ENS goes from scary to a bargoon in two daysThe Premium to the Coomon NAV was over 15% at one point on Wednesday which is higher than when Middlefiled did the Raise a week ago (note that the Premium on the Prefs helped make the last Raise happen). Today, the Premium closed under 5%. At this point, ENS is a relative bargoon as the Premium is low and the yield is almost 14%.
That's what happens when ENB goes up more than $2 per share in two days while the ENS share price didn't move.
It always amazes me how so many ENS shareholders ignore the math which under scores my belief that they don't have a clue what they own.
Where do we go from here? I dunno. It should depend upon what ENB does going forward but who knows how ENS shareholders will respond IF they respond at all.
My guess is that ENB will continue to run up a bit from here ahead of its May 14 ex divi date. If that is the case, I don't think Middlefield will get the chance to do a back to back Raise. However, investors should be aware of June 1st as Middlefield has a track record of doing Raises on the first of the month following an ENB ex-divi date.