GENESIS UPS BUT COPANO HOLDS!
Distribution announcements continue to roll out here and Genesis (GEL) is the next on the list to up the payout. This is the 18th consecutive quarterly increase. Copano (CPNO) had a nice run up recently and they maintain their payout although the company says its see the possibility for volume growth as the outlook has improved. That's it for headlines this morning.
Not much else happening this morning as stocks are a little soft. Crdue is flat. Nat gas is a touch higher as inventory numbers loom later today. MLPS had one of those one day sharp sell offs that got reversed for the most part by days end. We finished the day down 1 after being down nearly 5 intra day. This seems to happen once a month around options expiration. Im not exactly sure why. Perhaps its some of the funds like Tortoise (TYG,TYY) or Kayne Energy (KYN) or Energy Income and Growth (FEN) doing some sort of rebalancing around this time. Im not sure. In this uptrend the one day drops seem to get undone in short order and so far have been nothing more than short term buying opportunities. Still looking to 300 as the next major upside wall.
joseph cioffi's Source Page - Associated Content
2 comments:
Joe,
Speaking of KYN, it is getting absolutely crushed today (- 6.29%)on news of a new stock offering. The trading volume is unbelievable.
Kayne Anderson MLP Investment Company Prices Public Follow-On Offering of Common Stock
HOUSTON--(BUSINESS WIRE)--Kayne Anderson MLP Investment Company (the “Company”) (NYSE: KYN) announced today the pricing of a public offering of common stock. The Company agreed to sell a total of 5,500,000 shares at a price of $23.61 per share (exclusive of 825,000 shares that the underwriters may purchase pursuant to a 45-day option to cover over-allotments). Net proceeds from the offering of approximately $124 million will be used to make additional portfolio investments that are consistent with the Company’s investment objective and for general corporate purposes. The offering is scheduled to close on January 20, 2010.
UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., and Morgan Stanley & Co. Incorporated are acting as joint book-running managers for the equity offering. A copy of the prospectus supplement and base prospectus relating to the offering may be obtained from the following addresses:
Max these offerings at least in the last several months or more have been very good buying opportunities for those specific issues. There is a whole slew of them where you could have bought the offering and be nicely ahead.
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