IMHO). EDI and EDF cut their distributions in September of last year but just announced that they could be paying the same amounts (0.07, 0.06 monthly respectively). NAV's will continue to collapse (with MktPrc's following). If/when the Market turns around (in a real fashion) another looks analysis could be looked at with the "NEW" numb3rs coming off the Market bottom that these particular CEF's could be experiencing....
Live Long and Prosper....
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Post by Deleted on Nov 23, 2022 14:56:34 GMT
Keep in mind that there are some really negative CEF Rf's out there currently and investors would be wise to currently avoid these CEF's (IMHO). Looking at some very "NEGATIVE" Rf's (where Invest grades must be >0.800 currently): OPP ... 0.057 GLV ... 0.084 IRL .... 0.093 VGI .... 0.096 GLO ... 0.117 GLQ ... 0.147 GOF ... 0.132 CHW .. 0.141 EDF .... 0.141 EDI .... 0.165 FCT ... 0.192 GGT .. 0.228 Most currently pay distributions and dividends that are "not" sustainable in current market conditions (IMHO). EDI and EDF cut their distributions in September of last year but just announced that they could be paying the same amounts (0.07, 0.06 monthly respectively). NAV's will continue to collapse (with MktPrc's following). If/when the Market turns around (in a real fashion) another looks analysis could be looked at with the "NEW" numb3rs coming off the Market bottom that these particular CEF's could be experiencing.... Live Long and Prosper.... Sad to see this happen to familiar symbols once popular in better times for fixed income products.
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Post by liftlock on Nov 23, 2022 19:54:56 GMT
Keep in mind that there are some really negative CEF Rf's out there currently and investors would be wise to currently avoid these CEF's (IMHO). Looking at some very "NEGATIVE" Rf's (where Invest grades must be >0.800 currently): OPP ... 0.057 GLV ... 0.084 IRL .... 0.093 VGI .... 0.096 GLO ... 0.117 GLQ ... 0.147 GOF ... 0.132 CHW .. 0.141 EDF .... 0.141 EDI .... 0.165 FCT ... 0.192 GGT .. 0.228 Most currently pay distributions and dividends that are "not" sustainable in current market conditions (IMHO). EDI and EDF cut their distributions in September of last year but just announced that they could be paying the same amounts (0.07, 0.06 monthly respectively). NAV's will continue to collapse (with MktPrc's following). If/when the Market turns around (in a real fashion) another looks analysis could be looked at with the "NEW" numb3rs coming off the Market bottom that these particular CEF's could be experiencing.... Live Long and Prosper.... The board of directors of IRL has voted to close down the fund subject to shareholder approval in January. The discount to NAV has narrowed to 2.5% since the announcement. www.newirelandfund.com/pdf/press/irl102622.pdf
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Post by Fearchar on Nov 23, 2022 20:04:37 GMT
xray , Could you help me out here? What's a Rf and where did you find them? Thanks! +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ I was able to find "Rf" = Risk Factor. But where does it come from?
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Post by xray on Nov 23, 2022 21:39:20 GMT
Fearchar, Can't answer that since I have been using the Rf abbreviation for more years than I want to remember.... Have a "GREAT" Thanksgiving weekend.... Live long and Prosper....
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Post by ECE Prof on Nov 23, 2022 23:01:23 GMT
xray , Could you help me out here? What's a Rf and where did you find them? Thanks! +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ I was able to find "Rf" = Risk Factor. But where does it come from? I would assume the "Rf" to be the (Capital Assets/Total Assets) to take the leverage factor into account or the inverse of it. I love to have this less or more because I am using more of OPM. If you think in these terms, all BDCs have a very low/high risk factor, but they make big money. I do not have any BDC now because I wanted to simplify my portfolios. In fact, many big banks invest billions in these funds/stocks. Why can't we get a piece of it?
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Post by xray on Nov 24, 2022 15:21:54 GMT
ECE Prof, Take a look at ARCC that I talked about a while back: Description "Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors. The fund will also consider investments in industries such as restaurants, retail, oil and gas, and technology sectors. It focuses on investments in Northeast, Mid-Atlantic, Southeast and Southwest regions from its New York office, the Midwest region, from the Chicago office, and the Western region from the Los Angeles office. The fund typically invests between $20 million and $200 million and a maximum of $400 million in companies with an EBITDA between $10 million and $250 million. It makes debt investments between $10 million and $100 million The fund invests through revolvers, first lien loans, warrants, unitranche structures, second lien loans, mezzanine debt, private high yield, junior capital, subordinated debt, and non-control preferred and common equity. The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically considers the purchase of stressed and discounted debt positions. The fund prefers to be an agent and/or lead the transactions in which it invests. The fund also seeks board representation in its portfolio companies." Some investors are currently invested in ARCC. Looking at their "Rf", I am currently showing 0.927 and 1.038. The difference in the Rf's is comparing market low's that we have been seeing. Good analysis numb3rs as the market struggles to come out of the so called bottom (by analysts).... Live Long and Prosper....
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Post by xray on Nov 24, 2022 17:43:25 GMT
Latest Zack's comments (Pro/Con):
Zacks Rising Demand for Customized Financing Aids Ares Capital (ARCC) Zacks Equity Research Mon, November 21, 2022, 11:15 AM In this article:
ARCC +0.51%
Ares Capital Corporation ARCC is expected to continue witnessing growth in total investment income, driven by the rise in demand for customized financing. Also, the company's steady capital deployment activities will likely help in enhancing shareholder value.
The Zacks Consensus Estimate for the company’s current-year earnings has been revised 6.2% higher over the past 30 days. This reflects that analysts are optimistic regarding its earnings growth potential. Thus, ARCC currently carries a Zacks Rank #2 (Buy).
In the past six months, shares of the company have gained 5.2% against the industry’s decline of 2.3%.
Coming to its fundamentals, while Ares Capital’s total investment income declined in 2020, it recorded a five-year (2017-2021) compound annual growth rate (CAGR) of 11.9%. The increase was primarily driven by the acquisition of American Capital, which boosted investment income substantially. The uptrend in total investment income continued in the first nine months of 2022. Growth in investment income is expected to continue in the quarters ahead, given the regulatory changes and rising demand for customized financing.
ARCC is currently a small participant in a market with huge growth prospects. We are encouraged by the company’s concentrated focus on its credit performance. In 2021, 2020 and 2019, the company originated $15.6 billion, $6.7 billion and $7.3 billion of gross investment commitments to new and existing portfolio companies.
In the first nine months of 2022, Ares Capital originated $7.3 billion of gross investment commitments. From the end of the third quarter through Oct 20, the company made new investment commitments worth $1.1 billion to new and existing portfolio companies.
As of Sep 30, 2022, Ares Capital had debt of $11.8 billion, significantly higher than cash and cash equivalents (including restricted cash) of $362 million. Nevertheless, the company has a revolving credit facility, allowing it to borrow up to $4.8 billion at any time, with a maturity date of Mar 31, 2027. Thus, ARCC is expected to be able to continue meeting debt obligations in the near term, even if the economic situation worsens.
Further, the company’s capital deployment policy seems impressive. In October 2022, it announced a dividend hike of 11.6%, which followed a 2.4% hike in July, a 2.4% hike in February, a 2.5% hike in July 2021 and a 2.6% hike in February 2019. Also, the company has a share repurchase program worth $500 million in place, which will expire on Feb 15, 2023. As of Sep 30, 2022, the entire repurchase authorization remained available. Given its earnings strength, the company is expected to be able to sustain efficient capital deployment plans and, hence, continue to enhance shareholder value.
However, elevated expenses (mainly owing to the company's expansion strategy) are expected to hurt the bottom line to an extent in the near term. While the company’s expansion plans are expected to lead to enhanced growth prospects, the same might negatively impact profits. Further, regulatory headwinds make us apprehensive about ARCC’s growth prospects.
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Live Long and Prosper....
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Post by xray on Nov 26, 2022 17:06:19 GMT
Reuters Stocks typically rally in December, investors have some caution this year David Randall Fri, November 25, 2022, 1:01 AM In this article: By David Randall
NEW YORK (Reuters) - Investors hoping for the year-end to bring stock market gains after a punishing year have history on their side as U.S. equities traditionally rally during the month of December, but many remain skeptical of forecasting a rise. The S&P 500 has gained an average of 1.6% during December, the highest average of any month and more than double the 0.7% gain of all months, according to data from investment research firm CFRA. September, meanwhile, is the worst month of average for stocks, with a 0.7% average decline. Gains would be welcomed by many investors after seeing the S&P 500 Index fall around 16% so far this year. Still, weighing on the market has been the U.S. Federal Reserve's actions to aggressively tighten interest rates to fight inflation. "December is usually a good time for investors but right now they are stuck because it’s really the focus on rates that will cause the market to go up or down in the short term," said Sam Stovall, chief investment strategist at CFRA Research. "The question this year is will the Fed raise by 75 or 50 basis points, and whether there will be any dovish commentary that suggests that the Fed will raise rates one or two more times next year and then call it quits,” Stovall said.
December is typically a good month as fund managers buy stocks that have outperformed over the year for so-called "window dressing" of their portfolios while there are year-end inflows and lower liquidity during holiday-shortened weeks, said Stovall.
At the same time, U.S. stocks have risen during the last five trading days of December and the first two days of January 75% of the time since 1945, according to CFRA, in a so-called Santa Claus Rally. This year, the time period starts on Dec. 27. The average Santa rally has boosted the S&P 500 by 1.3% since 1969, according to the Stock Trader's Almanac. This year, however, investors' focus has largely shifted to the Fed and the pace at which it will continue raising interest rates as it attempts to bring inflation down from near 40-year highs. "Investors tend to be optimistic going into the new year but this is still the Fed's market," said Brian Jacobsen, senior investment strategist at Allspring Global Investments. "The old saying is that 'the trend is your friend and don’t fight the Fed,' but now it’s 'the Fed isn't your friend, so don’t fight the trend.'"
Investors are pricing in a 75% chance that the Fed will raise rates at its Dec. 14 meeting by 50 basis points to a target rate of 4.5%, while the probability of another jumbo 75 basis point move is at 24% according to CME's FedWatch tool. Minutes released Wednesdayfrom the Fed's Nov. 2 meeting showed that a "substantial majority" of policymakers agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes," though Fed members believe that there is "significant uncertainty about the ultimate level" of how how rates need to rise. Another outsized increase in rates could impede the more than 10% rally in the S&P 500 since the start of October that has been fueled largely by hopes that inflation has peaked from 40-year highs, allowing the Fed to slow and eventually pause its most aggressive rate hiking cycle since the 1970s.
Fed Chair Jerome Powell, who will speak on Nov. 30, has signaled that the central bank could shift to smaller rate hikes next month but has also said rates ultimately may need to go higher than the 4.6% that policymakers thought in September would be needed by next year. "Sharply reduced valuation for public and private firms is one painful consequence" of higher interest rate costs and will likely mean that the S&P 500 will fall by 9% to 3,600 over the next 3 months, Goldman Sachs strategists wrote in a note Monday. Still, there may be other reasons to hope for another seasonal rally this year.
Short sellers have covered nearly $30 billion in short positions since the start of the month, with the largest covering coming consumer discretionary, health care, and financial stocks, according to S3 Partners. "Short sellers are trimming positions as the market rallies, and they incur mark-to-market losses – and possibly trimming positions in anticipation for a year-end rally," said Ihor Dusaniwsky, managing director at S3 Partners.
The painful double-digit declines in both U.S. stocks and bonds, meanwhile, have made both asset classes more attractive for long-term investors, said Liz Ann Sonders, chief investment strategist at Charles Schwab. "Things look pretty decent if you have a one-year time horizon, but not without some potentially significant volatility in the next quarter or two," she said.
(Reporting by David Randall; editing by Megan Davies and David Gregorio)
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Live Long and Prosper....
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Post by xray on Nov 28, 2022 20:06:39 GMT
The Tell Stock market could see ‘fireworks’ through the end of the year as headwinds have ‘flipped,’ Fundstrat’s Tom Lee says Published: Nov. 28, 2022 at 12:26 p.m. ET By Christine IdzelisFollow
Here are 11 headwinds of 2022 that Fundstrat’s Tom Lee says have ‘flipped’
U.S. stocks have sunk so far in 2022. Several headwinds that pummeled the stock market in 2022 have turned into tailwinds, setting the stage for a rally in U.S. equities heading into year-end, according to Tom Lee, head of research at Fundstrat Global Advisors.
“The Thanksgiving holiday has ended and now markets are entering the final key weeks of 2022,” said Lee, head of research at Fundstrat, in a note Monday. “While many may be tempted to ‘close the books’ for the year, we think the final 5 weeks will be ‘fireworks.’” In Lee’s view, 11 headwinds that this year helped drive the S&P 500 index to a 2022 low in October, including surging oil prices and the Federal Reserve’s hurry to lift interest rates higher to battle soaring inflation, “have all flipped.” On Monday morning, U.S. oil was trading at the lowest price of 2022 amid protests in China over the country’s strict rules aimed at curbing the spread of COVID-19, restrictions that investors fear will hurt consumption and economic growth. Lee said he saw the easing of inflation in October, as measured by the consumer price index, as a “game changer” for markets, with the case for “a sustainable rally in equities” being the strongest that it’s been so far this year. Here are the 2022 headwinds that Lee sees becoming tailwinds.
Lee said that softer inflation seen in October appears “repeatable” and that the easing of price pressures should be “sufficient” for the Fed to slow its rapid pace of rate hikes, with December potentially being the last increase. Also, “if inflation is ‘as bad as 1980s’ I would have thought midterms would have been an incumbent massacre,” Lee said of the recent U.S. elections. He said that other recent signals point to “a far different path forward for markets,” including “collapsing” volatility in the bond market and a relatively large decline in the U.S. dollar. Lee pointed to the plunge in the CBOE 20+ Year Treasury Bond ETF Volatility Index, saying he anticipated that a further decline would support the S&P 500 soaring to 4,400 to 4,500 by year-end.
NOW PLAYING: Investing Playbook For Turbulent Times
The S&P 500 ended Friday down 15.5% for the year, but up more than 12% from its 2022 closing low on Oct. 12, according to Dow Jones Market Data.
U.S. stocks traded lower on Monday, with the S&P 500 SPX, -1.48% down 0.8% at around 3,995, according to FactSet data. In the bond market, 10-year Treasury yields TMUBMUSD10Y, 3.711% were flat at 3.69% around midday Monday, while two-year yields TMUBMUSD02Y, 4.467% fell about five basis points to 4.43%.
U.S. yields have recently seen a “massive decline ranking in the bottom 1% largest downside moves in the past 50-years,” said Lee. The odds are rising that 10-year and 2-year yields may be past their peaks, potentially supporting an expansion in price-to-earnings multiples in stocks, according to his note.
“Skeptics will say “growth is the problem now” and point to downside” in the S&P 500’s earnings per share, or EPS, said Lee. But the index historically has “bottomed 11-12 months before EPS troughs,” he said. “So EPS is lagging.”
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Live Long and Prosper....
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Post by uncleharley on Nov 28, 2022 21:41:33 GMT
4350 was the august high for the S&P
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Post by xray on Nov 28, 2022 21:58:34 GMT
retiredat48, uncleharley,@haven, liftlock, Fearchar, ECE Prof, Something to look at: We live in interesting times. Currently showing some interesting securities for continued analysis to look at (looking at yesterday's NAV's/Book values and todays earlier current MktPrc's just before closing) to look at (or for concurring to our previous buying that was completed): 10Stars: 1... AVK (NAV 12.77,11.98) ... CEF-Pays EOY in addition to current distribution (0.1172/Monthly/$1.4064/Yr).... 2... DPG (13.20, 13.43) ... CEF-Normally volatile... 3... GLP (33.84), 31.43) ... Volatile, Div $0.6250 Qtrly/$2.50/Yr) ... Div was raised from $2.38/Yr 4... LGI (16.44, 14.89) ... CEF-Pays EOY in addition to current Distribution ($0.12473 Monthly/$1.50/Yr) .. 5... RVT (15.56, 14.48) ... CEF-Volatile. Told investors to buy <$13.50 (against insider buy @ 13.42 previously) ... Distribution 7% policy against "NAV" Qtrly Live Long and Prosper....
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Post by Deleted on Nov 28, 2022 22:50:34 GMT
retiredat48 , uncleharley ,@haven , liftlock , Fearchar , ECE Prof , Something to look at: We live in interesting times. Currently showing some interesting securities for continued analysis to look at (looking at yesterday's NAV's/Book values and todays earlier current MktPrc's just before closing) to look at (or for concurring to our previous buying that was completed): 10Stars: 1... AVK (NAV 12.77,11.98) ... CEF-Pays EOY in addition to current distribution (0.1172/Monthly/$1.4064/Yr).... 2... DPG (13.20, 13.43) ... CEF-Normally volatile... 3... GLP (33.84), 31.43) ... Volatile, Div $0.6250 Qtrly/$2.50/Yr) ... Div was raised from $2.38/Yr 4... LGI (16.44, 14.89) ... CEF-Pays EOY in addition to current Distribution ($0.12473 Monthly/$1.50/Yr) .. 5... RVT (15.56, 14.48) ... CEF-Volatile. Told investors to buy <$13.50 (against insider buy @ 13.42 previously) ... Distribution 7% policy against "NAV" Qtrly Live Long and Prosper.... In better times, I owned LGI.
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Post by xray on Nov 29, 2022 21:10:28 GMT
retiredat48, uncleharley,@haven, liftlock, Fearchar, ECE Prof, @haven, Your: In better times, I owned LGI Many of us have had LGI in portfolio but sold out with the market decline. However, always however's, LGI is performing better than expected and another look might be in order for you:: 1... LGI (NAV 16.23, MktPrc 14.98 in early morning trading). -Overall analysis currently: 299 (must be >+294) -Currently 10Star -Average Star rating currently +8.00 -Has a managed Distribution Policy -Distribution >10.00 currently ($0.12473/Monthly,$1.49676/Yr) -Rf +624 (must be >+570) -Possible EOY like last year -Very good Discount currently Business Wire Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in October November 22, 2022 In this article: LGI (7 days ago) +0.74% NEW YORK, November 22, 2022--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.12473 per share on the Fund's outstanding common stock. The distribution is payable on December 22, 2022 to shareholders of record on December 12, 2022. The ex-dividend date is December 9, 2022. The Fund will pay a previously declared distribution today, November 22, 2022. The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid for the year to date from the following sources: net investment income, net realized capital gains (short- and long-term), and return of capital. All amounts are expressed per share of common stock and are based on accounting principles generally accepted in the US, which may differ from federal income tax regulations. Current Distribution % of the Current Distribution Total Cumulative Distributions for the Fiscal Year to Date1 % of the Total Cumulative Distributions for the Fiscal Year to Date1 Net Income $0.00000 0% $0.00000 0% Net Realized Short-Term Capital Gains $0.00000 0% $0.00000 0% Net Realized Long-Term Capital Gains $0.12473 100% $1.34047 98% Return of Capital $0.00000 0% $0.03156 2% Total $0.12473 100% $1.37203 100% Average annual total return (in relation to NAV) for the 5-year period ending on October 31, 2022 5.27% Annualized current distribution rate expressed as a percentage of NAV as of October 31, 2022 9.74% Cumulative total return (in relation to NAV) for the fiscal year through October 31, 2022 -22.71%1 Cumulative fiscal year distributions as a percentage of NAV as of October 31, 2022 8.93%1 You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy. The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". ---------- Comment: ROC (return of capital) has been argumentive between income investors for many years now. My read read on ROC is that "IF" the NAV and/Or book value is always increasing month to month, then ROC has no real meaning to a investor and the final report on ROC is never due until 12/31 (changes month to month).... Something to think about currently (going forward). Hope this helps some.... Live Long and Prosper....
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Post by Deleted on Nov 29, 2022 21:40:40 GMT
LGI and CII 'play in the same sandbox' as far as I can tell. The former perhaps a bit more growth than value oriented.
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Post by xray on Nov 30, 2022 15:57:40 GMT
@haven,
Not trying to change, or challenge you on CII. We all have different viewpoints and analyze securities in different way. My computer analysis (sole opinion) indicates not something I would be currently investing in or want on my current watch list. I used to have Cii in portfolio many years back. With that said....
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Many income investors dropped out of CII at the beginning of the 1st Qtr when CII was not passing their current analysis....
Simply Wall St. Don't Race Out To Buy CI Resources Limited (ASX:CII) Just Because It's Going Ex-Dividend Simply Wall St March 19, 2022
CI Resources Limited (ASX:CII) is about to trade ex-dividend in the next four days. Typically, the ex-dividend date is one business day before the record date which is the date on which a company determines the shareholders eligible to receive a dividend. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. Accordingly, CI Resources investors that purchase the stock on or after the 24th of March will not receive the dividend, which will be paid on the 22nd of April.
The company's upcoming dividend is AU$0.02 a share, following on from the last 12 months, when the company distributed a total of AU$0.02 per share to shareholders. Last year's total dividend payments show that CI Resources has a trailing yield of 1.9% on the current share price of A$1.06. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. We need to see whether the dividend is covered by earnings and if it's growing.
Check out our latest analysis for CI Resources
If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. CI Resources paid out a comfortable 47% of its profit last year. Yet cash flow is typically more important than profit for assessing dividend sustainability, so we should always check if the company generated enough cash to afford its dividend.
Have Earnings And Dividends Been Growing?
Companies with falling earnings are riskier for dividend shareholders. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. CI Resources's earnings per share have fallen at approximately 27% a year over the previous five years. When earnings per share fall, the maximum amount of dividends that can be paid also falls.
Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. It looks like the CI Resources dividends are largely the same as they were 10 years ago. If a company's dividend stays flat while earnings are in decline, this is typically a sign that it is paying out a larger percentage of its earnings. This can become unsustainable if earnings fall far enough.
The Bottom Line
Has CI Resources got what it takes to maintain its dividend payments? It's disappointing to see earnings per share declining, and this would ordinarily be enough to discourage us from most dividend stocks, even though CI Resources is paying out less than half its income as dividends. However, it's also paying out an uncomfortably high percentage of its cash flow, which makes us wonder just how sustainable the dividend really is. It's not that we think CI Resources is a bad company, but these characteristics don't generally lead to outstanding dividend performance.
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Live Long and Prosper....
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