BHB, CDUAF, CU:CA, EXC, GRX, IBB, IBM, LGI, MAXN, RIGL, SU

Economy: 

Jobs report April 2021: Hiring boom goes bust +266K with the consensus estimate at 1M. Employment Situation Summary The average workweek increased by .1 hour. The previously released new job numbers for February and March were revised down by 78K. Average hourly earnings increased by $.21 for non-farm private jobs.

The Stock Jocks reacted with enthusiasm to the jobs report apparently based on a consensus opinion that the far worst than expected jobs report will keep the FED on hold. 

The slower than expected job growth may be due to a lack of acceptable job candidates. The uptick in the average workweek and wages indicates that many employers are simply working their existing workforce longer hours for more pay rather than hiring new workers. 

Warren Buffett says Berkshire Hathaway is seeing "very substantial inflation" and raising prices

Reaching "Herd Immunity" Is Unlikely in the U.S., Experts Now Believe - The New York Times; republished at MSN.com Reaching "Herd Immunity" Is Unlikely in the U.S., Experts Now Believe

National eviction ban overturned by a federal judge

+++++

Markets and Market Commentary: 

S & P 500 P/E Ratios: 

GAAP TTM = 37.89 (coming down due to 2021 first-quarter earnings reports)

Non-GAAP Estimated Forward 12 months: 22.97

Dividend Yield: 1.37%  (it is not difficult to find dividend yields that are more than 2x that aggregate amount)

Sourced: P/E & Yields

Shiller PE Ratio = 37.84

Shiller PE Ratio - 150 Year Chart | Longtermtrends

Market Cap to GDP-The Buffett Indicator-Updated Historical Chart | Longtermtrends (1.91, topped out near 1.4 in March 2000 during the dot-com fueled bubble)

Regression to Trend: Another Look at Long-Term Market Performance - dshort - Advisor Perspectives (5/4/21)

The Q Ratio and Market Valuation: April Update - dshort - Advisor Perspectives

Is the Market Still Overvalued? - dshort - Advisor Perspectives (5/6/21)

The stock market may be misreading what weak jobs report means for the Fed.

Forget earnings: Stocks have two big tailwinds pushing them higher (refers to dividend increases and huge inflows into ETFs)

Covid vaccine makers' shares seesaw after the U.S. says it will back patent waivers IMO, that is just a horrible and idiotic idea. 

Selected Earnings Reports from Owned Stocks: 

Arrow Reports $13.3 million in Net Income and Diluted EPS of $0.85 in Q1 (The 1 analyst estimate was at $.69 per share; NIM 3.02%, down from 3.09% in the 2020 first quarter and up from 2.99% in the 2020 4th Q; Charge off ratio = .07%; NPA Ratio = .22%; ROA = 1.45%; ROE = 15.81%; ROTE = 17%; tangible book value per share= $20.49; total risk based capital ratio = 15.49%)

Bar Harbor Bankshares (BHB) Reports First Quarter Results; Record Core ROA (GAAP E.P.S. = $.63 with non-GAAP "core" at $.68, no analyst coverage; core NIM at 2.78%; Coverage Ratio = 168%; Charge off ratio = .03%; NPL Ratio = .55%; core return on tangible assets = 15%; core ROA = 1.11%; tangible equity to tangible assets = 7.73%; tangible book value per share = $18.34, up from $17.09 as of 3/31/20)     

Beazer Homes (BZH) Reports Strong Second Quarter Fiscal 2021 Results (Diluted E.P.S. from continuing operations of $.81 with consensus at $.565 per Fidelity; "The dollar value of homes in backlog as of March 31, 2021 increased 54.9% to $1,386.4 million, representing 3,303 homes, compared to $895.0 million, representing 2,231 homes, at the same time last year. The average selling price of homes in backlog was $419.7 thousand, up 4.6% year-over-year."; total home closings = 1,388 with the average selling price of $394.4K) 

Berkshire Hathaway (BRK) earnings Q1 2021 (Quarterly operating profit of $7.02B or about $4,600 per Class A share and $5.87 for the B class; $6.6B in stock purchases; net income of $11.71B; ended the quarter with $145.5M in cash; Apple (AAPL) was the largest stock holding valued at $110.9B, 10-Q for the Q/E 3/31/21; BERKSHIRE HATHAWAY INC. website)  

Covanta Holding Corporation (CVA) Reports 2021 First Quarter Results and Increases 2021 Guidance (Net income = $2M, adjusted EBITDA = $106M; revenues = $498M; net cash provided by operating activities = $52M; free cash flow = $19M; consensus E.P.S. at -.14; free cash guidance for 2021 now at $125M to $155M, up from $100M to $140M in previous guidance and up from 2020 actual of $92M; long term outlook = free cash flow of $250M by 2024) 

CubeSmart (CUBE) Reports First Quarter 2021 Results (Adjusted FFO at $.47 per share; "Same-store occupancy during the quarter averaged 93.8% and ended the quarter at 94.4%"; "As of March 31, 2021, the Company’s total owned portfolio included 543 stores containing 38.7 million rentable square feet")

Entergy (ETR) Reports First Quarter Earnings (GAAP E.P.S. = $1.66; Non-GAAP at $1.47 with consensus at $1.169 according to Fidelity; non-GAAP net income at $297M; "Entergy affirmed its 2021 adjusted EPS guidance range of $5.80 to $6.10")

First Community Bankshares, Inc. (FCBC) Announces Record First Quarter Results and Quarterly Cash Dividend (Diluted E.P.S. = $.82 with consensus at $.54; net income at $14.6M; NIM = 3.94%; ROA = 1.94%; ROE = 13.94%; ROTE = 20.54%; NPL Ratio = 1.24%; tangible book value per share = $16.47)

First Financial Northwest, Inc. (FFNW) Reports First Quarter Net Income of $2.5 Million or $0.26 per Diluted Share (E.P.S.= $.28 with consensus at $.231 according to Fidelity; NIM = 3.31%;  efficiency ratio = 70%; ROA = .73%; ROE = 6.42%; Charge off ratio = 0% NPL Ratio = .18%; NPA Ratio = .17%; NPL Ratio = .18%; Coverage Ratio = 130.01%; tangible book value per share = $16.17; total capital ratio = 15.62%)

Flushing Financial (FFIC) Fourth Consecutive Quarter of Record Net Interest Income (E.P.S. =$.6; core E.P.S. at $.54 with consensus using that measure at $.469 per Fidelity; efficiency ratio 58.6%; NIM = 3.18%; NPL Ratio = .31%; NPA Ratio = .26%; Charge off ratio = .17%; Coverage Ratio = 212.87%; ROA = .83%; ROE = 10.96%; tangible book value per share = $19.99, up from $18.92 as of 3/31/20; total risk based capital ratio = 12.85%)

General Dynamics (GD) Reports First-Quarter 2021 Financial Results (E.P.S. = $2.48 with consensus at $2.301 according to Fidelity; net income at $708M; revenues up 7.3% to $9.4B; record backlog of $89.6B, up 4.5% from the year-ago quarter; company repurchased $744 in shares at an average price of $161.38 during the quarter)

Kraft Heinz (KHC) Reports First Quarter 2021 Results (GAAP E.P.S. of $.46; non-GAAP at $.72 with consensus at $.592 according to Fidelity; net sales at $6.394B, up from 6.157 in the year-ago quarter, organic sales up 2.5%)

Merck  (MRK) Announces First-Quarter 2021 Financial Results (GAAP E.P.S. at $1.25; Non-GAAP at $1.4 with consensus at $1.61 according to FactSet; non-GAAP net income at $3.556B; revenues at $12.08B; "ExpectsFull-Year 2021 GAAP EPS to be Between $5.05 and $5.25; Continues to Expect Non-GAAP EPS to be Between $6.48 and $6.68, Including a Positive Impact from Foreign Exchange of Less Than 3%, Assuming Organon is Part of Merck for the Full Year; Keytruda sales up 16% Y-O-Y to $3.899B)

Sanofi (SNY) continued its growth trajectory. Strong increase in Q1 2021 business EPS(1) at CER ("Business" E.P.S. at €1.61, up 5% on a reported basis and up 15% at CER with consensus at €1.38 using that metric according to Barron's; IFRS E.P.S. at €1.25; "Specialty Care sales grew 15.3%, due to strong Dupixent performance (+45.6% to €1,047 million) and oncology launches")

+++

Gaetz To Yell His Way Through Scandal By Kicking Up Dirt Within GOP Amid Sex Trafficking Probe

Oregon Republican Mike Nearman charged with letting rioters breach state Capitol - The Washington Post

Kansas republican politician arrested for battery of high school student

AZ Sec of State Assigned Protection After Getting Death Threats Because of That Ridiculous Election ‘Audit’

Looks like the Republican House members will soon oust Liz Cheney from her leadership role for telling the truth about the election. The former George Bush speechwriter Michael Gerson succinctly summed up the sorry state of affairs in Trump's party as follows: "The GOP is increasingly defined not by its shared beliefs, but by its shared delusions. To be a loyal Republican, one must be either a sucker or a liar. . .  Knowingly repeating a lie — an act of immorality — is now the evidence of Republican fidelity."  

The GOP is not a conservative party.  An important first step is to quit agreeing with their self-anointed conservative label. 

Trump's agenda: Retribution against foes, command spotlight and total domination of GOP - The Washington Post

Opinion | Trump and his perpetrators and bystanders own a Republican Party incompatible with democracy - The Washington Post

The dirty little secret of Trumpism that Elise Stefanik reveals 

The Republicans in Arizona hired a Trump conspiracy theorist to "audit" the ballots cast in the presidential election. A cybersecurity expert who promoted claims of fraud in the 2020 election is leading the GOP-backed recount of millions of ballots in Arizona - The Washington Post Among the claims being examined by the Republicans is whether the ballots have traces of bamboo indicating they were manufactured in Asia and were used as part of a scheme to steal the election from Don the Authoritarian. Arizona Secretary of State letter about Maricopa recount - The Washington Post  

++++

1. Bought 100 CU:CA at C$34.25 (C$1 IB Commission): 

Quote: Canadian Utilities Limited (CU-TO) 

Closing Price 5/7/21: CU.TO C$34.94  +C$0.44 +1.28% 

"Canadian Utilities is a diversified global energy infrastructure corporation delivering essential services, service excellence and innovative business solutions in Utilities (electricity transmission and distribution, natural gas transmission and distribution, and international electricity operations); Energy Infrastructure (electricity generation, energy storage, and industrial water solutions); and Retail Energy (electricity and natural gas retail sales)." 

CDUAF  Analyst Estimates | MarketWatch

2020 Annual Report.pdf

See: 3 Canadian Stocks for Investors to Buy for Value and Income | InvestorPlace

In September 2019, the company sold its coal-fired generation and currently owns only natural gas, hydro and solar generation.  

Website: Canadian Utilities | Utilities | Energy

Credit Ratings (senior unsecured debt rated at BBB+ by S & P and at A  by DBRS. 

I also bought the USD-priced ordinary shares that trade on the U.S. pink sheet exchange. See Item # 2.E. below. USD Quote: CDUAF Stock Price | Canadian Utilities Ltd. Cl A Stock Quote (U.S.: OTC) | MarketWatch Symbols ending in "F" denote a foreign stock's ordinary shares rather than an ADR.  

Atco Ltd. owns 52.5% of Canadian Utilities

Feb 2021 Investor Presentation  This presentation includes information relating to Atco. 

CU.TO - Canadian Utilities Limited Profile | Reuters

Dividend: Quarterly at C$.4398 (C$1.76 annually)

Canadian Utilities | Dividends & Stock Splits

Recent Dividend History: 

The dividend yield will depend in part on the CAD/USD conversion rate. 

When held by a U.S. citizen in a taxable account, Canada is entitled by its tax treaty with the U.S. to withhold 15% as a dividend tax. No withholding is permitted by the current tax treaty when the stock is held in a U.S. citizen's retirement account. The company is not a pass-through entity (e.g. a Canadian REIT)

Long Term Dividend History:

Last Ex-Dividend: 5/5/21 (after purchase)

Last Earnings Report (Q/E 3/31/21): This report was released after my purchases.  

Canadian Utilities Reports First Quarter 2021 Earnings

Adjusted E.P.S. = C$.7, up C$.04 from the 2020 first quarter 

Net Income = C$191M

Other News: Canadian Utilities Acquires Pioneer Pipeline for $255 Million (10/1/20)

2. Small Ball: 

Small ball, a baseball derived term, is primarily designed as a capital preservation strategy that I use in either a bear market or a bull market when valuations are rich using traditional valuation criteria as now.  

I have now turned off dividend reinvestment for almost all owned stocks and have been profitably selling shares purchased with dividends. Those trading strategies are part of the ongoing capital preservation plan.    

Recently, I have been buying some beaten-down high flyers using the small ball trading technique. Those stocks do not pay dividends. My monetary exposure is meaningless to me. 

The focus remains on mitigating risk and generating income, while still maintaining a relatively small stock allocation. 

A. Started RIGL in Schwab Taxable-Bought 10 at $3.27; 5 at $3.12:

I also bought 10 in my Vanguard taxable account. 

Quote: Rigel Pharmaceuticals Inc.

Closing Price 5/7/21: RIGL $3.38  +$0.1200 +3.68% 

Website: Rigel Pharmaceuticals

Rigel SEC Filings 

I discussed this purchase in a 3/13/20 comment. 

I still own 100 shares bought at $1.71. Item # 5.A. Bought 100 RIGL at $1.71 (10/2/2019 Post)

Investment Category: Lottery Ticket Basket

I decided to buy a few more shares based on these developments:

Positive Topline Data Shows Fostamatinib Meets Primary Endpoint of Safety in Phase 2 Clinical Trial in Hospitalized Patients with COVID-19

Rigel Announces Closing of Strategic Collaboration with Lilly

Excluding collaboration payments, operating results will likely remain negative for some time. 

5-year operating results: 

2020 Annual Report Note that the share count is exploding higher. "During the year ended December 31, 2020, net product sales of TAVALISSE was $61.7 million which represented a year over year increase of 41%. This was primarily due to improved persistency of therapy among patients on TAVALISSE, the continued uptake and use of the product in steroid refractory patients, and to a lesser extent, annual price increase of our drug." Page 75 

The agreement with Lilly is described starting at page 125. 

CNS = Central Nervous System

Eli Lilly to Codevelop Inhibitors for Neurodegenerative Diseases This article contains a more detailed discussion. 

Pipeline- Rigel Pharmaceuticals, Inc. (RIGL)

Rigel recently received the $125M upfront payment from Lilly. Rigel Announces Closing of Strategic Collaboration with Lilly

Drugs: 

Lilly will commence a Phase 2 study of R552 later this year, so the drug is a long way off from being approved by the FDA. A good chunk of the $125M received by Rigel will be used to finance its shares of the ongoing trials.  

Last Earnings Report (2/31/21): Released after purchase. 

Rigel Reports First Quarter 2021 Financial Results and Provides Business Update

Net Income: $39.5M or $.22 per diluted share. 

Revenues included only $12.4M in TAVALISSE net product sales.

Contract Revenues = $65.642M

Government Contract Revenues = $3M

Of the contract revenues, $60.6M was related to the license agreement with Lilly. 

 

TAVALISSE revenues in the 2020 4th quarter were reported at $17.8M. Rigel Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Business Update

I am attributing the stock's price weakness to disappointing TAVALISSE sales that are undermining other positive news items. The decline in revenues may be related, at least in part, to the pandemic's resurgence during the first quarter.    

Sell Discussions: Item # 2.E. Sold 50 RIGL at $3.06 (12/25/20 Post)(profit snapshot = $9.05); South Gent's Comment Blog # 4 (sold 150 RIGL at $2.93 that was bought at $2.15; profit = $109.24)

Given the dicey nature of this stock, I will keep my total monetary exposure near my prior realized gains so that I am playing mostly with the house's money. 

RIGL Realized Gains to Date = $118.28

B. Bought 1 IBB at $148.75: 

Quote: IBB | iShares Nasdaq Biotechnology ETF Overview | MarketWatch

Closing Price 5/7/21: IBB $149.71 +$1.31 +0.88% 

Sponsor's Website: iShares Nasdaq Biotechnology ETF | IBB

Expense Ratio: .46%

Top Ten Holdings as of 4/30/21: 

Morningstar Rating: 3 stars

C. Started GRX in Schwab Taxable-Bought 10 at $12.68: 

Quote: Gabelli Healthcare & Wellness Trust Overview - A CEF

Closing Price 5/7: GRX $13.30  +$0.06 +0.45% 

SEC Filings

Last SEC Filed Shareholder Report (period ending 12/31/20)

Sponsor's Website: GAMCO

Top 10 Holdings as of 3/3120: 

Data Date of 4/13/21 Trade: 

Closing Net Asset Value Per Share: $14.54

Closing Market Price: $12.67

Discount: -12.46%

Sourced: GRX CEF Connect 

Prior Discussion: Item # 1.H. Started GRX in Fidelity Taxable Account-Bought 10 at $12.27; 10 at $12.14 (2/27/21 Post) 

Dividend: Quarterly at $.15 per share

Yield at $12.68 = 4.73%

D. Eliminated EXC-Sold  4 EXC at $45.28 and 3 at $45.22 (Small ball positions in Vanguard and Schwab taxable accounts respectively) : 

Quote:  Exelon Corp - a Utility holding company

EXC Analyst Estimates | MarketWatch

EXC SEC Filings

Investor Relations | Exelon Corporation

2020 Annual Report

Last Discussed: Item # 1.G. Bought 2 EXC at $35.72; 1 at $35; 1 at $34.35  (10/10/20 Post) 

Profit Snapshots:  +$70.71

Dividend: Quarterly at $.3825 per share

Dividends | Exelon Corporation

Next Ex-Dividend: 5/13/21   

Exelon Reports Fourth Quarter and Full Year 2020 Results And Initiates 2021 Financial Outlook

Exelon To Separate Its Utility And Competitive Energy Businesses Into Two Industry-Leading Companies

E. Bought 10 CDUAF at $27.36: 

Quote Canadian Utilities Limited (CDUAF) 

See Item # 1 above. 

Ex Dividend: 5/5/21 (after purchase)

Closing Price 5/7: US$28.79 +$0.40 +1.41% 

This security is the USD-priced shares of Canadian Utilities that trade on the U.S. pink sheet exchange. 

The price will reflect the CAD-priced ordinary shares traded in Toronto converted into USDs.  

Over the past year, the CAD has been gaining in value against the USD. Chart  Canadian Dollar to US Dollar That would result in the USD priced shares outperforming the CAD priced shares traded in Toronto over the past year and would also increase the dividend yield for a CDUAF owner who purchased the stock last May. 

CDUAF in green +24.58; CU:CA in blue +8.21%

The Canadian dollar may be overextended so I bought only 10 CDUAF shares. 

5-year chart: 

F. Bought 5 MAXN at $19.2; 5 at $18; 5 at $17.3; 5 at $15.73 - Schwab Taxable: 

Average cost per share = $17.56

Quote:  Maxeon Solar Technologies Ltd. 

MAXN Analyst Estimates | MarketWatch (Using the consensus estimates, losses are expected through 2023 but the loss per share is projected to trend down)

SunPower and Maxeon Solar Technologies Close Spin-Off Transaction - Aug 27, 2020

SEC Filings (foreign company)

2020 Annual Report Products are described starting at page 46. 

Investment Category: Lottery Ticket Basket 

"Maxeon designs, manufactures and sells SunPower® brand solar panels in more than 100 countries, operating the SunPower brand worldwide except the United States and Canada. The Company is a leader in solar innovation with access to over 900 patents and two best-in-class solar panel product lines. With operations in Africa, Asia, Oceania, Europe and Mexico, Maxeon's products span the global rooftop and solar power plant markets through a network of more than 1,100 trusted partners and distributors." 

My share purchases were made in response to the decline precipitated by a stock offering: 

Closing Price 5/15/21: MAXN $19.31 -$3.57 -15.60% 

The market cap before this offering was less than $1B. The company offered to sell $125M worth of common stock, plus a standard greenshoe, and there was, in addition, a private placement of 1.87M shares. Maxeon Announces Pricing of Public Offering of Ordinary Shares That is a lot of stock to sell for a relatively small company. The offering price was $18. 

Prospectus (see page -16 regarding the anticipated use of proceeds)

The underwriters exercised the full greenshoe option. SEC Filing

SC 13D/A filed by 25.1% owner

3 Year Financials: Ugly

Sourced: Page 67 of the 2020 Annual Report 

Chart: Starts in August 2020, a major bear trend started in February 2021 with no discernible bottom yet, though some support can be seen near $16 where the uptrend commenced last November.    

Last Earnings Report (F/Q 1/3/21): Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2020 Financial Results or SEC Filing 

E.P.S. = $.11

Net Income = $3.458M

E.P.S. F/Y ending 1/3/21 = -1.51

I do not have access to any brokerage reports. I noted a headline news item that Raymond James on 5/6/21 raised MAXN to strong buy from outperform and adjusted the price target to $45 from $33. 

Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain. 

I have no expertise in assessing solar technologies. This purchase is based simply on a theme that solar power generation will continue to experience exponential growth. U.S. solar industry posted record growth in 2020 despite Covid, report finds 

G. Pared BHB-Sold 3+ at $30.98:

Quote: Bar Harbor Bankshares (BHB)

BHB SEC Filings

Stock Information as of 5/7/21: 

Investment Category: Regional Bank Basket Strategy

Last Buy Discussions:  Item # 1.D. Added to BHB-Bought 2 at $22.75; 5 at $21.5 (2/20/21 Post); Item # 2.D. Added to BHB-Bought 5 at $17.5; 5 at $14; 2 at $13.8; 2 at $13.5 (5/2/2020 Post)

Profit Snapshot: +$37.92 (4/16/21 sell only)

New Average Cost After Pare this account: $19.49 (47 shares)

Snapshot Intraday 4/16/21 after pare

Dividend: BHB raised its quarterly dividend to $.24 per share from $.22 effective for the 2021 second quarter payment. 

I have turned off dividend reinvestment and have now eliminated shares bought with dividends.  

Yield after Pare (at $.96 annually) = 4.93% 

Next Ex-Dividend: 5/17/21

5 Year Financials: The charge-off ratio is excellent. NIM rose in 2020 compared to 2019. 

Sourced from 2020 Annual Report at pages 30-31 

Securities Available for sale as of 12/31/20 (Page 72): 

Properties as of 12/31/20: 

1 Year Chart: Chop Channel Pattern between $28 to $32 starting in March 2021

Last Earnings Report (Q/E 3/31/21): There are no analyst estimates.

SEC Filed Press Release 

"Net income in the first quarter 2021 was $9.5 million, or $0.63 per share, compared to $7.7 million, or $0.50 per share in the same quarter of 2020.  For the same periods, core earnings (non-GAAP) were $10.2 million, or $0.68 per share, compared to $7.8 million, or $0.50 per share.  Non-core charges (non-GAAP) in the first quarter 2021 included a reduction in workforce charges totaling $900 thousand, or $0.05 per share."

Sell Discussions: Item # 1.I. Pared BHB-Sold 10 at $28.5 and 5 at $30.5-highest cost lots (3/20/21 Post); Item # 3.A. Pared BHB-Sold 40 at $24.48-highest cost lots in Fidelity taxable account (12/5/20 Post); Item # 3.B. Eliminated BHB-Sold 54+ Shares at $26.34 (5/18/19 Post); Item # 1.A. Sold 100 BHB at $30.69-Used Commission Free Trade (7/15/18 Post); Item # 1.A. Sold 50 BHB at $30.02 (5/21/18 Post); Item # 1. A. Sold 30 BHB at $29.42 (3/25/18 Post); Sold 100 BHB Update For Regional Bank Basket Strategy As Of 5/6/2016 - South Gent | Seeking Alpha

BHB Realized Gains to Date: $4,388.09 This is my largest total among regional bank stocks. 

H. Pared IRM in Fidelity Taxable Again-Sold 2.1 at $38.47 and 5 at 41.36: 

IRM Position this Account Before Both Pares-Snapshot Intraday on 4/19/21: 

Quote: Iron Mountain Inc (IRM)

Closing Price 5/7: IRM $41.30 -$0.35 -0.84% 

SEC Filings

2020 IRM Annual Report

Website: Iron Mountain Inc (IRM)

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Profit Snapshot: $80.07  (4/19/21 and 5/6 sales only)

New Average Cost per share this account:  $24.93  (25 shares )

Snapshot Intraday 5/6/21 after second pare

Dividend: Quarterly at $.6185  ($2.47 annually rounded)

Dividend reinvestment has been turned off. All shares purchased with dividends have already been profitably sold.

Yield at $24.93: 9.91%

Last Ex-Dividend: 3/12/21

5 Year Chart: 

Last Earnings Report (3/31/21):  Released before the open on 5/6/21. I sold the five share lot on 5/6. 

Iron Mountain (IRM) Reports First Quarter Results  

AFFO per share = $.81 with Zach's consensus at $.64. Iron Mountain (IRM) Beats Q1 FFO Estimates, Hikes '21 View | Nasdaq (discusses report)

AFFO = $235.4M; 

revenues = $1.082B; 

2021 guidance = AFFO per share between $3.28 and $3.45, up from $3.25-$3.42) 

I. Pared IBM-Sold 1.308 at $132.95; 1 at $136.7; 1.215 at $138.41; 1 at $140.13;  4  at $145 and .418 at $148.01: 

Regular Hours Trade 4/19/21

After Hours Trade 4/19/21 

I can not trade fractional shares after hours. 

I continued paring into the post-earnings price rise. 

Quote: International Business Machines Corp.

IBM SEC Filings

IBM Investor relations

IBM Analyst Estimates | MarketWatch

I sold the highest cost lots. I will probably eliminate the position somewhere in the $155 to $160 range. 

Last Buy Discussions: Item # 2.G. Added 1 IBM at $95, 1 at $100; 1 at $102.75; 1 at $105.5; 1 at $92 (5/2/2020); Item # 1.C. Added 1 IBM at $116.16 (8/8/20 Post);  Item # 1.A. Bought 1 IBM at $108.48 (1/23/19 Post)

Investment Category: Bond Substitute

When a stock is so categorized, the goal is to harvest the dividends and to earn at least a 2% annualized capital gain when selling the shares.  

Profit Snapshot: +$31.21 

New Average Cost Per Share = $108.27  (10 shares)

Snapshot Intraday 5/6/21 after last pare

I can not generate any enthusiasm for IBM. 

Dividend: Quarterly at $1.63 per share ($6.52 annually)

International Business Machines Corporation Common Stock (IBM) Dividend History | Nasdaq

I have turned off dividend reinvestment. 

Yield at New AC = 6.02%

Last Ex-Dividend: Yesterday, 5/7/21

Last Earnings Report (Q/E 3/31/21): IBM Reports 2021 First-Quarter Results 

Operating E.P.S. at $1.77, consensus at $1.632 according to Fidelity;  

GAAP E.P.S. from continuing operations = $1.06;

"Revenue of $17.7 billion, up 1 percent (down 2 percent adjusting for currency); 

Total cloud revenue of $6.5 billion, up 21 percent (up 18 percent adjusting for divested businesses and currency); 

net cash from operating activities of $4.9 billion, up $0.4 billion; adjusted free cash flow of $2.2 billion, up $0.8 billion; 

Debt reduced by $5.1 billion since year-end 2020" 

Last Sell Discussion: Item # 1.B. Sold 2 IBM at $155.40 (2/16/20 Post)

IBM promises better speed and battery life with nanosheets chip tech - CNET

J. Sold All LGI Fractional Shares Purchased with Dividends: 

Quote: Lazard Global Total Return & Income Fund Overview - A CEF

LGI SEC Filings 

SEC Filed 2020 Annual Report 

Leveraged: Yes, see pages 31-32 of the Annual Report (currently low cost at a .9% spread to the federal funds rate, 30-day Libor,  or overnight Libor) 

Profit Snapshot: $1.34 for .776 of a share

New AC after pare = $14.85 (25 shares)

Snapshot Intraday 4/20/21 after pare

Last Discussed: Item # 2.E. Added to LGI-Bought 5 at $14.77 (11/28/20 Post) Item # 1.K. Bought 10 LGI at $15.18 (8/15/20 Post)

Dividend: Monthly at $.1151 per share ($1.38 annually rounded)

I have turned off dividend reinvestment.  

The dividend has heavy ROC support. The fund has capital loss carryforwards (see pages 25-26 of the 2020 Annual Report). 

Yield at AC = 9.3%

Top 10 Holdings as of 12/31/20: 

Top 10 Holding as of 3/31/20:

Note the significant holdings in emerging market currency debt. 

Data Date of 4/20/21 Trade: 

Closing Net Asset Value Per Share: $20.87

Closing Market Price: $19.86

Discount: -4.21%

Average 5 Year Discount = -10.36%

Sourced: LGI- CEF Connect (click "Pricing Information" tab)

Goal: Total return before ROC adjustments to the tax cost basis in excess of the dividend payments. 

K. Added to SU in Vanguard Taxable Account-Bought 2 at $20.93: 

Recent History this account: 

Average Cost per share in this account = $14.94 (8 shares)

Quote: Suncor Energy Inc. (SU) 

Suncor's primary attraction IMO is its long-lived petroleum resource basin in Canada's Athabasca oil sands. Suncor Energy Inc. Profile | Reuters; Oil Sands – About Us | Suncor

See Also: Exploration and Production | Suncor

SU Analyst Estimates | MarketWatch

2020 Annual Report 

5 Year Chart: 

Dividends: Quarterly at C$.21 per share, slashed from C$.465 effective for the 2020 second quarter payment. Under the circumstances, the slash was appropriate IMO.  

Dividends – Stock Information | Suncor

Suncor Energy declares dividend

The yield will depend on the CAD/USD conversion rates. If I assumed for purposes of illustration only that the CAD/USD would be at .80  forever, which is, of course, a ridiculous assumption, the dividend yield at a C$.84  annual rate and a $14.94 cost per share would be  (.8 x C$.84 = US$.672 ÷ $14.94 per share cost = 4.5%)

Next Ex-Dividend Date: 6/3/21

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

All amounts are in Canadian Dollars. 

FFO of $2.11B or $1.39 per share which included an 8 cent impairment charge

Operating earnings of $746M or $.49 per share which included a FIFO inventory valuation gain of $374M after tax 

"Net earnings" of $.54 per share or $821M.  

Upstream production increased to 765,000 barrels of oil equivalent per day

Oil sands operating costs per barrel decreased by 20% to $23.3.   

Suncor Energy (SU) Q1 2021 Earnings Call Transcript | The Motley Fool

Reduced debt with free cash flow by $1.1B. 

Last Elimination: Item # 2 Sold 50 SU at $40.95 (8/16/14 Post)(profit snapshot = $598.08) 

2014 marked the beginning of a long-term bear market for most E & P stocks. The bear trend accelerated last year due to decreased demand caused by the pandemic. It remains to be seen whether the recent surge in prices is either a cyclical bull market within an ongoing long-term secular bear market trend or the start of a new long-term bull market.  

Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. I am acting solely as a financial journalist focusing on my own investments in this post. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.