FXEN, which Dan has cautioned about given its involvement in Poland and a management that "over-promises and under delivers," recently issued a 9.25% Series B Cumulative Convertible Preferred. It's currently trading under par ($23.51) so current yield on invested money is around 9.8%. Any thoughts/comments about the riskiness of this preferred?
All of their revenue in Poland is derived from gas. Also wonder if the restriction on Russian energy due to Ukraine situation might provide an opportunity for FXEN to ramp up production.
FXEN - 9.25% Series B preferred
Re: FXEN - 9.25% Series B preferred
I am not a fan of FX Energy (FXEN) because their production and revenues have been stuck in about the same place for several years. They talk about big wells, but never seem to complete them. Part of the problem is because they are solely producing in Poland where things move at a snails pace.
That said the pfd stock is probably OK. The conversion feature adds some value.
For high yield, I think the preferred stocks in our High Yield Income Portfolio look better. I also like Miller Energy's two pfd stocks that have discussed here.
Gastar's Series A pfd dipped below par today and I added to my position in it.
That said the pfd stock is probably OK. The conversion feature adds some value.
For high yield, I think the preferred stocks in our High Yield Income Portfolio look better. I also like Miller Energy's two pfd stocks that have discussed here.
Gastar's Series A pfd dipped below par today and I added to my position in it.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
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wilmawatts
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Re: FXEN - 9.25% Series B preferred
Gastar is the play here