The Market Holds On
The market seems to have regained its footing since the selloff last week. It’s still flat for the month of July, but it isn’t down, which is encouraging.
Technology hit a snag with bad news from China. We’ll see if earnings can overcome that weakness as the AI catalyst comes front and center again. But the bigger story in July was the broadening rally. An improving interest rate prognosis prompted a strong rally in the previously beleaguered interest rate-sensitive stocks in REITs and utilities.
On the one hand, the market is showing strength. When the leading sector falters, other sectors take over. On the other hand, there is some weakness. A bad headline sends the market plunging. The market could go either way for the rest of the summer. But it has been a fool’s errand to bet against this market. Also, a good earnings season may trump everything else and move stocks higher again.
The market is still close to the high, though with recent signs of faltering. That makes it a good time to sell covered calls and lock in a high income and a strong total return if the stocks are called. In this update, a new covered call on recently hot portfolio position American Tower Corporation (AMT) is highlighted.
Past Month Activity
July 16th
SOLD BIPC Sep 20th $35 calls at $3.00 or better
July 19th
QCOM July 19th $200 calls at $12.00 – Expired
July 23rd
Purchased Cheniere Energy Partners, L.P. (CQP) – $53.04
July 30th
Sell AMT Sep 20th $210 calls at $11.00 or better
TRADE ALERT
Sell AMT Sep 20th $210 calls at $11.00 or better
Expiration date: September 20th
Strike price: $210
Call price: $11.00
American Tower Corporation (AMT)
I rarely recommend selling a call right before earnings, but I’m making an exception. AMT got a big bump from earnings last quarter. But the stock was cheap then. It has since moved more than 20% higher. Peer ARE reported solid earnings and the stock has since floundered. Investors might use the opportunity to take profits.
Here are the three scenarios.
1. The stock closes above the $210 strike price at expiration.
Call premium: $11.00
Dividends: $4.86
Appreciation: $7.04 ($210 strike price minus $202.96 purchase price)
Total: $22.90 (total return will be 11.3% in 8 months)
2. The stock price closes below but near our $210 strike price.
Call premium: $11.00
Dividends: $4.86
Total: $15.86 (total income of 7.8% in 8 months)
3. The stock price declines.
There will be $15.86 in income to offset the decline. Plus, the original purchase price was $7 per share below the strike price.
Portfolio Recap
Alexandria Real Estate Equities, Inc. (ARE)
Yield: 4.4%
The niche REIT that owns and operates innovation campuses reported earnings last week that were basically solid. The REIT beat on earnings and missed on revenue and reiterated guidance. Yet, earnings were only up 5.4% while revenues jumped 7.4%. The lease rates were solid, and Alexandria reported a healthy number of new acquisitions. So far, the market hasn’t had a great reaction to the results, and ARE is down over 6% since last Monday’s report. It may be giving back some of its recent advance in the absence of an exciting earnings report. BUY
American Tower Corporation (AMT)
Yield: 3.0%
This data center REIT had been a laggard but has been much better lately. It’s up 23% in the last three months amid the improving interest rate outlook. It too has been bouncing around with interest rates. American Tower reports earnings this Tuesday. Last quarter’s earnings were strong, and AMT has rallied ever since. 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: 4.2%
This great infrastructure company stock finally got a move on. It is now at the highest price since last fall. It’s now up over 17% in July alone. 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 last quarter and reports again next week. (This security generates a K1 form at tax time). BUY
Cheniere Energy Partners, L.P. (CQP)
Yield: 6.8%
This LNG exporter and newest addition to the portfolio has moved up slightly in the past week. Midstream energy companies have been solid throughout the year and there is no reason why the group won’t continue to perform well for the rest of the year. The LNG export market adds a strong growth element that most of its peers don’t have. Cheniere reports earnings next week and can hopefully get a bump afterward. (This security generates a K1 form at tax time). BUY
Enterprise Product Partners L.P. (EPD)
Yield: 7.0
This midstream energy partnership just hit a new 52-week high, it hasn’t had the big move this month that the 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. Last quarter’s earnings again showed Enterprise is solid operationally and that huge distribution yield is safe, and the company reports the latest quarter next week. (This security generates a K1 form at tax time). BUY
FS KKR Capital Corporation (FSK)
Yield: 13.8%
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: 5.6%
The performance of this Business Development Company continues to be solid. MAIN pulled back somewhat after making a high in early May, but it moved higher again in June and made a new 52-week high earlier this month. 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 and will again in the third quarter, marking a 6.7% increase year over year, as well as a $0.30 supplemental dividend. The current yield is reflected above as 5.6% because I only include the regularly scheduled dividend. Including the supplemental dividends, the yield is 8.1%. BUY
NextEra Energy, Inc. (NEE)
Yield: 2.8%
The regulated and alternative energy utility reported earnings last week that missed expectations. But the stock is up slightly since the report because the growth trajectory is still excellent. 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 of 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. I expect solid performance going forward over the longer term. HOLD
ONEOK, Inc. (OKE)
Yield: 4.8%
This is an amazing midstream energy company. Earnings are rock solid with inflation protection and recession resilience. After a rare period of weakness between the middle of May and the middle of June, as investors focused on AI, OKE appears to be on its way back to the high. The high yield should be at a premium in a likely more sideways market going forward. It is a more volatile stock than the other midstream companies that have been in the portfolio. That has been a good thing in this market rally, and OKE has already returned over 20% YTD. BUY
Qualcomm Corp. (QCOM)
Yield: 1.9%
The technology sector, and chip stocks in particular, took a huge hit in July. QCOM fell 10% so far in July after having already declined nearly 15% from the high. The issue was the Biden administration put additional restrictions on AI chip exports to China and at the same time a Trump presidency seemed more likely. Chip makers that sell to China took a huge hit because of not only the export curbs but fears of retaliation. This sort of thing happens periodically. We’ll see if the market overreacted. Qualcomm is still well positioned ahead of AI coming to mobile devices, which should trump any of these issues over time. Earnings will be reported later this week. Hopefully, the report can get the stock going higher again. BUY
Realty Income Corp. (O)
Yield: 5.4%
Even this lackluster performer is getting into the act. O is up about 12% 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. The earnings report is expected next week. HOLD
Existing Call Trades
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 8.1% that pays monthly. But the market is toying with nose-bleed territory and might not stay there. These calls embellish an already stellar income.
Sell BIPC September 20th $35 calls at $3.00 or better
The call price is currently well above the targeted price at $4.70. You probably got better than $3 per call if you sold it, but I’ll use the $3 as the portfolio price. I like BIPC going forward, and shares might be called. But if they are called, you’ll probably also get a price boost in the other interest rate-sensitive stocks in the portfolio. This way we lock in a high income on one of the recent market beneficiaries in case the rally doesn’t last.
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 | $53.11 | $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 | Initial 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 | $1.85 | $2.00 | 4.31% |
| BIPC Sep 20 $35.00 call | BIPC240920C00035000 | Sell | 7/16/24 | $3.00 | $4.70 | $3.00 | 9.19% |
| AMT Sep 20 $210 call | AMT240920C00210000 | Sell Pending | $10.90 | $11.00 | 5.44% | ||
| as of close on 07/26/2024 | |||||||
| 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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