A Wild Week
Isn’t this fun? The market gave us whiplash last week. The crash last Monday was the worst day for the market in years. It seemed like the sky was falling. But investors sobered up and the market closed flat for the week.
The tumult of last week was just a noisy road to nowhere. But the market also again showed great vulnerability to negative headlines. And while all that recession talk last week seems to have been clearly overblown, a recession is on the radar now. The market is resilient as usual. But don’t get too comfortable.
Important numbers are coming out this week, including the July CPI inflation number. While a bad number will likely freak the market out again, all indications are that the number should be great. It is entirely possible that the market eats it up and resumes moving higher, for now, until the next negative headline comes along.
But the recent tumult brings some good news. The previously beleaguered interest rate-sensitive stocks in the portfolio are coming alive again. It seems almost certain that interest rates are trending lower and perhaps significantly so going forward. Meanwhile, most of the stocks are still undervalued and high-yielding ahead of a likely period of market outperformance.
Things have gotten interesting. Maybe the market will be higher than it is now by the end of the year. But it’s also likely that we haven’t seen the last of this crazy volatility. Such markets create opportunity. Keep tuned in to weekly updates and monthly issues.
Past Month Activity
July 16
SOLD BIPC Sep 20th $35 calls at $3.00 or better
July 19
QCOM July 19th $200 calls at $12.00 – Expired
July 23
Purchased Cheniere Energy Partners, L.P. (CQP) – $53.04
July 30
Sold AMT Sep 20th $210 calls at $15.00 or better
August 6
FS KKR Capital Corporation (FSK) – Rating change “BUY” to “HOLD”
Main Street Capital Corporation (MAIN) – Rating change “BUY” to “HOLD”
Portfolio Recap
Alexandria Real Estate Equities, Inc. (ARE)
Yield: 4.6%
The niche REIT is seemingly leveling off after the selloff in late July and early August. Although earnings were basically solid, and Alexandria reiterated previous guidance, it missed on revenue. However, earnings were only up 5.4% while revenues jumped 7.4%. The lease rates were solid, and Alexandria reported a healthy number of acquisitions. It stumbled after a big surge higher after the earnings report, but the defensive characteristics may serve ARE well going forward with the increased recession fears. BUY
American Tower Corporation (AMT)
Yield: 2.9%
This cell tower REIT came off the high made in the beginning of the month, but it is still up 30% since the beginning of May. In addition to the vastly improved interest rate outlook, American Tower was helped by a strong earnings report earlier this month. American Tower reported a better-than-expected 13.4% growth in adjusted funds from operations over last year’s quarter. Growth of existing cell towers is strong as new customers are being added to existing towers and the properties continue to expand in the U.S. and overseas. It also raised guidance for 2024. BUY
Brookfield Infrastructure Corp. (BIPC)
Yield: 4.3%
This great infrastructure company stock has pulled back a little amid the market tumult after a great July when it rose over 17% for the month to the highest price since last fall. Brookfield reported solid earnings with 10% funds from operations growth over last year’s quarter. BIPC had been a stellar performer for many years prior to inflation and rising interest rates. But now interest rates are moving significantly lower, and the main threat is now a recession. That’s in Brookfield’s wheelhouse as its crucial assets are highly recession-resistant. BUY
Cheniere Energy Partners, L.P. (CQP)
Yield: 7.8%
It was a tough week as the energy sector took a big hit amid recession fears. The partnership also reported earnings last week that beat expectations and reiterated its distribution guidance for the full year. The company is also on track with expansion plans. But the weak market and sector overwhelmed the optimism during the week as natural gas prices fell. CQP is vulnerable to energy sector fluctuations in the near term, but the export business should remain solid, and the dividend is highly attractive as the overall market sputters. (This security generates a K-1 form at tax time.) BUY
Enterprise Product Partners L.P. (EPD)
Yield: 7.3%
Even this steady midstream energy partnership has been wobblier lately. But it’s still only down 6% from the high in late July. Enterprise is not leveraged to energy prices and has a recession-resistant business, but that doesn’t always matter in the near term. This midstream energy partnership reported earnings earlier this month that were solid. It technically missed estimates by a penny, but earnings were still up 12% over last year’s quarter. The distribution is also 5% higher than a year ago and there is still an industry standout 1.6 times distribution coverage with cash flow. (This security generates a K-1 form at tax time.) BUY
FS KKR Capital Corporation (FSK)
Yield: 14.6%
This ultra-high-yielding Business Development Company fell sharply in last week’s market tumult but is recovering nicely since. It was downgraded to a “HOLD” last week as the small businesses it operates are vulnerable to recession. But it appears, at this point, that the recession worry is overblown. While recession is still on the radar, it might be a long way off. That huge payout from FSK should be highly desirable in a more sideways market over the next few months. HOLD
Main Street Capital Corporation (MAIN)
Yield: 6.1%
Main Street reported earnings last week that met market expectations. The BDC also reiterated its monthly dividend of $0.245 per share for the rest of the year and announced an additional $0.30 per share supplemental dividend payable in September. The BDC also has a lot of small business exposure, which is problematic during recessions. MAIN has also recovered from last week’s selloff and is only down about 5% in August after having been in an uptrend since last fall. A recession would certainly change the dynamics. However, solid earnings and reduced recession expectations are resulting in the stock regaining lost ground. HOLD
NextEra Energy, Inc. (NEE)
Yield: 2.7%
The regulated and alternative energy utility barely budged in the recent market. NEE is in an uptrend and near the 52-week high. It is a highly defensive utility, and the recession fears make NEE more desirable. NextEra forecasts revenue growth of 8.3% per year over the next three years, compared to average growth of 4.7% for the electrical utility group. There is also growth anticipation from a steep acceleration in electricity demand in the years ahead prompted by onshoring of manufacturing, electric vehicle growth, and increasing data center electricity demand because of AI. Renewable demand is expected to grow the most. HOLD
ONEOK, Inc. (OKE)
Yield: 4.7%
This more volatile midstream energy company stock reported earnings last week that beat on earnings and missed on revenues. But revenues were still up 31% over last year’s quarter and earnings were also up nearly 30%. The huge jump is because of recent acquisitions coming online, but the future looks solid also. ONEOK is expected to grow annual earnings by 7.3% over the next three years compared to an industry average projection of 1.9%. OKE pulled back in late July and early August but has since regained its footing and moved to within bad-breath distance of the high again. BUY
Qualcomm Corp. (QCOM)
Yield: 2.1%
The chipmaker crushed earnings forecasts for the June quarter and guided higher for the September quarter. But the stock fell on the day of the announcement on concerns about weaker-than-expected smartphone sales predicted for the December quarter. But the upgrade cycle is likely coming sometime next year. The recent behavior of the stock has been ugly. It’s down about 25% from the high in June, but it’s still up 18% for the year. It’s also encouraging that QCOM recovered completely from the steep selloff in technology. QCOM will be volatile with the market and the technology sector in the near term, but the longer-term trajectory is still excellent. BUY
Realty Income Corp. (O)
Yield: 5.2%
The legendary monthly income REIT reported another solid quarter last week where earnings rose 6% over last year’s quarter and revenues soared 31%, spurred by the recent acquisition of Spirit Realty in January. After two rotten years, the relative performance of the REIT has taken off. Realty has moved to within pennies of the 52-week high while much of the rest of the market is struggling. Interest rates are unmistakably heading significantly lower now, which reverses the biggest reason for Realty’s recent underperformance. Defensive stocks are going from the worst place to be to the best place to be. HOLD
Existing Call Trades
Sell MAIN September 20th $49.40 calls at $2.00 or better
MAIN had been riding high above the strike price but has fallen lower in a hurry. The market tumult from the recession fears beat this BDC up and now the market price is below the strike price. We’ll see what happens with the market over the next month. But these calls embellish an already stellar income.
Sell BIPC September 20th $35 calls at $3.00 or better
The stock price is now almost $2 per share above the strike price as defensive stocks are proving to be resilient in this market. Defensive stocks are a great place to be invested right now. But if BIPC gets called we still have the other defensive portfolio positions. With these calls, we lock in a high income even if the market continues to flounder.
Sell AMT Sep 20th $210 calls at $15.00 or better
The calls were originally targeted at $11. But the day of the update the stock price spiked and you wouldn’t have gotten less than $15, so that is what the portfolio uses as the call price. AMT is riding high and looking strong right now. But in this market, you never know.
Current Recommendations
| Open Recommendations | Ticker Symbol | Entry Date | Entry Price | Recent Price | Buy at or Under Price | Yield | Total Return |
| Alexandria Real Estate Eq. | ARE | 12/19/23 | $129.54 | $125.21 | $140.00 | 4.15% | -0.32% |
| American Tower Corp. | AMT | 1/23/24 | $202.26 | $210.14 | $220.00 | 3.08% | 5.70% |
| Brookfield Infrstr. Cp. | BIPC | 2/27/24 | $32.64 | $38.09 | $40.00 | 4.25% | 16.36% |
| Cheniere Energy Prtns. | CQP | 7/23/24 | $53.04 | $53.11 | $60.00 | 7.35% | |
| Enterprise Product Ptnrs. | EPD | 2/27/24 | $27.61 | $30.00 | $30.00 | 7.00% | 10.61% |
| FS KKR Capital Corp. | FSK | 4/23/24 | $19.42 | $20.17 | $20.50 | 13.88% | 7.80% |
| Main Street Capital Corp. | MAIN | 3/26/24 | $46.40 | $50.15 | $50.00 | 8.26% | 10.87% |
| NextEra Energy, Inc. | NEE | 4/25/23 | $77.50 | $72.00 | NA | 2.86% | -3.97% |
| ONEOK, Inc. | OKE | 5/29/24 | $79.59 | $83.47 | $84.00 | 4.74% | 4.87% |
| Qualcomm Inc. | QCOM | 5/5/21 | $134.65 | $186.21 | $165.00 | 1.83% | 48.33% |
| Realty Income Corp. | O | 6/27/23 | $60.19 | $57.58 | NA | 5.48% | 1.76% |
| Call Trades | |||||||
| Open Recommendations | Ticker Symbol | Intial Action | Entry Date | Entry Price | Recent Price | Sell To Price or better | Total Return |
| MAIN Sep 20 $49.40 call | MAIN240920C00049400 | Sell | 6/27/24 | $2.00 | $0.50 | $2.00 | 4.31% |
| BIPC Sep 20 $35.00 call | BIPC240920C00035000 | Sell | 7/16/24 | $3.00 | $3.02 | $3.00 | 9.19% |
| AMT Sep 20 $210 call | AMT240920C00210000 | Sell | 7/30/24 | $15.00 | $16.81 | $15.00 | 7.42% |
| as of close on 08/09/2024 | |||||||
| SOLD STOCKS | |||||||
| X | Ticker Symbol | Action | Entry Date | Entry Price | Sale Date | Sale Price | Total Return |
| Innovative Industrial Props. | IIPR | Called | 6/2/20 | $87.82 | 9/18/20 | $100 | 15.08% |
| Qualcomm | QCOM | Called | 6/24/20 | $89.14 | 9/18/20 | $95 | 7.30% |
| U.S. Bancorp | USB | Called | 7/22/20 | $36.26 | 9/18/20 | $38 | 3.42% |
| Brookfield Infras. Ptnrs. | BIP | Called | 6/24/20 | $41.92 | 10/16/20 | $45 | 8.49% |
| Starbucks Corp. | SBUX | Called | 8/26/20 | $82.41 | 10/16/20 | $88 | 6.18% |
| Visa Corporation | V | Called | 9/22/20 | $200.56 | 11/20/20 | $200 | 0.00% |
| AbbVie Inc. | ABBV | Called | 6/2/20 | $91.04 | 12/31/20 | $100 | 12.43% |
| Enterprise Prod. Prtnrs. | EPD | Called | 6/24/20 | $18.14 | 1/15/21 | $20 | 15.16% |
| Altria Group | MO | Called | 6/2/20 | $39.66 | 1/15/21 | $40 | 7.31% |
| U.S. Bancorp | USB | Called | 11/25/20 | $44.68 | 1/15/21 | $45 | 1.66% |
| B&G Foods Inc, | BGS | Called | 10/28/20 | $26.79 | 2/19/21 | $28 | 4.42% |
| Valero Energy Inc. | VLO | Called | 8/26/20 | $53.70 | 3/26/21 | $60 | 11.73% |
| Chevron Corp. | CVX | Called | 12/23/20 | $85.69 | 4/1/21 | $96 | 12.95% |
| KKR & Co. | KKR | Called | 3/24/21 | $47.98 | 6/18/21 | $55 | 14.92% |
| Digital Realty Trust | DLR | Called | 1/27/21 | $149.17 | 7/16/21 | $155 | 5.50% |
| NextEra Energy, Inc. | NEE | Called | 2/24/21 | $73.76 | 9/17/21 | $80 | 10.00% |
| Brookfield Infras. Ptnrs. | BIP | Called | 1/13/21 | $50.63 | 10/15/21 | $55 | 11.65% |
| AGNC Investment Corp | AGNC | Sold | 1/13/21 | $15.52 | 1/19/22 | $15 | 5.92% |
| ONEOK, Inc. | OKE | Called | 5/26/21 | $52.51 | 2/18/22 | $60 | 19.62% |
| KKR & Co. | KKR | Sold | 8/25/21 | $64.52 | 2/23/22 | $58 | -9.73% |
| Valero Energy Inc. | VLO | Called | 11/17/21 | $73.45 | 2/25/22 | $83 | 15.53% |
| U.S Bancorp | USB | Sold | 3/24/21 | $53.47 | 4/13/22 | $51 | -1.59% |
| Enterprise Product Ptnrs | EPD | Called | 3/17/21 | $23.21 | 4/14/22 | $24 | 11.25% |
| FS KKR Capital Corp. | FSK | Called | 10/27/21 | $22.01 | 4/14/22 | $23 | 13.58% |
| Xcel Energy Inc. | XEL | Called | 10/12/21 | $63.00 | 5/20/22 | $70 | 12.66% |
| Innovative Industrial Props. | IIPR | Sold | 3/23/22 | $196.31 | 7/20/22 | $93 | -51.23% |
| One Liberty Properties | OLP | Sold | 7/28/21 | $30.37 | 8/24/22 | $25 | -12.94% |
| ONEOK, Inc. | OKE | Called | 5/25/22 | $65.14 | 1/20/23 | $65 | 2.66% |
| Xcel Energy, Inc. | XEL | Called | 10/26/22 | $62.57 | 1/20/23 | $65 | 4.67% |
| Realty Income Corp. | O | Called | 9/28/22 | $60.37 | 2/17/23 | $63 | 5.41% |
| Medical Properties Trust | MPW | Sold | 1/24/23 | $13.22 | 3/21/23 | $8 | -38.00% |
| Brookfield Infrastructure Cp. | BIPC | Called | 11/9/22 | $42.43 | 7/21/23 | $45 | 8.72% |
| Star Bulk Carriers Corp. | SBLK | Sold | 6/1/22 | $33.30 | 8/8/23 | $18 | -31.38% |
| Visa Inc. | V | Called | 12/22/21 | $217.16 | 8/18/23 | $235 | 9.16% |
| Global Ship Lease, Inc. | GSL | Sold | 2/23/22 | $24.96 | 8/29/23 | $19 | -13.82% |
| ONEOK, Inc. | OKE | Called | 3/28/23 | $60.98 | 9/15/23 | $65 | 9.72% |
| Hess Corporation | HES | Called | 6/6/23 | $132.25 | 10/20/23 | $155 | 17.87% |
| Tractor Supply Company | TSCO | Sold | 9/26/23 | $203.03 | 11/28/23 | $200 | -1.02% |
| Digital Realty Trust | DLR | Called | 7/18/23 | $117.31 | 1/19/24 | $135 | 17.16% |
| Intel Corporation | INTC | Called | 7/27/22 | $40.18 | 1/19/24 | $43 | 9.76% |
| AbbVie Inc. | ABBV | Called | 7/25/23 | $141.63 | 3/15/24 | $160 | 15.11% |
| Marathon Petroleum Corp. | MPC | Called | 10/24/23 | $149.45 | 3/28/24 | $165 | 12.06% |
| The Williams Companies, Inc. | WMB | Called | 8/24/22 | $35.58 | 5/17/24 | $35 | 7.14% |
| EXPIRED OPTIONS | |||||||
| Security | In/out money | Sell Date | Sell Price | Exp. Date | $ return | Total % Return | |
| IIPR Jul 17 $95 call | out-of money | 6/3/20 | $3.00 | 7/17/20 | $3.00 | 3.40% | |
| MO Jul 31 $42 call | out-of-money | 6/17/20 | $1.60 | 7/31/20 | $1.60 | 4.03% | |
| ABBV Sep 18 $100 call | out-of-money | 7/15/20 | $4.60 | 9/18/20 | $4.60 | 5.05% | |
| IIPR Sep 18 $100 call | in-the-money | 7/22/20 | $5.00 | 9/18/20 | $5.00 | 5.69% | |
| QCOM Sep 18 $95 call | in-the-money | 6/24/20 | $4.30 | 9/18/20 | $4.30 | 4.82% | |
| USB Sep 18 $37.50 call | in-the-money | 7/22/20 | $2.00 | 9/18/20 | $2.00 | 5.52% | |
| BIP Oct 16 $45 call | in-the-money | 9/2/20 | $1.95 | 10/16/20 | $1.95 | 4.65% | |
| SBUX Oct 16 $87.50 call | in-the-money | 10/16/20 | $3.30 | 10/16/20 | $3.30 | 4.00% | |
| V Nov 20 $200 call | in-the-money | 9/22/20 | $10.00 | 11/20/20 | $10.00 | 4.99% | |
| ABBV Dec 31 $100 call | in-the-money | 11/18/20 | $3.30 | 12/31/20 | $3.30 | 3.62% | |
| EPD Jan 15 $20 call | in-the-money | 11/23/20 | $0.80 | 1/15/21 | $0.80 | 4.41% | |
| MO Jan 15 $40 call | in-the-money | 11/25/20 | $1.90 | 1/15/21 | $1.90 | 4.79% | |
| USB Jan 15 $45 call | in-the-money | 11/25/20 | $2.00 | 1/15/21 | $2.00 | 4.48% | |
| BGS Feb 19 $27.50 call | in-the-money | 12/11/20 | $2.40 | 2/19/21 | $2.40 | 8.96% | |
| VLO Mar 26 $60 call | in-the-money | 2/10/21 | $6.50 | 3/26/21 | $6.50 | 12.10% | |
| CVX Apr 1 $95.50 call | in-the-money | 2/19/21 | $4.30 | 4/1/21 | $4.30 | 5.02% | |
| AGNC Jun 18 $17 call | out-of-money | 4/13/21 | $0.50 | 6/18/21 | $0.50 | 3.21% | |
| KKR Jun 18 $55 call | in-the-money | 4/28/21 | $3.00 | 6/18/21 | $3.00 | 6.25% | |
| USB Jun 16 $57.50 call | out-of-money | 4/28/21 | $2.80 | 6/18/21 | $2.80 | 5.24% | |
| DLR Jul 16 $155 call | in-the-money | 6/16/21 | $8.00 | 7/16/21 | $8.00 | 5.36% | |
| AGNC Aug 20 $17 call | out-of-money | 6/23/21 | $0.50 | 8/20/21 | $0.50 | 3.00% | |
| OKE Aug 20 $57.50 call | out-of-money | 6/23/21 | $3.50 | 8/20/21 | $3.50 | 6.67% | |
| NEE Sep 17 $80 call | in-the-money | 8/11/21 | $3.50 | 9/17/21 | $3.50 | 4.75% | |
| BIP Oct 15 $55 call | in-the-money | 9/1/21 | $2.00 | 10/15/21 | $2.00 | 3.95% | |
| USB Nov 19 $60 call | out-of-money | 9/24/21 | $2.30 | 11/19/21 | $2.30 | 4.30% | |
| OKE Nov 26 $65 call | out-of-money | 10/20/21 | $2.25 | 11/26/21 | $2.25 | 4.28% | |
| KKR Dec 17 $75 call | out-of-money | 10/26/21 | $3.50 | 12/17/21 | $3.50 | 5.42% | |
| QCOM Jan 21 $185 Call | out-of-money | 11/30/21 | $9.65 | 1/21/22 | $9.65 | 7.17% | |
| OLP Feb 18 $35 Call | out-of-money | 11/19/21 | $1.50 | 2/18/22 | $1.50 | 4.94% | |
| OKE Feb 18 $60 Call | in-the-money | 1/5/22 | $2.75 | 2/18/22 | $2.75 | 5.24% | |
| USB Feb 25 $61 call | out-of-money | 1/13/22 | $2.50 | 2/25/22 | $2.50 | 4.68% | |
| VLO Feb 25 $83 call | in-the-money | 1/18/22 | $4.20 | 2/25/22 | $4.20 | 6.13% | |
| EPD Apr 14th $24 call | in-the-money | 3/2/22 | $1.25 | 4/14/22 | $1.25 | 5.69% | |
| FSK Apr 14th $22.50 call | in-the-money | 3/10/22 | $0.90 | 4/14/22 | $0.90 | 4.09% | |
| XEL May 20th $70 call | in-the-money | 3/30/22 | $3.00 | 5/20/22 | $3.00 | 4.76% | |
| SBLK July 15th $134 call | out-of-money | 6/1/22 | $1.60 | 7/15/22 | $1.60 | 4.80% | |
| OKE Oct 21st $65 call | out-of-money | 8/24/22 | $3.40 | 10/21/22 | $3.40 | 5.22% | |
| OKE Jan 20th $65 call | In-the-money | 11/25/22 | $3.70 | 1/20/23 | $3.70 | 5.68% | |
| XEL Jan 20th $65 call | in-the-money | 11/25/22 | $5.00 | 1/20/23 | $5.00 | 7.99% | |
| O Feb 17th $62.50 call | in-the-money | 12/28/22 | $3.00 | 2/17/23 | $3.00 | 4.97% | |
| QCOM Sep 16th $145 call | out-of-money | 7/20/22 | $11.75 | 9/16/22 | $11.75 | 8.73% | |
| V Mar 17th $220 call | out-of-money | 1/24/23 | $12.00 | 3/17/23 | $12.00 | 5.51% | |
| OKE May 19th $65 call | out-of-money | 4/11/23 | $2.70 | 5/19/23 | $2.70 | 4.43% | |
| V Jun 2 $230 call | out-of-money | 4/21/23 | $10.50 | 6/2/23 | $10.50 | 4.82% | |
| BIPC $45 July 21st call | in-the-money | 5/23/23 | $3.25 | 7/21/23 | $3.25 | 7.66% | |
| V $235 Aug 18th call | in-the-money | 7/11/23 | $9.00 | 8/18/23 | $9.00 | 4.13% | |
| GSL $20 Aug 18th call | out-of-money | 7/11/23 | $1.25 | 8/18/23 | $1.25 | 5.00% | |
| OKE $65 Sep 15 call | in-the-money | 9/15/23 | $3.20 | 7/25/23 | $3.20 | 4.92% | |
| INTC $35 Oct 20th call | out-of-money | 9/8/23 | $3.78 | 10/20/23 | $3.78 | 9.41% | |
| HES $155 Oct 20th call | in-the-money | 9/8/23 | $9.00 | 10/20/23 | $9.00 | 6.81% | |
| DLR $135 Jan 19th call | in-the-money | 11/22/23 | $6.00 | 1/19/24 | $6.00 | 5.11% | |
| INTC $42.50 Jan 19th call | in-the-money | 11/29/23 | $3.50 | 1/19/24 | $3.50 | 8.71% | |
| ABBV $160 Mar 15th call | in-the-money | 1/10/24 | $7.00 | 3/15/24 | $7.00 | 4.94% | |
| MPC $165 Mar 28th call | in-the-money | 2/14/23 | $10.00 | 3/28/24 | $10.00 | 6.69% | |
| QCOM $170 Apr 26th call | out-of-money | 3/12/24 | $10.00 | 4/26/24 | $10.00 | 7.42% | |
| WMB $35 May 17th call | in-the-money | 3/12/24 | $2.00 | 5/17/24 | $2.00 | 5.62% | |
| QCOM $200 July 19th call | out-of-money | 6/5/24 | $12.00 | 7/19/24 | $12.00 | 8.91% | |
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