Up, Up and Away
Wow. Just wow. Not only has this market rally continued to forge on, it’s broadened out too. After a 14.5% gain in the first half of this year, the S&P is putting together an impressive July with a better than 3% gain so far.
The latest leg of this rally has been sparked by a better-than-expected June CPI report. Interest rate optimism abounds. Consensus now expects a Fed rate cut before the end of the year and an increased expectation that overall interest rates have peaked and are likely to trend lower for the rest of the year.
The better interest rate news prompted a big rally in the worst performing dividend stocks. REITs in particular have come on strong in the last week-plus. Now, the market is firing on all cylinders. What’s not to like? Inflation seems to be fading. Interest rates are likely to move lower. And the economy is still solid. Meanwhile, the artificial intelligence catalyst will likely continue to drive the technology sector higher.
The market is wearing down my skepticism. I’m scared bullish. I thought that interest rates hovering near the highest levels in two decades would spoil the party. But it hasn’t. However, some skepticism lives on. Over several decades I’ve learned a truth about markets: When things seem really bad, they’re not that bad. And when things seem really great, they are actually not that great.
But these good times are creating great call writing opportunities where we can not only get fat premiums and a good income but also stellar total returns if the stocks are called. There are currently existing covered calls on Qualcomm (QCOM) and Main Street Capital (MAIN). In this update, I highlight another covered call on Brookfield Infrastructure Corporation (BIPC).
I highlight these calls with the full understanding that interest rate-sensitive stocks are in the midst of a rally and may well go higher over the next several weeks. But there are several other interest rate-sensitive stocks in the portfolio that will benefit in that event. Let’s grab a high premium on at least one of these recent rally beneficiaries in case the newfound bounty doesn’t last.
TRADE ALERT
Sell BIPC Sep 20th $35 calls at $3.00 or better
Expiration date: September 20
Strike price: $35
Call price: $3.00
Brookfield Infrastructure Corporation (BIPC)
The reliable revenue and earnings generating infrastructure company stock has bounced around with the interest rate narrative for the past several years. Before inflation and rising rates, it had been a stellar performer. The price is near the highest level it has been at so far this year. These same calls at the same price were targeted earlier and the target price was never reached. The recent rally has rejuvenated the opportunity.
Here are the three scenarios.
1. The stock closes above the $35 strike price at expiration.
Call premium: $3.00
Dividends: $0.81
Appreciation: $2.36 ($35 strike price minus $32.64 purchase price)
Total: $6.17 (total return will be 18.9% in 7 months)
2. The stock price closes below but near our $35 strike price.
Call premium: $3.00
Dividends: $0.81
Total: $3.81 (total income of 11.7% in 7 months)
3. The stock price declines.
There will be $3.81 in income to offset the decline. Plus, the original purchase price was nearly $4 per share below the strike price.
Past Month Activity
June 25
Sell NEE SEP 20th $77.50 calls at $4.40 – Removed
NextEra Energy, Inc. (NEE) – Rating change “BUY” to “HOLD”
June 27
SOLD MAIN September 20th $49.40 calls at $2.00 or better
July 2
Sell BIPC Sep 20th $35 calls at $3.00 or better – Remove
July 16
Sell BIPC Sep 20th $35 calls at $3.00 or better
Portfolio Recap
Alexandria Real Estate Equities, Inc. (ARE)
Yield: 4.1%
This is a niche REIT that owns and operates innovation campuses had a big move over the past week or so. It’s up over 8% since July 9. It’s the interest rate prognosis. A better-than-expected inflation report for June triggered more optimism that the Fed will cut rates before the end of the year and contributed to the overall perception that interest rates have peaked and will likely trend down from here in the months ahead. ARE had a rough couple of years but has shown upside potential when it looks like interest rates will fall. This is a solid REIT that reported strong earnings and raised the dividend again this quarter. BUY
American Tower Corporation (AMT)
Yield: 3.1%
Ditto what I said about ARE. This other niche REIT also soared more than 6% in the past week-plus amid the improving interest rate outlook. It too has been bouncing around with interest rates. But AMT is still far from the 52-week high. American Tower rallied strongly after the REIT beat estimates on both revenue and earnings with 9.8% adjusted funds from operations per share growth over last year’s quarter. The REIT also raised guidance for 2024. It’s a solid REIT with stronger growth than most of its peers but interest rates will be the biggest determinant of performance in the near term. BUY
Brookfield Infrastructure Corp. (BIPC)
Yield: 4.5%
This is a great infrastructure company that has also been hot stuff lately, up over 9% since July 9. BIPC had been a stellar performer for many years prior to inflation and rising interest rates. Higher interest rates increase borrowing costs and limit the company’s ability to profitably fund growth projects. But there is pent-up upside in BIPC when interest rates significantly decline. The operational performance has been sound. Brookfield reported strong earnings and raised the quarterly dividend by 6%. I expect BIPC to continue to be bouncy until rates make a sustained move lower. BUY
Enterprise Product Partners L.P. (EPD)
Yield: 7.1%
Although this midstream energy partnership is within pennies of the 52-week high, it hasn’t had the big move in the past couple of weeks that the other REITs had because it hadn’t been beaten up like those stocks. It just continues to trend higher at a snail’s pace. It has been trending higher for nearly four years. As this rally broadens out, the high yield and inflation protection make midstream energy companies an excellent choice. Earnings again showed Enterprise is solid operationally and that huge distribution yield is safe. (This security generates a K-1 form at tax time.) BUY
FS KKR Capital Corporation (FSK)
Yield: 13.9%
The massive-yielding BDC pulled back last month after the quarterly payout went ex-dividend. When a yield is this high and this important to the stock, the ex-date has a noticeable impact. But after the BDC absorbed the ex-dividend, it has been crawling back toward the high and is now within pennies. So far, FSK is delivering as advertised. It’s continued to pay the massive dividend and the price has appreciated since it was added to the portfolio. BUY
Main Street Capital Corporation (MAIN)
Yield: 5.5%
Some of the best income stocks are rallying again and picking up the slack from the technology sector. This Business Development Company pulled back somewhat after making a high in early May, but it moved higher again in June and made a new 52-week high last week. It’s still in an uptrend that began last fall and has been steady for weeks. MAIN paid the regular monthly dividend of $0.72 per share in the second quarter, marking a 6.7% increase year over year, as well as a $0.30 supplemental dividend. The current yield is reflected above as 5.5% because I only include the regularly scheduled dividend. Including the supplemental dividends, the yield is 7.9%. BUY
NextEra Energy, Inc. (NEE)
Yield: 2.7%
After a huge run higher from March until the end of May, NEE had a comeuppance in June. After a 40% run higher the stock pulled back 11% in June. NEE was having a good July, up about 9%, until it gave most of that gain back in Monday. NEE has become a more volatile stock this year as the interest rate narrative changes. But NextEra posted solid earnings in the recent quarter, which also added to the stock’s revitalization. NEE had been a superstar performer before inflation and rising interest rates. I expect solid performance going forward over the longer term. HOLD
ONEOK, Inc. (OKE)
Yield: 4.7%
This amazing midstream energy company just made a new all-time high this week. OKE is more volatile than the other midstream energy companies and this improved interest rate news and broadening rally makes it volatile to the upside. Earnings are rock solid with inflation protection and recession resilience. The higher volatility also provides for high call premiums, which already benefited the OKE portfolio positions during earlier holding periods. It’s in good covered call range now but I will wait to see if the current rally propels OKE still higher in the weeks ahead. BUY
Qualcomm Corp. (QCOM)
Yield: 1.7%
After a big dip in June following a huge surge in the spring, QCOM appears to have bottomed and is crawling back. QCOM soared 39% from May 1 to June 18. But it fell 15% after that. Not to worry, it’s still up 46% YTD. The recent stock performance reflects profit taking in the AI space after a big surge from the last round of earnings reports. But QCOM should continue to deliver as several analysts see a major smartphone upgrade cycle for AI next year. Qualcomm is at the leading edge of chips that enable AI for smartphones and should benefit mightily. The good news about the recent weakness is that it might not be called away on our options expiration date later this week. BUY
Realty Income Corp. (O)
Yield: 5.9%
Even this lackluster performer is getting into the act. O is up around 7% already in July and the rally might have legs. It has been underperforming the other REITs but maybe that changes if the interest rate situation truly changes for the better going forward. The stock was downgraded to HOLD but it will still be held in the portfolio because of the high monthly income it offers. Hopefully things are changing in the market and for the stock in a way that can deliver some sustained upside. HOLD
Existing Call Trades
Sell QCOM July 19th $200 calls at $12.00 or better
This might be a close one. Options expire this Friday and QCOM closed last Friday just a little over $2 per share above the strike price, although it moved higher in Monday trading. This would be a good stock to keep. We’ll see what happens in the next couple of weeks.
Sell MAIN September 20th $49.40 calls at $2.00 or better
This is a great income stock with an effective yield, including supplemental dividends, of about 8.0% that pays monthly. But the market is toying with nose-bleed territory and might not stay there. These calls embellish an already stellar income.
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 | $126.02 | $140.00 | 4.13% | 0.32% |
| American Tower Corp. | AMT | 1/23/24 | $202.26 | $210.61 | $220.00 | 3.08% | 5.94% |
| Brookfield Infrstr. Cp. | BIPC | 2/27/24 | $32.64 | $36.19 | $40.00 | 4.48% | 10.56% |
| Enterprise Product Ptnrs. | EPD | 2/27/24 | $27.61 | $29.40 | $30.00 | 7.14% | 8.40% |
| FS KKR Capital Corp. | FSK | 4/23/24 | $19.42 | $20.33 | $20.50 | 133.77% | 8.65% |
| Main Street Capital Corp. | MAIN | 3/26/24 | $46.40 | $51.48 | $50.00 | 5.59% | 13.81% |
| NextEra Energy, Inc. | NEE | 4/25/23 | $77.50 | $76.00 | NA | 2.71% | 1.37% |
| ONEOK, Inc. | OKE | 5/29/24 | $79.59 | $84.66 | $84.00 | 4.68% | 6.37% |
| Qualcomm Inc. | QCOM | 5/5/21 | $134.65 | $202.43 | $165.00 | 1.68% | 61.25% |
| Realty Income Corp. | O | 6/27/23 | $60.19 | $55.75 | NA | 5.66% | -1.47% |
| Call Trades | |||||||
| Open Recommendations | Ticker Symbol | Intial Action | Entry Date | Entry Price | Recent Price | Sell To Price or better | Total Return |
| QCOM July 19 $200 call | QCOM240719C00200000 | Sell | 6/5/24 | $12.00 | $9.00 | $12.00 | 8.91% |
| MAIN Sep 20 $49.40 call | MAIN240920C00049400 | Sell | 6/27/24 | $2.00 | $2.85 | $2.00 | 4.31% |
| BIPC Sep 20 $3.00 call | BIPC240920C00035000 | Sell Pending | $2.75 | $3.00 | 9.19% | ||
| as of close on 07/12/2024 | |||||||
| 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% | |
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