Penn West Energy dropped from Income Portfolio

Posted by Tim
November 28, 2008

Today I have “sold” the position in Penn West Energy (PWE: 18.60 0.00 0.00%) out of this site’s Income Portfolio. The combination of falling oil and natural gas prices, a stronger dollar and growing unfavorable Canadian tax laws have driven down the stock price. I believe the next shoe to fall is a cut in the distribution. U.S. shareholders have already taken a 17% payout reduction on the dollars strength.

I will be looking to replace the position with some possibilities of early dividend capture. I have sold 2 positions, PWE and City Bank (CTBK: 0.00 N/A N/A) without adding any replacement to the portfolio. High on my list of possible additions is the Claymore/Zacks Yield Hog ETF (CVY: 18.77 0.00 0.00%). I will also scan through the income stocks on my Watch List. Tune in next week for updates.

More on this topic (What's this?)
Penn West Energy Trust Update (NorCalSavant, 11/7/08)
Is Penn West Energy Trust Still a Good Dividend Stock? (NorCalSavant, 1/1/09)
Penn West Energy (PWE) 2008 Q3 Earnings Update (The Enlightened American, 11/17/08)
Read more on Penn West Energy, Penn West Energy Trust at Wikinvest
Energy, Income

If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.

Comments

No comments yet.

Leave a comment

(required)

(required)