Stocks declined Friday in a major way, with the headline Dow Industrials Index, the average most familiar to the general public, suffering its largest loss of 2021, over 900 points. While the mainstream financial press implied concerns over the new Covid Omicron variant was responsible, other pundits noted the prospect of the Fed tapering asset purchases and eventually allowing interest rates to rise, just as global growth is slowing and stocks are priced for perfection, implies the market is beginning to face the bitter reality. The Covid variant news was perhaps just the trigger for what occurred.

When capital gains are evaporating, the steady income provided by dividend payers becomes even more attractive. Stocks on my lists going ex-dividend in my “look-ahead” period, the week ahead plus the following Monday, are listed following. The ex-dividend date and current yield, based on Friday’s close, are shown. Assume the dividend is paid quarterly unless otherwise indicated.

AGNC Investment (AGNC), 11/29/2021, 8.98%. AGNC pays monthly.

Barrick Gold (GOLD), 11/29/2021, 1.86%.

STAG Industrial (STAG), 11/29/2021, 3.32%. STAG pays monthly.

Brookfield Renewable Partners LP (BEP), 11/29/2021, 3.34%.

Kellogg (K), 11/30/2021, 3.67%.

McDonalds (MCD), 11/30/2021, 2.15%.

Coca Cola (KO), 11/30/2021, 3.03%.

Realty Income (O), 11/30/2021, 4.18%. O pays monthly.

Safety Insurance Group (SAFT), 11/30/2021, 4.52%.

Pepsico (PEP), 12/02/2021, 2.63%.

Gladstone Investment (GAIN), 12/06/2021, 5.29%. GAIN is a monthly payer.

Two of the sixteen CEFs I track will be going ex-dividend in my “look-ahead” period for this post. Both are monthly payers.

First Trust Intermediate Duration Preferred & Income Fund (FPF), 12/01/2021, 6.17%.

AllianceBernstein Global High Income Fund (AWF), 12/22021, 6.35%.

Only one of my stocks will be reporting next week, Golub Capital (GBDC), on 11/29/2021.

Ratings changes of interest regarding my stocks that came out last week are as follows.

Kimco Realty (KIM) was upgraded from InLine to OutPerform at Evercore ISI, and from Hold to Buy at Stifel.

Ventas (VTR) was downgraded from OutPerform to Neutral at SMBC Nikko.

General Electric (GE) was initiated at Hold at Jeffries, and resumed at OverWeight at Morgan Stanley.                    

Chevron (CVX) was upgraded from Sector Perform to OutPerform at RBC Capital Markets.

That’s it, not much analyst rating activity during a short holiday week.

Whether Friday’s decline signals the start of the long-predicted correction, or just a one-day blip to the downside, it illustrates that we have a fragile market at this time. As I have postulated for some months now, stocks are over-valued by every traditional measure, even as the economy is starting to sputter and inflation is becoming a problem. The significant injections of stimulus into the economy during the Covid crisis, with the Fed juicing the economy more or less constantly since the 2008-2009 financial crisis, may have set us up for a decline of historical magnitude. The Fed has been able to “get away with it” because of long-term trends favoring deflation these past few years. But with inflation now becoming an issue, the Fed will be forced to act if it turns out to NOT be transitory, which is the current Fed stance. The policy conflict between controlling inflation vs propping up the economy and markets will make for great political theater in 2022, as the mid-terms approach and the political divide worsens. To paraphrase some sports enthusiasts, “get your popcorn ready, the show is coming in 2022”. Unfortunately, most (myself included) will not be able to enjoy the fireworks, because we will be directly affected by the twists and turns to come.

JT

The Dow Industrials and New York Composite indexes lost ground last week, while the S&P 500 and NASDAQ indexes gained, but not by much. Overall, it was a down week. Most economic readings show a recovering economy, but prices are continuing to rise, as indicated last week by increases in monthly readings on import and export prices. Crude oil prices declined over the five days, but it remains to be seen whether this will help consumers at the gas pump. The supply chain issues are still with us, as are labor shortages.  

Meanwhile, stocks on my lists going ex-dividend in my “look-ahead” period are listed following. The ex-dividend date and current yield, based on Friday’s close, are shown. Assume the dividend is paid quarterly unless otherwise indicated.

Johnson & Johnson (JNJ), 11/22/2021, 2.60%.

Prudential Financial (PRU), 11/22/2021, 4.32%.

Main Street Capital (MAIN), 11/23/2021, 5.42%. MAIN pays monthly.

NextEra Energy (NEE). 11/24/2021, 1.74%.

Prospect Capital (PSEC), 11/24/2021, 8.03%. PSEC pays monthly.

Vodafone Group PLC (VOD), 11/24/2021, 6.71%. VOD pays semi-annually.

AGNC Investment (AGNC), 11/29/2021, 9.03%. AGNC pays monthly.

Barrick Gold (GOLD), 11/29/2021, 1.78%.

STAG Industrial (STAG), 11/29/2021, 3.39%. STAG pays monthly.

Brookfield Renewable Partners LP (BEP), 11/29/2021, 3.23%.

Only two of the CEFs I track will be going ex-dividend this coming week. Both are monthly payers.

Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY), 11/22/2021, 7.01%.

Miller Howard High Income Equity Fund (HIE), 11/22/2021, 5.55%.

Only one of my stocks will be reporting next week, JM Smucker Co (SJM) on 11/23/2021.

Ratings changes of interest regarding my stocks that came out last week are as follows.

Chevron (CVX) was upgraded from Neutral to Buy at UBS.

Plains All American Pipeline LP (PAA) was upgraded from InLine to OutPerform at Evercore ISI.

Compass Minerals International (CMP) was upgraded from Hold to Buy at Deutsche Bank, and from UnderPerform to Market Perform at BMO Capital.

Freeport-McMoRan (FCX) was initiated at OutPerform at Wolfe Research.

Nucor (NUE) was initiated at Peer Perform at Wolfe Research.

Welltower (WELL) was resumed at OverWeight at Barclays.

Eni SpA (E) was upgraded from UnderWeight to OverWeight at Barclays.

Crestwood Equity Partners LP (CEQP) was upgraded from Equal Weight to OverWeight at Capital One.

PennantPark Investment (PNNT) was upgraded from UnderWeight to Neutral at JP Morgan.

Pfizer (PFE) was initiated at OutPerform at BMO Capital.

The holiday season frequently sees stocks holding up well, with the generally positive vibes sometimes generating a “Santa Claus Rally”. It didn’t start too well last week, however. Probably the main concern for the markets is the inflation readings. The pending reappoint of Fed Chair Powell, or a new Fed Chair, adds another variable for the market to digest. The main concern is when will the Fed “tighten” monetary policy, and by how much. Whenever it comes, the market will likely react by declining. We have been in a zero rate environment for so long, the market may react violently, especially if it is more than what is expected. These elevated stock prices may soon become a fond memory.

JT

Last week, stocks gained on Monday and Friday, and declined or flat lined the other three days, ending up with mixed results for the week, depending upon which stock average you track. Probably the most significant news on the economics front was the PPI and CPI readings, which both exceeded forecasts, indicating inflation is indeed becoming a concern. While the Fed’s official view is that this is ”transitory”, the public is feeling it at the gas pump and in the grocery store, a bad sign for the regime.

Meanwhile, stocks on my lists going ex-dividend in my “look-ahead” period are listed following. The ex-dividend date and current yield, based on Friday’s close, are shown. Assume the dividend is paid quarterly unless otherwise indicated.

Welltower (WELL), 11/15/2021, 2.86%.

Oxford Square Capital (OXSQ), 11/15/2021, 9.55%. OXSQ pays monthly.

Pitney Bowes (PBI), 11/15/2021, 2.50%.

PennantPark Floating Rate Capital (PFLT), 11/16/2021, 8.30%. PFLT is a monthly payer.

Chevron (CVX), 11/17/2021, 4.69%.

Horizon Technology Finance (HRZN), 11/17/2021, 6.77%. HRZN pays monthly.

Gladstone Investment (GAIN), 11/18/2021, 5.44%. GAIN is another monthly payer.

3M Co (MMM), 11/18/2021, 3.22%.

Hershey Co (HSY), 11/18/2021, 2.03%

GlaxoSmithKline (GSK), 11/18/2021, 5.01%.

Pan American Silver (PAAS), 11/19/2021, 1.44%.

United Parcel Service (UPS), 11/19/2021, 1.91%.

Wheaton Precious Metals (WPM), 11/19/2021, 1.35%.

Johnson & Johnson (JNJ), 11/22/2021, 2.57%.

Prudential Financial (PRU), 11/22/2021, 4.15%.

Four of the CEFs I track will be going ex-dividend this coming week. All are monthly payers.

Cohen & Steers Quality Income Realty Fund (RQI), 11/16/2021, 5.63%.

Clarion Global Real Estate Income Fund (IGR), 11/18/2021, 6.44%.

Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY), 11/22/2021, 7.07%.

Miller Howard High Income Equity Fund (HIE), 11/22/2021, 5.48%.

Only two of my stocks are scheduled to report next week, Compass Minerals International (CMP) on 11/15/2021, and Cisco Systems (CSCO) on 11/17/2021.

Ratings changes of interest regarding my stocks that came out last week are as follows.

MFA Financial (MFA) was downgraded from Buy to Neutral at BTIG Research.

Smucker JM Co (SJM) was upgraded from Neutral to Buy at Guggenheim.

National Health Investors (NHI) was upgraded from Equal Weight to OverWeight at Capital One.

Prospect Capital (PSEC) was upgraded from UnderPerform to Market Perform at Raymond James.

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

Nucor (NUE) was downgraded from Buy to Neutral at Citigroup.   

Algonquin Power & Utilities (AQN) was upgraded from Market Perform to OutPerform at BMO Capital Markets.

General Electric (GE) was upgraded from Hold to Buy at Deutsche Bank, and was reiterated at OutPerform at RBC Capital Markets and Wolfe Research, reiterated at Equal Weight at Wolfe Research, reiterated at Buy at UBS, and reiterated at Market Perform at Cowen. All of this ratings activity is related to the firm’s announcement of a plan to break GE up into three new companies.

SLR Investment (SLRC) was downgraded from Buy to Neutral at Compass Point.

Greif (GEF) was downgraded from OutPerform to Market Perform at BMO Capital Markets.

Stocks remain range-bound, but at a very high level. My view is that just about any stock bought at these levels will likely result in a loss in at least the near-term time frame, although if it is a quality firm paying a decent dividend, your chances of eventually breaking even, and then seeing a total return, is still likely. But buying high is a difficult handicap to overcome. An alternative is to start a position with a partial purchase, no more than half the number of shares eventually desired to own, or less, then add to the position upon a decline, reducing the average cost per share. I’ve done that for a couple of high-yielders. The end of commissions makes this a very viable approach, taking two, three, or even four “bites at the apple” to eventually end up with a full position. But mostly I’m just sitting on a higher than usual cash position, awaiting better prices. Each investor has to determine their own strategy. Just be aware of where the market is at, and tailor your strategy accordingly.

JT

Stocks posted a gain over the first week of November. While there was no major move on any given day, the trend was positive over the five days. The major news of the week was the Republican victory in the Virginia gubernatorial election, and better than expected showing in heavily Democratic New Jersey. It appears the market reacted positively to an apparent setback on the road to socialism.

I react positively when stocks on my lists pay dividends. Stocks on my lists going ex-dividend in my “look-ahead” period are listed following. The ex-dividend date and current yield, based on Friday’s close, are shown. Assume the dividend is paid quarterly unless otherwise indicated.

Hercules Capital (HTGC), 11/9/2021, 7.38%.

American Electric Power (AEP), 11/9/2021, 3.67%.

MPLX LP (MPLX), 11/10/2021, 9.09%.

Eaton (ETN), 11/10/2021, 1.77%.

Smucker JM Co (SJM), 11/10/2021, 3.17%.

Exxon Mobil (XOM), 11/10/2021, 5.41%.

Emerson Electric (EMR), 11/10/2021, 2.10%.

Duke Energy (DUK), 11/10/2021, 3.87%.

Royal Dutch Shell (RDS.B), 11/10/2021, 4.30%.

Enbridge (ENB), 11/12/2021, 6.43%.

Entergy (ETR), 11/12/2021, 3.88%.

Southern Co (SO), 11/12/2021, 4.18%.

Exelon (EXC), 11/12/2021, 2.83%.

Welltower (WELL), 11/15/2021, 3.03%.

Seven of the CEFs I track will be going ex-dividend this coming week. All are monthly payers.

PIMCO Corporate & Income Opportunity Fund (PTY), 11/10/2021, 8.25%.

BlackRock Debt Strategies Fund (DSU), 11/12/2021, 6.21%.

BlackRock Enhanced Equity Dividend Trust (BDJ), 11/12/2021, 5.81%.

Nuveen Real Asset Income and Growth Fund (JRI), 11/11/2021, 7.35%.

Gabelli Utility Trust (GUT), 11/12/2021, 7.37%.

Gabelli Dividend & Income Trust (GDV), 11/12/2021, 4.85%.

BlackRock Energy and Resources Trust (BGR), 11/12/2021, 4.46%.

Earnings season is winding down. Stocks on my lists scheduled to report next week are as follows, listed by date.

11/08/2021

Golub Capital (GBDC), National Health Investors (NHI).

11/09/2021

Compass Minerals (CMP), Pan American Silver (PAAS).

11/11/2021

Algonquin Power (AQN).

Several ratings changes of interest regarding my stocks came out last week, as follows.

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

Unilever (UL) was upgraded from UnderPerform to Market Perform at Bernstein.

Exxon Mobil (XOM) was downgraded from Hold to Sell at Truist.

Tanger Factory Outlet Centers (SKT) was upgraded from Neutral to Buy at Compass Point.

Magellan Midstream Partners (MMP) was downgraded from Buy to Neutral at Citigroup.

Eaton (ETN) was reiterated at Buy at Deutsche Bank, at Equal Weight at Barclays and Wells Fargo, at Sector Perform at RBC Capital Markets, and at OutPerform at Credit Suisse.

Monroe Capital (MRCC) was upgraded from Neutral to Buy at B. Riley.

Lumen Technologies (LUMN) was upgraded from Sell to Neutral at Citigroup.

GlaxioSmithKline (GSK) was upgraded from UnderWeight to Equal Weight at Barclays.

NuStar Energy LP (NS) was upgraded from Neutral to Buy at UBS.

Tanger Factory Outlet Centers (SKT) was upgraded from UnderPerform to InLine at Evercore ISI.

B & G Foods (BGS) was downgraded from Neutral to UnderWeight at Piper Sandler.

I notice that I neglected to report ratings changes on my stocks last week, which would be for the final week of October. Better late than never, so here they are.

Enbridge (ENB) was downgraded from OutPerform to Neutral at Credit Suisse.

Royal Dutch Shell (RDS.B) was initiated at Buy at TD Securities.

Intel (INTC) was downgraded from OutPerform to Market Perform at BMO Capital.

Kimberly Clark (KMB) was downgraded from Buy to Hold at Berenberg.

Medical Properties Trust (MPW) was initiated at Sector Perform at Raymond James.

Mid-America Apartment Communities (MAA) was initiated at OverWeight at Piper Sandler.

Medical Properties Trust (MPW) was upgraded from Neutral to Buy at Bank of America.

AGNC Investment (AGNC) was downgraded from OverWeight to Equal Weight at Barclays.

Omega Health Investors (OHI) was downgraded from Neutral to UnderPerform at Bank of America.

United Parcel Service (UPS) was downgraded from Buy to Hold at Loop Capital.

3M Co (MMM) was reiterated at Equal Weight at Wells Fargo and Morgan Stanley, at Sector Perform at RBC Capital Markets, at Hold at Deutsche Bank, and at Neutral at Citigroup.

Texas Instruments (TXN) was reiterated at Hold at Truist, at OverWeight at KeyBanc, and at UnderWeight at Morgan Stanley.

AGNC Investment (AGNC) was downgraded from Market OutPerform to Market Perform at JMP Securities.

McDonalds (MCD) was reiterated at OverWeight at Barclays and KeyBanc, at OutPerform at Credit Suisse, RBC Capital Markets, and Oppenheimer, at Buy at Deutsche Bank and Guggenheim, and at Hold at Stifel.

Altria (MO) was downgraded from OverWeight to Equal Weight at Morgan Stanley.

Annaly Capital Management (NLY) was downgraded from OverWeight to Equal Weight at Barclays.

Hershey Co (HSY) was downgraded from Buy to Neutral at Citigroup.

Plains All American Pipeline LP (PAA) was downgraded from Buy to Neutral at Seaport Research Partners.

Newmont (NEM) was downgraded from Sector OutPerform to Neutral at CIBC.

Hershey Co (HSY) was reiterated at OverWeight at Piper Sandler, at Hold at Deutsche Bank, and at OutPerform at RBC Capital Markets and Credit Suisse.                                               

Nothing has changed in my outlook, for really several months now. By all measures, stocks are currently over-valued, but the near-term outlook is for the market status quo to continue. It is a good time to take profits if you have them, but not a “sell everything and head for the hills” scenario. While cash is earning effectively nothing, many long-time dividend payers are paying the lowest yields in a long while, compliments of extended share prices. I’m holding on to most current positions, having sold about everything I wanted to get rid of, in some cases at prices higher than I thought I would ever see again. I’m certainly not complaining, but I’m satisfied I’m ready for a decline when it comes, with plenty of “dry powder” for when attractive targets appear once again.

JT

Stocks managed to eke out yet another weekly gain for the final week in October, but just barely, as the economic data continues to disappoint, along with just about every other facet of our national life these days.

Stocks on my lists going ex-dividend in my “look-ahead” period are listed following. The ex-dividend date and current yield, based on Friday’s close, are shown. Assume the dividend is paid quarterly unless otherwise indicated.

Realty Income (O), 11/01/2021, 3.87%. O pays monthly.

Martin Midstream Partners LP (MMLP), 11/04/2021, 0.62%. MMLP is on my Tier4 list, not recommended, and is a “poster child” candidate for representing the decline of energy limited partnerships as viable income investments.

Magellan Midstream Partners LP (MMP), 11/04/2021, 8.43%. MMP, on the other hand, is one of the strongest MLPs left standing, and pays holders well for sticking with it.

Crestwood Equity Partners LP (CEQP), 11/04/2021, 8.41%. CEQP is another MLP that is delivering decent returns to unit holders.

Omega Healthcare Investors (OHI), 11/04/2021, 8.80%. This REIT’s high yield may indicate a dividend at risk, if operating results don’t improve soon.

Energy Transfer LP (ET), 11/04/2021, 6.30%. ET is currently on my Tier4 list, compliments of various legal woes. If things turn out well, it will move back to Tier3. If not, it may become a fellow traveler with MMLP. I own it and I’m a “hold” at this time.

Intel (INTC), 11/04/2021, 2.89%. INTC has been in the financial news a lot lately, as a change in direction, to invest more in chip fabrication, was announced some time ago. If things work out, buying INTC in the $40’s will be seen as a great move. If not, it still won’t be a total disaster, as I don’t think INTC is going out of business anytime soon.

Unilever PLC (UL), 11/04/2021, 3.73%.

Pfizer (PFE), 11/04/2021, 3.61%.

NuStar Energy LP (NS), 11/05/2021, 9.75%. I have owned NS since 2011. While the share price has gone from the $50’s to the teens, I’m still ahead, considering cumulative distributions received. But the high yield wasn’t all it seemed at the time, considering the price decline over the last 10 years.

Healthpeak Properties (PEAK), 11/05/2021, 3.32%.  

Two of the sixteen CEFs I track will be going ex-dividend in my “look-ahead” period for this post.

First Trust Intermediate Duration Preferred & Income Fund (FPF), 11/1/2021, 6.02%. FPF pays monthly.

AllianceBernstein Global High Income Fund (AWF), 11/4/2021, 6.31%. AWF also pays monthly.

Earnings season continues unabated. Stocks on my lists scheduled to report next week are as follows, listed by date.

11/01/2021

Realty Income (O), Tanger Factory Outlet Centers (SKT), Williams Cos (WMB).

11/02/2021

Eaton (ETN), Enterprise Products Partners LP (EPD), Magellan Midstream Partners LP (MMP), MPLX LP (MPLX), New Residential Investment (NRZ), Pfizer (PFE), Public Service Enterprise Group (PEG), Healthpeak Properties (PEAK), ONEOK (OKE), Plains All American Pipeline LP (PAA), Prudential Financial (PRU), Spirit Realty Capital (SRC).

11/03/2021

Chimera Investment (CIM), Emerson Electric (EMR), Entergy (ETR), Exelon (EXC), Pitney Bowes (PBI), Compass Minerals International (CMP), Energy Transfer LP (ET), Innovative Industrial Properties (IIPR), Lumen Technologies (LUMN), Owl Rock Capital (ORCC), Park Hotels & Resorts (PK).

11/04/2021

Barrick Gold (GOLD), Duke Energy (DUK), Iron Mountain (IRM), Kellogg (K), NuStar Energy LP (NS), OGE Energy (OGE), Southern Co (SO), Alliant Energy (LNT), Americold Realty (COLD), Apollo Investment (AINV), B & G Foods (BGS), Occidental Petroleum (OXY), Omega Healthcare Investors (OHI), Welltower (WELL), Wheaton Precious Metals (WPM).

11/05/2021

Brookfield Renewable Partners (BEP), Enbridge (ENB), Kimco Realty (KIM), MFA Financial (MFA), Ventas (VTR).

While the year-end time frame, which includes the holidays, is frequently rewarding for stock investors, it remains to be seen if that will be the case this year, especially after the gains experienced over the past two months. Even if a “Santa Claus” rally occurs, considering all the negatives, the New Year is likely to present new challenges. My view is that buying stocks at today’s highs will result in negative returns over the next year or two. I’m holding on to most of my good dividend payers, and awaiting better prices before going back in on new positions.

JT

Stocks mostly gained last week, with the headline Dow Jones Industrial Average setting both a new intraday high and a new closing high on Friday, October 22. There are many concerns regarding the economy and the prospects for the nation overall, but investors are, for the moment at least, ignoring all the headlines, and buying stocks.

Stocks on my lists going ex-dividend in my “look-ahead” period are listed following. The ex-dividend date and current yield, based on Friday’s close, are shown. Assume the dividend is paid quarterly unless otherwise indicated.

Prospect Capital (PSEC), 10/26/2021, 8.59%. PSEC pays monthly.

AGNC Investment (AGNC), 10/28/2021, 8.67%. AGNC is also a monthly payer.

Plains All American Pipeline LP (PAA), 10/28/2021, 6.56%.

Enterprise Products Partners LP (EPD), 10/28/2021, 7.38%.

Main Street Capital (MAIN), 10/28/2021, 8.67%. MAIN is a monthly payer.

Hoegh LNG Partners LP (HMLP), 10/28/2021, 0.79%. HMLP has come upon hard times, and has reduced the distribution to a penny per quarter. It is on my Tier4 list, no longer recommended.

STAG Industrial (STAG), 10/28/2021, 4.33%. STAG pays monthly.

Tanger Factory Outlet Centers (SKT), 10/28/2021, 4.16%. SKT, like many shopping mall operators, was hit hard by Covid. It remains on my Tier4 list, no longer recommended, but has recovered somewhat. I still own it, and I’m not selling. If you own it, I recommend holding, but if not, I would not buy in just yet.

Kinder Morgan (KMI), 10/29/2021, 6.11%.

Alliant Energy (LNT), 10/29/2021, 2.81%. LNT is an “over-loved” utility, with the price bid up to the point where the yield is inadequate, especially for a utility.

ONEOK (OKE), 10/29/2021, 5.77%.

Paychex (PAYX), 10/29/2021, 2.13%. Another example of a stock price having completely outrun the dividend, resulting in a low yield.

Realty Income (O), 11/01/2021, 3.98%. O pays monthly. The current yield is completely inadequate, compared to O’s historical levels, owing to, you guessed it, an elevated stock price.

Only one of the sixteen CEFs I track will be going ex-dividend in my “look-ahead” period for this post.

First Trust Intermediate Duration Preferred & Income Fund (FPF), 11/1/2021, 6.01%. FPF pays monthly.

Earnings season is now fully underway. Stocks on my lists scheduled to report next week are as follows, listed by date.

10/25/2021

Kimberly Clark (KMB), AGNC Investment (AGNC), PotlatchDeltic (PCH).

10/26/2021

3M Co (MMM), Ares Capital (ARCC), General Electric (GE), United Parcel Service (UPS), Digital Realty (DLR), Texas Instruments (TXN), Crestwood Equity Partners LP (CEQP), Horizon Technology Finance (HRZN), Martin Midstream Partners LP (MMLP), Oxford Square Capital (OXSQ).

10/27/2021

Coca Cola (KO), Kraft Heinz (KHC), McDonalds (MCD), Annaly Capital Management (NLY), Mid America Apartment Communities (MAA), VICI Properties (VICI), Automatic Data Processing (ADP), GlaxoSmithKline (GSK), Covanta Holding (CVA).

10/28/2021

Altria (MO), American Electric Power (AEP), Hershey Co (HSY), Medical Properties Trust (MPW), Newmont (NEM), Public Service Enterprise Group (PEG), Royal Dutch Shell (RDS.B), Sanofi (SNY), Omega Healthcare Investors (OHI), STAG Industrial (STAG), Washington Real Estate Investment Trust (WRE), Enterprise Products Partners LP (EPD), TotalEnergies SE (TTFNF), Hercules Capital (HTGC), Ladder Capital (LADR).

10/29/2021

Chevron (CVX), Colgate Palmolive (CL), Exxon Mobil (XOM).

Several ratings changes of interest regarding my stocks came out last week, as follows.

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

Park Hotels and Resorts (PK) was downgraded from OverWeight to Equal Weight at Wells Fargo.

Crown Castle International (CCI) was upgraded from Neutral to OutPerform at Credit Suisse.

Enterprise Products Partners LP (EPD) and Williams Companies (WMB) were both downgraded from OutPerform to Peer Perform at Wolfe Research.

Verizon (VZ) was resumed at Hold at Deutsche Bank.

Compass Minerals International (CMP) was downgraded from Buy to Hold at BMO Capital Markets.

Rio Tinto PLC (RIO) was downgraded from Buy to Hold at Jeffries.

Getty Realty (GTY) was initiated at OutPerform at Baird.

Freeport-McMoRan (FCX) was downgraded from Buy to Hold at Deutsche Bank.

Intel (INTC) was downgraded from Buy to Neutral at Mizaho and UBS, and from OverWeight to Equal Weight at Morgan Stanley.

Chevron (CVX) was initiated at Buy at Societe Generale.

Intel (INTC) was reiterated at UnderPerform at Evercore ISI, Bank of America, and Wedbush.

Intel (INTC) was reiterated at UnderWeight at Barclays.

Intel (INTC) was reiterated at Sell at Goldman.

Intel (INTC) was reiterated at Hold at Deutsche Bank and Truist.

Intel (INTC) was reiterated at Neutral at Susquehanna and Citigroup.

Intel (INTC) was reiterated at OutPerform at BMO Capital Markets, as BMO goes against the crowd on INTC.

INTC disappointed the market with their earnings report on 10/21/2021, and when a widely-followed stock does that, a raft of ratings changes or reiterations is the result. As can be seen from the reiterations, the analysts were mostly not too high on INTC even before the report. I sold a put on INTC in the final half-hour Friday, for $95, with a strike price of $45. Even if I end up buying the stock, I’ll be fine with that, I don’t think INTC is going out of business anytime soon.

Who woulda thunk it a couple of months ago, that the market would not only NOT be crashing in October, but would actually be making new highs. Truth be known, too many market players were expecting a crash, and the market does what it usually does, which is to move opposite of the consensus view, at least in the short-term. Even though I have a higher than usual cash allocation, I still own a lot of stocks, so I’m not complaining about new highs (excepting INTC) being made. 

JT