News Blog

Southern Company (SO) – analysis

By Todd Johnson on 10-Dec-2012 7:46 am (5 years ago)Analysis,
Quarterly revenue of $5 billion, net income of $976 million, earnings per share of $1.11, dividends of $0.49 per share and a dividend yield of 4.6% Overview Southern Company is one of the largest electricity producers in the US and is ranked 147 on the Fortune 500 list. The company's fully-owned electricity distribution subsidiaries include Alabama Power, Georgia Power, Gulf Power and Mississippi Power, which collectively serve 120,000 square miles in four southeastern states (Alabama, Florida, Georgia and Mississippi).... (more)

KCAP Financial, Inc. (KCAP) – analysis

By Todd Johnson on 6-Dec-2012 7:34 am (5 years ago)Analysis, BDC,
KCAP Financial, Inc., is a business development company (BDC) that has two primary lines of business. Its first line of business, conducted as KCAP Financial, invests in middle market companies by providing them term loans, hybrid securities and in some cases cash for equity. Its second line of business, operated as Katonah Debt Advisors, manages $3.4 billion in assets and invests them in high yield bonds, syndicated loans and other credit securities through collateralized loans obligation funds (CLO funds).... (more)

Alon USA Partners, LP (ALDW) – IPO analysis

By Todd Johnson on 3-Dec-2012 7:18 am (5 years ago)Analysis, IPO, MLP, ,
Alon USA Partners, LP (ALDW) was recently spunoff from its parent, Alon USA Energy, Inc. (NYSE: ALJ). After the spinoff, ALDW plans to distribute $5.20 per unit for fiscal 2013 (which represents a dividend yield of 27% with shares at $18.88 as of November 30, 2012 - more details below).... (more)

Medical Properties Trust, Inc. (MPW) – analysis

By Todd Johnson on 29-Nov-2012 6:39 am (5 years ago)Analysis, REIT,
Overview Medical Properties Trust, Inc. (MPW) is a Real Estate Investment Trust (REIT) that focuses on leasing properties to healthcare providers in the US. MPW is focused on the high growth healthcare segment where hospital and care facilities are far fewer than national demand.... (more)

Murphy Oil Corporation (MUR) – Spinoff analysis

By Todd Johnson on 26-Nov-2012 6:25 am (5 years ago)Analysis, SpinOff,
Overview Murphy Oil Corporation (MUR) has roots that go back to 1907 when it was in the banking and lumber business but forayed into oil exploration and production as it was ramping up in Louisiana in the early 20th century. Through the years, oil (exploration, production, refining, marketing and sales) became a significant contributor to revenue. In 1996, the company spun-off its farm, timber and real-estate operations to shareholders as Deltic Timber Corporation (DEL).... (more)

Government Properties Income Trust (GOV) – analysis

By Todd Johnson on 19-Nov-2012 5:57 am (5 years ago)Analysis, REIT,
Government properties income trust is a REIT that primarily invests in office real estate, with 74 properties (approximately 10,000,000 square feet of office space) across 31 states with an estimated market value of $1.7 billion. 60 of its 74 properties are released to the U.S. government at the state and federal levels. The company had its initial public offering in 2009, is rated investment grade, and is a part of the Russell 2000 Index, the MSCI US REIT Index and the S&P SmallCap 600 Index.... (more)

Delek Logistics Partners LP (DKL) – IPO analysis

By Todd Johnson on 11-Nov-2012 5:44 am (5 years ago)Analysis, IPO,
Overview Delek Logistics Partners LP (DKL) is a growth oriented limited partnership with headquarters in Brentwood, Tennessee. The partnership was formed in April 2012 by Delek US Holding, Inc. (DK) to own and operate its crude oil and refined products pipeline and storage assets, and marketing operations. As a result, most of Delek Logistics' revenues come from its parent (Delek) under long-term contracts of 5 to 10 years with minimum volume commitments that virtually guarantee a base level of revenue and profits in the coming years. ... (more)

Magellan Midstream Partners, L.P. (MMP) – analysis

By Todd Johnson on 11-Nov-2012 5:29 am (5 years ago)Analysis,
Magellan was formed as a Delaware limited partnership in August 2000 and is managed by its general partner, Magellan GP, LLC. Magellan handles refined petroleum products, liquefied petroleum gases that are byproducts of the crude oil refining process, blended petroleum products, heavy oils and refinery feedstocks, crude oil and condensate, and biofuels such as ethanol and biodiesel.... (more)

MPLX L.P. (MPLX) – IPO analyses

By Todd Johnson on 5-Nov-2012 4:49 am (5 years ago)Analysis, IPO, ,
Overview MPLX LP (MPLX) was formed in March 2012 by Marathon Petroleum Corporation (MPC) as a master limited partnership (MLP) and an emerging growth company under the JOBS Act. MPLX is headquartered in Findlay, Ohio. Marathon Petroleum Corporation, in turn, was spun-off from energy giant Marathon Oil Corporation (MRO) in June 2011, with crude oil and refined products' marketing, refining and transportation businesses hived off into MPC which subsequently became an independent public company.... (more)

Apple, Inc. (AAPL) – analysis update

By Todd Johnson on 2-Nov-2012 4:28 am (5 years ago)Analysis,
Financial update - Q4 2012 ended Sep. 29, 2012 Revenue and Earnings Quarterly revenue of $36 billion, up 27% yoy; Net income of $8.2 billion, up 23% from the year-ago quarter on record iPhone and iPad sales FY 2012 full-year revenue of $68.7 billion, net income of $41.7 billion Apple closed-out its fiscal year 2012 with a record fourth quarter. Revenue in the quarter was $36 billion, up 27% from the year ago quarter. Cost of sales was up 28% to $21.6 billion for a gross profit of $14.4 billion, also up 27% with 40% gross margin.... (more)

Bank of America (BAC) – analysis

By Todd Johnson on 29-Oct-2012 11:28 am (5 years ago)Analysis,
I analyze the BAC 3rd quarter numbers intensely. This is not so we can buy BAC shares. The purpose is to determine if we should take a position in the Bank of America Warrants. If we want to purchase the warrants, we must have conviction that BAC shares will trade north of $13.30.... (more)

Seadrill Partners LLC – IPO analysis

By Todd Johnson on 29-Oct-2012 10:37 am (5 years ago)Analysis, IPO,
Seadrill Partners (SDLP) was formed as a limited liability company in June 2012, carved out as a spinoff from Seadrill Limited (SDRL) as a master limited partnership (MLP). The new entity will manage and take partial equity ownership of existing Seadrill Ltd. properties and pay for them with proceeds from Seadrill Partners' initial public offering conducted on October 19, 2012.... (more)

TICC Capital Corp (TICC) – analysis

By Todd Johnson on 22-Oct-2012 12:45 pm (5 years ago)Analysis,
TICC Capital Corp (NASDAQ: TICC) is a business development company (BDC) that provides debt capital to established small and mid-sized private and public US companies in several different industries but mostly in the technology sector. TICC will fund a minimum of $5 million and a maximum of $30 million for up to seven years. This funding comes in the form of loans in the form of senior secured, senior unsecured, subordinated and junior subordinated debt, with some capital payable for preferred stock, common stock or warrants.... (more)

LinnCo LLC (LNCO) – IPO analysis

By Todd Johnson on 22-Oct-2012 11:56 am (5 years ago)Analysis,
LinnCo LLC (LNCO) was formed in April 2012 as a limited liability company and a subsidiary of Linn Energy LLC (LINE) for the sole purpose of purchasing shares of Linn Energy. To raise capital to buy Linn Energy shares, LinnCo recently held its initial public offering (IPO) - on October 12, 2012 - with 30.25 million shares priced at $36.50 per share, and raised $1.1 billion. LinnCo used its IPO proceeds to acquire 13% of Linn Energy units.... (more)

Equinix Inc (EQIX) – analysis

By Todd Johnson on 15-Oct-2012 13:29 pm (5 years ago)Analysis,
Equinix Inc (EQIX) builds and maintains interconnected high-speed data centers across the globe to support the growth in digital communications that is increasingly a supporting pillar of the global information economy. With its Internet exchange servers and network-neutral data centers, Equinix serves enterprises, content companies, system integrators and network service providers. The company currently operates in North America, Europe, Asia-Pacific and South America, and is continually expanding its operations and revamping its products, services and solutions to provide increased efficiency, reliability and scalability for its clients.... (more)

Whitestone (WSR) – IPO analysis

By Todd Johnson on 7-Oct-2012 14:35 pm (5 years ago)Analysis, IPO,
Whitestone REIT (WSR) is a real estate investment trust (REIT) that focuses on acquiring and redeveloping community centered commercial properties (retail, office and business- related) to increase value through renovations, new tenants and higher occupancy. White- stone generates cash for acquisitions through a combination of public share offerings and debt, and revenues through the rents it gets for its various properties.... (more)

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