Another funny thing happened in the past week, just as it seemed the market was waking up to the deteriorating situation. The unlikely stock rally that had been ongoing since the election resumed. Go figure. I still believe this rally is uncalled for, considering the current realities, but a “Santa Claus” rally is not that unusual. Just be ready for the moment when the market discovers that the stocking has nothing in it but a lump of coal.

Meanwhile, my dividend stocks continue to generate cash into my accounts. Stocks on my lists going ex-dividend next week are listed following. The stocks and/or CEFs, ex-dividend dates, and yields, as of Friday’s close, are as indicated below:

McDonalds (MCD), 11/30/2020, 2.76%.

Kellogg Co (K), 11/30/2020, 3.59%.

Coca Cola Co (KO), 11/30/2020, 3.11%.

Realty Income (O), 11/30/2020, 4.46%. O pays monthly.

Safety Insurance Group (SAFT), 11/30/2020, 4.31%.

Kimberly Clark (KMB), 12/03/2020, 3.03%.

Pepsico (PEP), 12/03/2020, 2.83%.

Three notable misses from my recent lists of dividend payers are listed as well. Even though it is too late to buy and get the dividend, my approach to an oversight is “better late than never”.

Lumen Technologies (LUMN), formerly CenturyLink (CTL), 11/27/2020. 9.56%.

Barrick Gold (GOLD), 11/27/2020.19.59%.

Chevron (CVX), 11/17/2020. 5.65%.

Two of the fifteen CEFs I follow will be going ex-dividend next week.

First Trust Intermediate Duration Preferred & Income Fund (FPF), 12/01/2020, 6.76%. FPF pays monthly.

AllianceBernstein Global High Income Fund (AWF), 12/03/2020, 6.97%. AWF also pays monthly.

None of my stocks are scheduled to report this week.

As is typical for a holiday week, there were only a few upgrades/downgrades and so on regarding my stocks last week.

General Electric (GE) was upgraded from Perform to OutPerform at Oppenheimer.

Solar Capital (SLRC) was downgraded from Buy to Neutral at Compass Point.

Annaly Capital Management (NLY) and MFA Financial (MFA) were both initiated at Buy at BTIG Research.

Duke Energy (DUK) was initiated at OutPerform at BMO capital Markets.

Southern Co (SO) was initiated at Market Perform at BMO Capital Markets.

American Electric Power (AEP) was upgraded from Sell to Neutral at Guggenheim.

Enterprise Products Partners (EPD) was upgraded from Peer Perform to OutPerform at Wolfe Research.

Park Hotels (PK) was upgraded from Hold to Buy at Jeffries.

PennantPark Investment (PNNT) was upgraded from Market Perform to OutPerform at Keefe Bruyette.

Kellogg (K) was downgraded from OutPerform to Neutral at Credit Suisse.

Kinder Morgan (KMI) was downgraded from Peer Perform to UnderPerform at Wolfe Research.

Park Hotels (PK) was downgraded from OutPerform to Market Perform at Raymond James.

Phillip Morris (PM) was downgraded from Buy to Neutral at UBS.

The vaccine good news has managed to stop the market slide that seemed to be developing a week or so ago, as the first positive news regarding the pandemic in a while. But with the surge in cases starting to rival the March crisis levels, and considering the time it will take for the vaccines to be approved and distributed sufficiently to have a meaningful effect, it again seems like the stock rally is premature. True, the market is forward-looking, and often gains even as the situation seems to be getting worse, not better, but I have to wonder if the market is too optimistic about where we are and where we are going over the next few months. Regardless, I can’t see adding to positions at these levels, and thus I will await better buy opportunities, which I expect to materialize after the holidays. if not sooner.

JT

A funny thing happened to the stock market “Valhalla” we seemed to be experiencing since the election, funny in the sense of unexpected, not humorous. First, Trump is refusing to concede, with some Republican leaders and most Republican voters believing the election was stolen, with the result being the usually smooth transition to a new administration is not happening. Second, the epidemic is making a major comeback, not just in the US, but worldwide, with the outlook now being for new lock-downs and major economic consequences, and a reversal of economic progress that we had experienced since March, that most had expected to continue. The market is slowly waking up to the mess we are in, and stocks ended the week below where they began it for the first time since the election.

To repeat myself, stocks that pay generous dividends are the best type to own in this uncertain environment. Stocks on my lists going ex-dividend next week are listed following. The stocks and/or CEFs, ex-dividend dates, and yields, as of Friday’s close, are as indicated below:

Johnson & Johnson (JNJ), 11/23/2020, 2.76%.

Wheaton Precious Metals (WPM), 11/24/2020, 1.16%.

Main Street Capital (MAIN), 11/24/2020, 7.90%. MAIN pays monthly.

NextEra Energy (NEE), 11/25/2020, 1.85%. The low yield, especially for a utility, reflects the extreme rise in the stock price over the past several years.

Kraft Heinz Co (KHC), 11/25/2020, 4.96%. The high yield of this famous name reflects the major decline in the stock price over the same time frame, although it has stabilized since early in 2019.

AGNC Investment (AGNC), 11/27/2020, 9.54%. AGNC pays monthly.

Stag Industrial (STAG), 11/27/2020, 4.81%. STAG pays monthly.

Prospect Capital (PSEC), 11/27/2020, 13.66%. PSEC pays monthly. The outsized yield means the market has doubts about the sustainability of this BDC’s dividend.

Brookfield Renewable Partners LP (BEP), 11/27/2020, 3.09%. Unlike most MLPs, BEP’s stock price has rocketed up since early in 2019. The current yield is not enough, in my opinion, to justify the complications of owning an MLP, K-1’s and all that goes into it, at tax time.

McDonalds (MCD), 11/30/2020, 2.41%. This stock is the poster child for my thesis, that no one has ever lost money betting on Americans to continue making terrible food choices.

Safety Insurance Group (SAFT), 11/30/2020, 4.85%.

Realty Income (O), 11/30/2020, 4.59%. O famously, as the “monthly dividend company”, pays monthly.

Kellogg Co (K), 11/30/2020, 3.51%.

Coca Cola Co (KO), 11/30/2020, 3.11%.

None of the fifteen CEFs I follow will be going ex-dividend next week.

Only one of my stocks will be reporting next week, Smucker JM Co (SJM) on 11/24/2020.

Upgrades, downgrades, initiations or resumptions of coverage, and reiterations of ratings, as reported by E*Trade last week on my stocks, were as follows:

Entergy (ETR) was upgraded from Peer Perform to OutPerform at Wolfe Research.

American Electric Power (AEP) was downgraded from OutPerform to Peer Perform at Wolfe Research.

Welltower (WELL) was downgraded from OverWeight to Equal Weight at Wells Fargo.

Verizon (VZ) was resumed at Equal Weight at Wells Fargo.

Occidental Petroleum (OXY) was upgraded from Neutral to Positive at Susquehanna. OXY made an over-priced acquisition at just the wrong time, and their investors paid the price. But OXY may make a comeback, at least in the opinion of Susquehanna.

Nucor (NUE) was downgraded from OverWeight to Sector Weight at KeyBanc.

Chevron (CVX) was upgraded from UnderPerform to Sector Perform at RBC Capital Markets. As the “strongest of the strong” in the beleaguered Oil and Gas Sector, if any company in this group can make a comeback, it will be CVX.  

Prudential Financial (PRU) was initiated at Equal Weight at Barclays.

ONEOK (OKE) was downgraded from Neutral to UnderPerform at Bank of America. OKE sports a double-digit yield, compliments of a stock price decline from the 70’s to the 30’s since the start of 2020. It may be worth a speculation at these levels, but definitely is not a “bet the ranch” candidate.

PennantPark Investment (PNNT) was upgraded from Neutral to Buy at Compass Point.

Brookfield Renewable Partners LP (BEP) was initiated at Neutral at Piper Sandler.

Pfizer (PFE) was resumed at Neutral at Goldman.

Stocks will likely stay in a holding pattern through the holidays, with the caveat that if any major moves do occur, they will likely be to the downside, in response to potential negative events. My advice is to husband cash and await better opportunities before committing new money, the outlook for a pleasant and prosperous 2021 is not all that great.

JT

Stocks posted gains on most major averages four out of five days last week, resulting in another week of gains, as the unexpected post election rally continues. Most prognosticators attribute the rally to Biden winning but the Repubs holding the Senate. The Dems losing seats in the House and the pre-election polls turning out to be far from accurate also helped. Apparently the election delivered the best possible result for investors, our mercurial President gone but the Dems shellacked as well. I don’t necessarily agree, as the Dems “smoke and mirrors” approach to the election, refusing to “show their cards”, thus successfully making it all about Trump, is collapsing as we speak. I have a feeling many people who voted for what they thought was a return to “normalcy” will be regretting their choice after a few months of what is coming, and investors will be questioning whether the result was really as great (for stocks) as they had thought.

Stocks that pay generous dividends are the best type to own in this uncertain environment. Stocks on my lists going ex-dividend next week are listed following. The stocks and/or CEFs, ex-dividend dates, and yields, as of Friday’s close, are as indicated below:

Pitney Bowes (PBI), 11/16/2020, 3.46%. Note that PBI is on my Tier4 list, no longer recommended. PBI has, surprisingly, recovered slightly since the beginning of 2020, and is still paying out.

Horizon Technology Finance (HRZN), 11/17/2020, 9.94%. HRZN pays monthly.

Blackrock Capital Investment (BKCC), 11/17/2020, 17.31%. When the yield gets into the teens, it is usually related to a stock price collapse, and that is the case here. BKCC is also on my Tier4 list. It is still paying out at this point, but the market apparently believes it won’t last.

Gladstone Investment (GAIN), 11/19/2020, 8.91%. GAIN pays monthly.

3M Co (MMM), 11/19/2020, 3.52%.

Hershey Co (HSY), 11/19/2020, 2.09%.

Johnson & Johnson (JNJ), 11/23/2020, 2.72%.

Prudential Financial (PRU), 11/23/2020, 6.20%.

Of the fifteen CEFs I track, five will be going ex-dividend this coming week. All of these CEFs are monthly payers.

Cohen & Steers MLP Income & Energy Opportunity Fund (MIE), 11/17/2020, 9.57%.

Cohen & Steers Quality Income Realty Fund (RQI), 11/17/2020, 8.36%.

CBRE Clarion Global Real Estate Income Fund (IGR), 11/19/2020, 9.51%.

Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY), 11/20/2020, 8.66%.

Miller Howard High Income Equity Fund (HIE), 11/20/2020, 6.92%.

None of my stocks will be reporting next week.

I somehow missed reporting upgrades and downgrades last week, so I’ll report those from the week before last first, then I’ll list those from last week. I present upgrades, downgrades, initiations or resumptions of coverage, and reiterations of ratings, as reported by E*Trade. Note that I present these as being of interest, but not as actionable advice.

Ratings from the week of 11/2/2020 through 11/6/2220:

Covanta Holdings (CVA) was upgraded from Equal Weight to OverWeight at Barclays.

GlaxoSmithKline (GSK) was upgraded from Hold to Buy at Liberum.

Intel (INTC) was upgraded from UnderPerform to Market Perform at Northland Capital.

Hercules Capital (HTGC) was resumed at Market OutPerform at JMP Securitias.

McDonalds (MCD) was reiterated at OutPerform at Telsey Advisory Group.

Royal Dutch Shell (RDS.B) was upgraded from Market Perform to OutPerform at Cowen, and from Equal Weight to OverWeight at Morgan Stanley.

Kimco Realty (KIM) was upgraded from Hold to Buy at Truist.

McDonalds (MCD) was reiterated at OutPerform at RBC Capital.

Verizon (VZ) was upgraded from Neutral to OverWeight at JP Morgan.

Owl Rock Capital (ORCC) was upgraded from Neutral to Buy at Compass Point.

Brookfield Renewable Partners LP (BEP) was downgraded from Buy to Hold at TD Securities.

Owl Rock Capital (ORCC) was upgraded from Neutral to Buy at Ladenburg Thalmann.

Ladder Capital (LADR) was initiated at UnderPerform at Wolfe Research.

Ratings from the week of 11/9/2020 through 11/13/2220:

Tanger Factory Outlet Centers (SKT) was upgraded from Sell to Neutral at Compass Point. SKT was moved to my Tier4 after eliminating the dividend. I own it, and I’m holding on. While the dividend is still suspended, it has recovered a little in November, reporting rent collections better than expected recently.

Royal Dutch Shell (RDS.B) was upgraded from Hold to Buy at HSBC Securities.

Magellan Midstream Partners LP (MMP) was downgraded from Buy to Hold at Argus Research.

Wheaton Precious Metals (WPM) was initiated at Buy at Berenberg.

Apollo Investment (AINV) was upgraded from UnderWeight to OverWeight at Wells Fargo.

Ventas (VTR) and Welltower (WELL) were both upgraded from UnderPerform to Hold at Jeffries. VTR and WELL have been solid healthcare facility stocks for a long time, but both reduced their dividends earlier this year.

Solar Capital (SLRC) was downgraded from OverWeight to Equal Weight at Wells Fargo.

Pfizer was resumed at Market Perform at Bernstein.

Eaton (ETN) was upgraded from Neutral to Buy at Bank of America.

Royal Dutch Shell (RDS.B) was upgraded from Hold to Buy at Berenberg.

Occidental Petroleum (OXY) was downgraded from Neutral to UnderWeight at JP Morgan. The demise of OXY is old news, I wonder what took JP Morgan so long to recognize it. OXY, with a penny per quarter dividend, is on my Tier4 list, for obvious reasons.

Freeport McMoRan (FCX) was initiated at Buy at Goldman. FCX is a precious metals speculation, and has been helped by the Covid crisis. It was moved to my Tier4 list when the dividend was eliminated, but as a major miner, I surmised it would recover, so I didn’t sell my position.

Cisco Systems (CSCO) was upgraded from Neutral to Buy at New Street.

Digital Realty (DLR) was upgraded from Neutral to Buy at Citigroup.

Enterprise Products Partners LP (EPD) was upgraded from InLine to OutPerform at Evercore ISI.

Welltower (WELL) was downgraded from OutPerform to InLine at Evercore ISI.

Walmart (WMT) was reiterated at OutPerform at Telsey Advisory Group.

As per my opening remarks, I believe the “relief rally” is somewhat premature. The Senate staying in Republican hands is not a sure thing, and with the epidemic suddenly surging again after seemingly under control, the economic impacts of the crisis, not really felt yet because of the stimulus and other factors, will be more severe than the market currently reflects. My approach is to take profits here and there while they are available, and be ready for a downturn that I believe is coming In the New Year. 

JT

Stocks rallied last week, confounding the expectations of most market pundits, who had predicted a sell-off if we ended up with a contested election result, which we in fact did. The fact that the polls were wrong, in that the presidential race was close, the Dems lost House seats, and most likely did not capture the Senate, may be the reason. That is, the best of all worlds for stocks is the election result, the Dems’ socialist fantasies are toast, yet the temperature will likely subside with Trump defeated, as the Dems realize they will have to compromise to get anything done, even if Biden wins out, as appears likely. I’m not so sure I agree with the market mood, I’m not singing “Happy Days Are Here Again”, the theme from the Roosevelt campaign of so long ago, as there is much to be concerned about. But no one can deny that the market is in rally mode at the moment. Regardless of whether the rally continues or not, we will see a number of firms on my lists going ex-dividend next week, as indicated following. The firm name, symbol, ex-dividend date, and annualized yield as of Friday’s close, are listed.

Welltower (WELL), 11/9/2020, 4.29%.

American Electric Power (AEP), 11/9/2020, 3.26%.

Healthpeak Properties (PEAK), 11/10/2020, 5.16%.

Entergy (ETR), 11/10/2020, 3.12%.

Exxon Mobil (XOM), 11/10/2020, 10.62%.

Duke Energy (DUK), 11/12/2020, 4.13%.

Emerson Electric (EMR), 11/12/2020, 2.88%.

Enbridge (ENB), 11/12/2020, 8.98%.

GlaxoSmithKline (GSK), 11/12/2020, 5.45%.

Smucker JM Co (SJM), 11/12/2020, 3.09%.

Oxford Square Capital (OXSQ), 11/12/2020, 16.60%. OXSQ pays monthly.

Royal Dutch Shell (RDS.B), 11/12/2020, 5.24%. RDS.B shocked investors by slashing the dividend in half some months ago, but did announce a 4% increase from the new, lower payout, effective with this payment.

United Parcel Service (UPS), 11/12/2020, 2.41%.

Pan American Silver (PAAS), 11/13/2020, 0.54%. PAAS is a silver speculation, not held for the dividend. If I owned it, I would sell now, the stock is at an all-time high.

Southern Co (SO), 11/13/2020, 4.27%.

Exelon (EXC), 11/13/2020, 3.57%.

Of the fifteen CEFs I track, eight will be going ex-dividend this coming week. All of these CEFs are monthly payers.

BlackRock Debt Strategies Fund (DSU), 11/13/2020, 8.70%.

BlackRock Enhanced Equity Dividend Trust (BDJ), 11/13/2020, 8.05%.

Cohen & Steers MLP Income & Energy Opportunity Fund (MIE), 11/17/2020, 10.71%. MLPs are mostly concentrated in the energy sector, which has been punished severely since even before the Covid crisis.

Cohen & Steers Quality Income Realty Fund (RQI), 11/17/2020, 8.59%.

Nuveen Real Asset Income and Growth Fund (JRI), 11/12/2020, 10.23%.

Gabelli Utility Trust (GUT), 11/12/2020, 7.85%.

Gabelli Dividend & Income Trust (GDV), 11/12/2020, 6.92%.

BlackRock Energy and Resources Trust (BGR), 11/13/2020, 11.83%. BGR is another down energy fund.

Earnings season is winding down. Firms on my lists that will be reporting next week are presented below, by reporting date.

11/9/2020

McDonalds (MCD), National health Investors (NHI).

11/12/2020

NGL Energy Partners LP (NGL), Occidental Petroleum (OXY), Wheaton Precious Metals (WPM), Algonquin Power & Utilities (AQN), Cisco Systems (CSCO).

Thus far, the predicted sell-off, triggered by a contested election with recounts and legal filings, has not occurred. With the Senate control still up in the air until probably January, my thinking is the market is having a relief rally somewhat prematurely. I still plan to keep up my watch list and be ready for buying opportunities when presented. Things may remain stable until after the holidays. But there will be plenty of challenges to come in the New Year, which may upend stocks at some point.

JT

Stocks declined four out of five days last week, confirming that October was a significant down month. The main reason seems to be uncertainty over the election and the potential for civil unrest in the aftermath, compounded by a world-wide resurgence of the pandemic, just as it had seemed to be coming under control. It certainly was not caused by a flood of poor earnings reports, which indicated that most firms are holding up fairly well, everything considered.

The first week of November will see a number of firms on my lists going ex-dividend, as indicated following. The firm name, symbol, ex-dividend date, and annualized yield as of Friday’s close, are listed.

MPLX LP (MPLX), 11/5/2020, 16.16%. A number of energy partnerships are included in this list, with the outsized yields indicating the severe price declines in this sector. These firms are either doomed, or are destined to be the best bargains ever seen, as far as dividend payers are concerned. Unfortunately, no one knows which it is at this point.

NGL Energy Partners LP (NGL), 11/5/2020, 15.09%.

NuStar Energy LP (NS), 11/5/2020, 15.64%.

Martin Midstream Partners LP (MMLP), 11/5/2020, 1.36%. MMLP is certainly an exception to the outsized yield description, having slashed the dividend to less than a penny per unit several quarters ago. MMLP is on my Tier4 list, no longer recommended, for obvious reasons.

Magellan Midstream Partners LP (MMP), 11/5/2020, 11.57%.

Crestwood Equity Partners LP (CEQP), 11/5/2020, 17.17%.

Energy Transfer LP (ET), 11/5/2020, 11.53%. Note that the yield is after the recently-announced 50% dividend cut. ET has numerous issues related to ongoing projects, and management has finally faced the fact that the market (via the share price decline) was telling management that it was time to hunker down and face the music.  ET remains on my Tier3 list (speculative, but worth a gamble if you are so inclined) for now.

Eaton (ETN), 11/5/2020, 2.80%. ETN’s yield reflects what a solid, safe, blue chip yields these days. Under 3%, but still a multiple of the yield available from high quality bonds or FDIC guaranteed CDs.

Intel (INTC), 11/5/2020, 2.99%. INTC was dropped a few months ago, as the yield was so low I no longer could think of it as a dividend stock. That has changed, with the recent decline bringing the yield up to nearly 3%. I not only reinstated INTC, finding a home for it on my Tier3 list, I bought some Thursday 10/29/2020, and then more on 10/30/2020, as the market pummeled the stock after a disappointing earnings report. I do not believe INTC is going away, although admittedly things look a bit dim at the moment, which is why it is on Tier3.

Hercules Capital (HTGC), 11/6/2020, 11.43%.

Welltower (WELL), 11/9/2020, 4.47%.

American Electric Power (AEP), 11/9/2020, 3.27%.

We really have a two-tier market right now when it comes to dividend stocks, with respectable, in-favor firms yielding under 3%, or even under 2%, while MLPs, Mortgage REITs, BDCs, and some Property REITs sport much higher yields than they have historically, even into double digits in some cases.

Two of the fifteen CEFs I follow will be going ex-dividend on the first trading week in November.

First Trust Intermediate Duration Preferred & Income Fund (FPF), 11/02/2020, 7.13%. FPF pays monthly.

AllianceBernstein Global High Income Fund (AWF), 11/05/2020, 7.62%. AWF also pays monthly.

Earnings season continues into November. Firms on my lists that will be reporting next week are presented below, by reporting date.

11/2/2020

MPLX LP (MPLX), Alliant Energy (LNT), Healthpeak Properties (PEAK), Plains All American Pipeline LP (PAA), Realty Income (O), Spirit Realty Capital (SRC), Williams Cos (WMB).

11/3/2020

Eaton (ETN), Emerson Electric (EMR), Exelon (EXC), Prudential Financial (PRU).

11/4/2020

Energy Transfer LP (ET), Owl Rock Capital (ORCC), Pan American Silver (PAAS).

11/5/2020

Barrick Gold (GOLD), Duke Energy (DUK), Iron Mountain (IRM), Kimco Realty (KIM), NuStar Energy LP (NS), Apollo Investment (AINV), B & G Foods (BGS), Main Street Capital (MAIN), Park Hotels (PK), STAG Industrial (STAG).

11/6/2020

Enbridge (ENB), Hershey Co (HSY), Ventas (VTR).

Upgrades, downgrades, initiations or resumptions of coverage, and reiterations of ratings, as reported by E*Trade last week on my stocks, were as follows:

Crown Castle International (CCI) was upgraded from Market Perform to OutPerform at Raymond James.

Owl Rock Capital (ORCC) was upgraded from Market Perform to OutPerform at Keefe Bruyette.

Exelon (EXC) was downgraded from Buy to Neutral at Guggenheim.

United Parcel Service (UPS) was upgraded from Neutral to Buy at UBS.

Ares Capital (ARCC) was upgraded from Neutral to Buy at Janney Capital.

Diebold Nixdorf (DBD) was resumed at Neutral at JP Morgan. DBD remains on my Tier4 list. With the dividend seemingly suspended permanently, there is no reason to own this stock.

Intel (INTC) was reiterated at UnderPerform at RBC Capital. Kick ‘em when they’re down, I guess.

Eni SpA (E) was upgraded from Hold to Buy at Societe Generale.

Royal Dutch Shell (RDS.B) was upgraded from UnderWeight to Equal Weight at Barclays.

Kraft Heinz (KHC) was upgraded from Neutral to Buy at Guggenheim.

Well, Election Day is finally here, day after tomorrow. It will be interesting, to say the least, to learn which predictions and polls were right, and which were wrong. Of course, if it is close, we may not find out the answer for weeks. If that happens, and stocks react negatively, it may be the best buy opportunity seen since mid-March of this year, as the Covid-19 reached a peak. Now more than ever, my advice is to have some dry powder ready (investible cash), a stock watch list defined, and pay attention to what stocks are doing, and be ready to act if opportunities appear.

JT

Stocks again fluctuated up and down last week, with the end result being modest losses on most of the major averages, the exception being the New York Composite Index, which ended the week slightly ahead of where it finished a week earlier. Earnings season is now well under way, and the reaction of the market to reports, good or not so good, can cause volatility to be higher than usual.

Stocks on my lists going ex-dividend next week are listed following. There are more than shown the past couple of weeks. The stocks and/or CEFs, ex-dividend dates, and yields, as of Friday’s close, are as indicated below:

Main Street Capital (MAIN), 10/28/2020, 8.19%. MAIN pays monthly.

AGNC Investment (AGNC), 10/29/2020, 10.30%. AGNC also pays monthly.

Enterprise Products Partners LP (EPD), 10/29/2020, 10.11%.

Plains All American Pipeline LP (PAA), 10/29/2020, 10.56%.

Hoegh LNG Partners LP (HMLP), 10/29/2020, 13.56%.

Alliant Energy (LNT), 10/29/2020, 2.68%.

STAG Industrial (STAG), 10/29/2020, 4.40%. STAG pays monthly.

Unilever (UL), 10/29/2020, 2.97%.

Realty Income (O), 10/30/2020, 4.67%. O pays monthly.

ONEOK (OKE), 10/30/2020, 12.24%.

Kinder Morgan (KMI), 10/30/2020, 8.22%.

Omega Healthcare Investors (OHI), 10/30/2020, 8.84%.

Paychex (PAYX), 10/30/2020, 2.92%.

One of the fifteen CEFs I follow will be going ex-dividend on the first trading day of November, and another likely will as well, either then or a day or two later.

First Trust Intermediate Duration Preferred & Income Fund (FPF), 11/02/2020, 7.03%. FPF pays monthly.

AllianceBernstein Global High Income Fund (AWF) has not announced yet, but the expected ex-dividend date is also 11/02/2020, or shortly after. AWF yields 7.51%, and pays monthly.

Earnings season is now well under way. Firms on my lists that will be reporting next week are presented below, by reporting date.

10/26/2020

AGNC Investment (AGNC), PotlatchDeltic (PCH).

10/27/2020

3M Co (MMM), Ares Capital (ARCC), Crestwood Equity Partners LP (CEQP), Pfizer (PFE), ONEOK (OKE).

10/28/2020

Diebold Nixdorf (DBD), Entergy (ETR), Enterprise Products Partners LP (EPD), General Electric (GE), United Parcel Service (UPS), Annaly Capital Management (NLY), Mid-America Apartment Communities (MAA), Welltower (WELL). Note that DBD and GE are on my Tier4 list, no longer recommended. DBD has suspended their dividend, and GE pays a whopping penny per share per quarter.

10/29/2020

Kellogg (K), Medical Properties Trust (MPW), Newmont Mining (NEM), Royal Dutch Shell (RDS.B), Sanofi (SNY), Southern Co (SO), B&G Foods (BGS), Covanta Holding (CVA), Digital Realty Trust (DLR), Hercules Capital (HTGC), Omega Healthcare Investors (OMI), Washington Real Estate Investment Trust (WRE).

10/30/2020

Altria (MO), Chevron (CVX), Colgate Palmolive (CL), Exxon Mobil (XOM), Magellan Midstream Partners LP (MMP), Pitney Bowes (PBI), Public Services Enterprise Group (PEG).

Upgrades, downgrades, initiations or resumptions of coverage, and reiterations of ratings, as reported by E*Trade last week on my stocks, were as follows:

Kimco Realty (KIM) was upgraded from UnderPerform to Inline at Evercore ISI.

Unilever (UL) was resumed at Buy at Deutsche Bank.

Hershey Co (HSY) was initiated at Buy at Citigroup.

AT&T (T) and Verizon (VZ) were both initiated at Peer Perform at Wolfe Research. I guess Wolfe doesn’t want to play favorites between these two telecom giants.

Chevron (CVX) was resumed at OutPerform at Credit Suisse.

Brookfield Renewable Partners LP (BEP) was resumed at Neutral at Credit Suisse.

Occidental Petroleum (OXY) was downgraded from Buy to Hold at Truist.

Enterprise Products Partners LP (EPD) was initiated at Equal Weight at Capital One.

MPLX LP (MPLX) was initiated at OutPerform at Wolfe Research.

Getty Realty (GTY) was upgraded from UnderWeight to Neutral at JP Morgan.

Intel (INTC) was downgraded from Neutral to UnderPerform at Bank of America. I dropped INTC some time ago because of too low of a yield. But INTC laid an egg Friday, dropping $6 on a disappointing earnings report. If it drops further, pushing the yield above 3%, I will reinstate INTC to my Tier2 list. I don’t believe INTC is going away anytime soon, and a tech stock with a decent yield would be good to add to a diversified dividend portfolio.

Phillip Morris (PM) was downgraded from Buy to Hold at Argus.

AT&T (T) was reiterated at Neutral at Credit Suisse.

Intel (INTC) was reiterated at Market Perform at Cowen. 

The markets will likely fluctuate in place until after the election. My personal opinion is the market is taking the prospect of a Democrat sweep too lightly, based upon the stated goals of the Democrat Party. The Wall Street consensus seems to be that it doesn’t matter who wins, stocks will do well in 2021. Either way, like most Americans, I’ll be glad when the election is over, I’m sick and tired of it all.

JT