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Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA


Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.


NYSE:PTA - Post by User

Comment by mousermanon Mar 19, 2015 3:49am
90 Views
Post# 23537205

RE:RE:RE:These disagreement

RE:RE:RE:These disagreement
mrpanick wrote: Pumping is typically when you hype hot monentum stocks at the top of the cycle.  We're at the bottom of the cycle and PTA is trading at around 1X cash flow even based on $60 Brent.

I think perhaps Mr Panick missed the zero there, should be about 10X funds flow, and even that may be overly optimistic.
Last reported Q they had about 1 million $ cash flow ( funds flow) and that was with a realized oil price of over 94$ a bblUS.

Third quarter financial summary

For the three months ended Sept. 30, 2014, the company reported $43.2-million in revenue, net of royalties, from the sale of 567,000 barrels of oil equivalent. The realized sales price was $94.59 per barrel of oil equivalent, generating an operating netback of approximately $46 per barrel.

For the third quarter of 2014, the company's net loss was $7.9-million (one cent per share diluted), a result of weaker production levels through the quarter and declining oil prices, offset by foreign exchange gains incurred due to the weakening of the Canadian dollar. The company's capital expenditures for the third quarter were $9.6-million, all invested in Colombia. As at Sept. 30, 2014, the company held 23 million barrels of oil in inventory.

Funds flow of $1-million for the quarter ended Sept. 30, 2014, were down from $18.2-million for the previous quarter. 

Operations update

Company production

 

Company working interest (before royalties) production for the third quarter averaged 6,009 barrels of oil equivalent per day, exiting the quarter at 6,457 barrels of oil equivalent per day. October production averaged 6,359 barrels of oil equivalent per day, with 4,064 barrels of oil equivalent per day coming from the Llanos basin and 2,295 barrels of oil per day from the Putumayo basin. This compares with the September average production of 5,183 barrels of oil equivalent per day -- 4,293 barrels of oil equivalent per day from the Llanos basin and 1,575 barrels of oil per day from the Putumayo basin.

As you can see the guidance for 2015 at 5500 bbls a day is  a suggested drop in production from OCT.
I believe the current  share price is a reflection of shareholders NOT KNOWING exactly how profitable or not profitable PTA is at these prices. We shall see shortly. I am still sticking my neck out saying they will report a .05 a share loss  in the 4th Q and that is with oil prices and production that averaged much more than todays.
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