| | | Below are my trades done for the period 6/23/2014 through 7/25/2014
BUYs
Achaogen, Inc. (NasdaqGM: AKAO) - Added to small position
Anavex Life Sciences Corp. (OTC Markets: AVXL) - Started small spec position
Acasti Pharma Inc. (NasdaqCM: ACST) - doubled up previous small position
CVR Partners, LP (NYSE: UAN) - added 25% to current position w/ proceeds from OCIP sale
Compressco Partners, L.P. (NasdaqGS: GSJK) - Started new position 1.2% portfolio size
Deep Sea Supply Plc (OTC Markets: DSSPF) - started new position
Goldfield Corp. (NYSE MKT: GV) - added 1/3 position from shares sold at high level
Magnum Hunter Resources (NYSE MKT: MHR-PD) - used to park money in taxable account
Physicians Realty Trust (NYSE: DOC) - small add in IRA
SeaDrill Limited (NYSE: SDRL) - Two small adds (1) in ROTH and (2) in taxable account
TAL International Group, Inc. (NYSE: TAL) - Started a 1.1% portfolio position
TETRA Technologies, Inc. (NYSE: TTI) - started new position (a 0.3% portfolio position)
World Point Terminals, LP (NYSE: WPT) - added 25% to current position
WPT Industrial Real Estate Investment Trust (OTC Markets: WPTIF) - New position in IRA
Sells
Aurcana Corporation (OTC Markets: AUNFF)- peeled off high priced shares, booked loss
CoreSite Realty Corp Pfd (COR-PA)- closed out position for gain; proceeds used as source of funds
Energy Recovery, Inc. (NasdaqGS: ERII)-closed out position for small gain, will re-enter at lower price
Enerplus Corporation (NYSE: ERF)- closed out position; booked 63% lt capital gain
Enzymotec Ltd. (NasdaqGS: ENZY) - peeled off 25% of high priced shares - booked loss
Intel Corporation (NasdaqGS: INTC)- peeled off 20% of shares- booked 49.54% gain
International Barrier Technology Inc. (OTC Markets: IBTGF)- sold 50% booked 10% gain
Legacy Reserves LP (NasdaqGS: LGCYO)- closed out position - booked 1% gain w/ one dividend
Magnum Hunter Res.Corp (NYSE MKT: MHR-PD) - source of funds in ROTH act for SDRL buy - booked 2% gain plus dividends
OCI Partners LP (NYSE: OCIP)- closed out position - booked small loss
Sundance Energy Australia Limited (OTC Markets: SDCJF)- closed out position - booked 30% gain
Tortoise Power and Energy Infra (NYSE: TPZ)- closed out position - booked 34% gain
My value theme is to find companies that can grow their FCF from acquisition, organic growth and/or growth through "niche" sector plays. I continue to invest in the NG infrastructure expansion both within the U.S. and in a few selected countries (Asia, EU & Mexico).
Two recent buys (1) Compressco Partners, L.P. (NasdaqGS: GSJK) and (2) TETRA Technologies, Inc. (NYSE: TTI) provide Midstream MLP's and E&O drillers (both on and offshore) NG compressors, pumps and well head services. See my post on the Income Investing thread for these two companies and their value proposition. GSJK is a MLP that should provide growth and expanding distributions. TETRA Technologies, Inc. (NYSE: TTI) owns a subsidiary division that owns 2% of the GP "distribution incentives" for GSJK, has key ties w/ GSJK's management and provides similar NG infrastructure products & services as GSJK. Mariko Gordon of Daruma Capital Management a well known value investor recently acquired a 7.17% in TTI at an avg price of $11/56/share. TTI has a forward PE of 11.58 and a Graham No. of $10.16/share so for me represents a good value at current prices.
To complement my recent buy of Bolt Technology Corp. (BOLT) a company that develops, manufactures, and sells marine seismic data acquisition equipment and underwater remotely operated robotic vehicles worldwide, I started a position in Deep Sea Supply Plc (OTC Markets: DSSPF) a Fredricksen company that operates as an offshore supply vessel company servicing the huge off shore deep sea platforms. I also did two adds of SeaDrill Limited (NYSE: SDRL) in my ROTH and taxable accounts. The theme here is to cover the deep water platform drilling sector which is currently out of favor and selling at a discount. Both BOLT and DSSPF should have growing revenues in the next 12-24 months as they expand their services to the next generation of deep sea platforms being deployed in Brazil and in the North sea. Both DSSPF ans SDRL enter into long term service contracts that helps maintain strong FCF.
I continue to tap the strong REIT income buying more Physicians Realty Trust (NYSE: DOC), a medical REIT and WPT Industrial Real Estate Investment Trust (OTC Markets: WPTIF), a supplier of industrial warehouse space w/i the U.S.. WPTIF is a Canadian company so stock should be held in an IRA and/or ROTH account to avoid the Canadian foreign tax. Their dividend is paid monthly ($0.0583/month or $0.70/year) and at current prices generates a 7.05% yield. Both companies growth potential and pay nice dividends.
Another company, TAL International Group, Inc. (NYSE: TAL) continues to generate growing FCF from the sales and leasing of their shipping containers. This was one I have had on my buy list for some time as it was selling at/near it's Graham Number value of $42.00/share. I picked up a 1.1% portfolio position at $42.22/share. TAL has a long history of growing their worldwide leasing business even in a slow growth economy. BV continues to grow each year (now at $20.50/share) and their 6.5% dividend is quite safe with a 69% payout ratio.
I had three MLP transactions, closing out OCIP and moving the proceeds into UAN. Both manufacture ammonia fertilizer but OCIP is not covering their distributions and UAN is. UAN also manufactures some additional specialty chemicals and has new technologies to better store their finished product(s) so they are not as susceptible to commodity price changes. I upped my position in World Point Terminals, LP (NYSE: WPT) as they are one of the few MLP's that has no debt and pays a high distribution.
The rest of my small buys are small cap specialty plays. Goldfield Corp. (NYSE MKT: GV) is my value play as they have a very nice order book for their new and growing Utility Service Division but management continues to have troubles controlling their labor costs. Too many one time reoccurring charges due mainly to their recent acquisition and poor controls over their subcontractor expenses. I will give management two more quarters to "fix" these issues or I will sell the position and move on. Stock could be a multi bagger w/ good growth if/when they fix these problems. The other very small buys are bio-tech plays w/ small downside and big upside. I also continue to average down on my Jr. silver miner AUNFF. A new CEO w/ "real" mining experience should help them get their new mine on-line & profitable.
Nothing much in my sells other than closed out my Sundance Energy Australia Limited (OTC Markets: SDCJF) which was a Paul Senior pick. Unfortunately, I sold too soon as it continues to run higher up almost 30% from my sale price.
There are still pockets of growing undervalued plays to be found like what I discovered in TTI and GSJK. The key (at least for me) is to focus on where the FCF is growing and then drill down to see if that growth is sustainable. TTII at a forward PE of 11.5x to me is a bargain if the NG infrastructure service/equipment business can grow as drillers look to make their NG wells producing more efficiently.
EKS |
|
