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Breaking News Market Moving News Affecting Our Portfolios Click here to update this page Reports are condensed. See stock's portfolio page for more details. analyst rating changes reported below do not reflect Div Det buy/sell ratings.
Last Weeks Best & Worst (2/23-3/1)
12/5: The March 2024 issue of D.D. Highlights is ready for download. Click here. 3/5: Analyst Buy/Sell Rating Changes Chemours (CC), cuts to neutral, target ↓$21, +5% upside For your information only, not Div. Det. recommendation change 3/5: Qualcomm (QCOM) increased its quarterly dividend by $0.05 to $0.85 per share. 3/4: DD Model Portfolios have been updated for March. Click here 3/1: Chemours (CC) said that it was putting its CEO and CFO on leave and delaying its audited financial filings as it conducts an internal investigation into its bookkeeping, compensation and ethics hotline reports. Chemours said the review, led by its audit committee, into "one or more potential material weaknesses" in controls over financial reporting also is taking into account "the 'tone at the top' set by certain members of senior management." What many perceived as likely a relatively minor accounting hangup two weeks ago now appears wider, longer, and with more ramifications than the market initially believed," according to an analyst. 3/1: Dominion Energy (D) is down this morning after saying in an investor presentation that it expects FY 2024 adjusted earnings in the range of $2.62-$2.87/share, below $3.03 analyst consensus estimate 2/29: Chemours (CC) replaced its CEO and Chief Financial Officer and indefinitely delayed release of its December quarter and full year 2023 numbers. 2/29: Analyst Buy/Sell Rating Changes Chemours (CC), cuts to underperform, target ↓$19, +12% upside For your information only, not Div. Det. recommendation change 2/28: Analyst Buy/Sell Rating Changes American Electric Power (AEP), cuts to equal weight, target ↓$83, 0% upside For your information only, not Div. Det. recommendation change 2/27: ONEOK (OKE) reported December quarter earnings of $1.18 per share, $0.04 above analyst forecasts, and up 9% vs. year-ago. Operating income up 46% to $1.099 billion. EBITDA (adjusted) $1,514 million up 57% vs. year-ago. Mixed, but mostly strong year-over-year growth numbers from ONEOK. 2/27: American Electric Power (AEP) reported December quarter earnings (operating) of $1.23 per share, $0.03 below analyst forecasts, but up 11% vs. year-ago. Revenues down 6% to $4.6 billion. Mixed 4Q numbers from AEP. 2/27: American Electric Power replaced its CEO and Board Chair, no other details available. 2/27: Analyst Buy/Sell Rating Changes Comerica (CMA), cuts to neutral , target ↓$56, +14% upside For your information only, not Div. Det. recommendation change 2/23: VICI Properties (VICI) reported December quarter FFO (adjusted) of $0.55 per share, even with analyst forecasts, and up $0.04 vs. year-ago. Revenues up 21% to $931.9 million. 2/22: Chord Energy (CHRD) reported December quarter earnings (adjusted) of $5.27 per share, $0.34 above analyst forecasts, but down $0.01 vs. year-ago. Revenues down 5% to $964.7 million. Adjusted free cash flow down 19% vs. year-ago to $247.4 million. Mostly below year-ago numbers from Chord Energy. 2/22: Chord Energy declared $3.25 per share total dividend ($1.25 base + $2.00 variable) vs. year-ago $4.80 total). /22: Chord Energy (CHRD) agreed to acquire Enerplus (ERF) for around $11 billion in cash and stock. creating a Williston Basin-focused E&P compan 2/22: Dominion Energy (D) reported December quarter earnings (operating) of $0.29 per share, $0.06 below analyst forecasts, and vs. year-ago $0.76. Revenues down 7% to $3.534 billion. Disappointing December quarter numbers from Dominion Energy. 2/20: Analyst Buy/Sell Rating Changes Caterpillar (CAT), cuts to in-line , target ↑$338, +7% upside For your information only, not Div. Det. recommendation change 2/16: NextEra Energy (NEE) raised its quarterly dividend by 10% to $0.515 per share. 2/16: Arbor Realty (ABR) reported December quarter distributable EPS $0.51, $0.02 above analysts but $0.09 below year-ago. Net interest income down 8% vs. year-ago to $103.5 million. Below year-ago numbers from Arbor Realty. 2/15: Getty Realty (GTY) reported December quarter FFO (adjusted) of $0.57 per share, $0.01 above analyst forecasts, and up 4% vs. year-ago. Revenues up 10% to $47.64 million. Rental Income up 9% to $41.14 million. Real estate portfolio (net) up 13% vs. year-ago to $1.613 billion. Okay year-over-year growth numbers from Getty. 2/15: Ventas (VTR) reported December quarter FFO (normalized) of $0.76 per share, even with analyst forecasts and up 4% vs. year-ago. Revenues up 11% to $1.164 billion. Okay, but not great growth numbers from Ventas. 2/15: Franklin BSP Realty Trust (FBRT) reported December quarter distributable EPS $0.39, up 5% vs. year-ago. Total income for the year ending 12/31/23 $263.9 million vs. year-ago $206.8 million. Mixed, but on balance, weak growth numbers. 2/15: Targa Resources (TRGP) reported December quarter net income down 6.% vs. year-ago to $299.6 million. Revenues down 7% to $4.24 billion. Disappointing numbers from Targa Resources. 2/15: Corebridge Financial (CRBG) reported December quarter operating earnings of $1.04 per share, $0.05 above analyst forecasts, and up 18% vs. year-ago. Net investment income up 18% to $3,012 million. Book value (adjusted) $36.82 per share vs. year-ago $36.34 Adjusted ROE 11.2% vs. year-ago 10.4%. Mostly strong year-over-year growth numbers from Corebridge. 2/15: Analyst Buy/Sell Rating Changes Ingredion (INGR), ups to buy , target ↑$135, +19% upside For your information only, not Div. Det. recommendation change 2/14: Chemours (CC) said it would delay its December quarter earnings report from today to 2/28 because it "needs additional time to complete its year-end reporting process." 2/12: AJ Gallagher (AJG) acquired London-based workplace communications consultant Wright Agency Limited, dba Simply-Communicate Ltd. 2/12: Analyst Buy/Sell Rating Changes PepsiCo (PEP), ups to buy , target ↑$195, +16% upside For your information only, not Div. Det. recommendation change 2/9: TELUS (TU) reported December quarter earnings (adjusted) of $0.18 per share, $0.01 above analyst forecasts, and up $0.01 vs. year-ago. Revenues up 2% to $3.82 billion. Disappointing numbers from TELUS. 2/9: Magna International (MGA) reported December quarter earnings (adjusted) of $1.33 per share, $0.15 below analyst forecasts, but up 41% vs. year-ago. Revenues up 9% to $10.454 billion. Missed analyst estimates, but still a strong report from Magna. 2/9: PepsiCo (PEP) reported December quarter earnings (core) of $1.78 per share, $0.06 above analyst forecasts, and up 7% vs. year-ago. Revenues down 0.5% to $27.9 billion. Mixed, but on balance okay numbers from PepsiCo. 2/9: Blue Owl Capital (OWL) reported December quarter earnings (adjusted) of $0.18 per share, $0.01 above analyst forecasts, and up 20% vs. year-ago. Revenues up 25% to $404 million. Assets under management up 20% vs. year-ago to $165.7 billion. Strong year-over-year growth numbers from Blue Owl. 2/9: Dividend hikes announced today; Magna International (MGA) +3%, PepsiCo (PEP) +7%. 2/8: The February 2024 issue of D.D. Highlights is ready for download. Click here. 2/8: Ares Management (ARES) reported December quarter earnings of $1.21 per share, $0.08 above analyst forecasts, and even with year-ago. Assets under management up 19% to $418.8 billion. Okay, but not great numbers from Ares. 2/8: Ares Management raised its quarterly dividend by 21% to $0.93 per share. 2/8: Analyst Buy/Sell Rating Changes ONEOK (OKE), ups to buy , target $76, +10% upside For your information only, not Div. Det. recommendation change 2/7: Investible Special Dividend alert, $2.50 per share, 2.0% yield, click here 2/7: Ingredion (INGR) reported December quarter earnings (adjusted) of $1.97 per share, $0.13 above analyst forecasts, and up 19% vs. year-ago. Revenues down 3% to $1.92 billion. Operating income (adjusted) up 21% to $203 million. Mixed, but mostly strong growth numbers from Ingredion. 2/7: Ares Capital (ARCC) reported December quarter earnings (core) of $0.63 per share, $0.03 above analyst forecasts, and even with year-ago. Net investment income $0.60 per share vs. year-ago $0.68. Total portfolio investments up 5% vs. year-ago to $22.874 billion. Net asset value $19.24 per share vs. year-ago $18.40. Mixed, but generally disappointing numbers from Ares Capital. 2/7: Emerson Electric (EMR) reported December quarter earnings (adjusted) of $1.22 per share, $0.18 above analyst forecasts, and up 56% vs. year-ago. Revenues up 22% to $4.12 billion. Free cash flow up 51% to $367 million. Impressive year-over-year growth numbers from Emerson. 2/7: Analyst Buy/Sell Rating Changes Caterpillar (CAT), ups to buy For your information only, not Div. Det. recommendation change 2/6: Analyst Buy/Sell Rating Changes McDonald's (MCD), cuts to neutral Chevron (CVX), cuts to hold, target $160, +5% upside For your information only, not Div. Det. recommendation change 2/6: Due to delays triggered by storm issues in Sunny California, the February issue of Dividend Detective Highlights will be mailed today, 2/6, instead of 2/5.2/5: Investible Special Dividend alert, $2.44 per share, 5.3% yield, click here2/5: DD Model Portfolios have been updated for February. Click here2/5: Caterpillar (CAT) reported December quarter earnings (adjusted) of $5.23 per share, $0.85 above analyst forecasts, and up 32% vs. year-ago. Revenues up 3% to $17.1 billion. Strong earnings growth numbers from Caterpillar. 2/5: McDonalds (MCD) reported December quarter earnings (adjusted) of $2.95 per share, $0.13 above analyst forecasts, and up 14% vs. year-ago. Revenues up 8% to $6.406 billion. Global comparable store sales up 3% vs. year-ago. U.S. store comparable sales up 3%. Good growth numbers from McDonalds. 2/5: A.J. Gallagher (AJG) acquired Florida-based John Galt Commercial Insurance Agency.2/2: PennyMac Mortgage Investment Trust (PMT) reported December quarter earnings of $0.44 per share, $0.12 above analyst forecasts, and vs. year-ago loss. Net investment income $84.8 million, up 72% vs. year-ago. Book value $16.13 per share vs. year-ago $15.79. Strong year-over-year growth numbers from PennyMac.2/2: Chevron (CVX) reported December quarter earnings (adjusted) of $3.45 per share, $0.35 above analyst forecasts, but down from year-ago $4.09. Revenues down 16% to $47.18 billion. Upstream earnings $1,586 million vs. year-ago $5,485 million. Downstream earnings $1,147 million vs. $1,771 million. Operating cash flow $12.4 billion vs. year-ago $12.5 billion. Total quarterly production up 34% to 1.6M boe/day. Mostly disappointing year-over-year numbers from Chevron. 2/2: Baker Hughes (BKR) increased its quarterly dividend by 5% to $0.21 per share. 2/2: Chevron (CVX) hiked its quarterly dividend by 8% to $1.63 per share. 2/1: MetLife (MET) reported December quarter earnings of $1.83 per share, $0.09 above analyst forecasts, and up 15% vs. year-ago. Revenues up 18% to $19.03 billion. Book value (adjusted) down 1% vs. year-ago to $53.75 per share. Adjusted ROE 14.6% vs. year-ago 12.1%. Strong growth numbers from MetLife. 2/1: Qualcomm (QCOM) reported December quarter earnings (adjusted) of $2.75 per share, $0.39 above analyst forecasts, and up 16% vs. year-ago. Revenues up 5% to $9.935 billion. Handsets revenue up 16% to $6.69 billion. Automotive revenues up 31% to $598 million. Internet of things (IoT) revenues down 32% to 1.14 billion. Mixed but mostly strong year-over-year growth numbers from Qualcomm. 2/1: Analyst Buy/Sell Rating Changes Qualcomm (QCOM), cuts to neutral, target $160, +12% upside For your information only, not Div. Det. recommendation change 1/31: January Preferred Stocks Wrap-up: Our portfolio averaged a 3.3% return in January compared to a -0.9% loss for Equal Weighted S&P Index. Looking at January's best picks, Brighthouse Financial up 13.3%, Brookfield Infrastructure, up 7.9%, and Ford Motor, up 6.2%, did the best. On the downside, Aspen Insurance, down 5.0%, Carlyle Financial, down 1.5%, and Apollo Global, down 1.4%, were our biggest losers. As of January 31, 8 of our 26 buy-rated preferreds were still paying 8%+ dividend yields. 1/31: AJ. Gallagher (AJG) acquired Connecticut-based Ericson Insurance Services, LLC, dba Ericson Insurance Advisors. 1/30: PotlatchDeltic (PCH) reported December quarter EPS of $0.00 per share, $0.03 above analyst forecasts, but down from year-ago +$0.05. Revenues up 1% to $254.5 million. Net Operating cash flow $41.8 million vs. $33.5 million. Strong (+25%) year-over-year operating cash flow growth. 1/30: AJ. Gallagher (AJG) acquired Washington, Iowa-based retail property/casualty insurance agency Horak Insurance. 1/30: Microsoft (MSFT) reported December quarter earnings (adjusted) of $2.93 per share, $0.19 above analyst forecasts, and up 26% vs. year-ago. Total revenues up 18% to $62.0 billion. Intelligent Cloud revenues up 20% to $25.9 billion. Productivity and Business Process (MS Office, LinkedIn, Dynamics) revenues up 13% to $19.2 billion. Personal computing revenues up 19% to $16.9 billion. Operating cash flow $18.85 billion vs. year-ago $11.17 billion. Strong year-over-year growth numbers from Microsoft. 1/29: Investible Special Dividend alert, $3.00 per share, 15.5% yield, click here 1/29: AJ Gallagher (AJG) acquired commercial lines wholesale insurance broker and managing general agency, Forest Insurance Facilities, which serves clients throughout Louisiana. 1/29: Analyst Buy/Sell Rating Changes Comerica (CMA), cuts to hold Baker Hughes (BKR), cuts to Peer Perform For your information only, not Div. Det. recommendation change 1/26: ClearBridge MLP and Midstream Fund (CEM), ClearBridge Energy Midstream Opportunity Fund( EMO), ClearBridge MLP and Midstream Total Return Fund (CTR) are planning to merge, subject to shareholder's approval. 1/25: Blue Owl Capital began trading today on the NYSE using its new ticker symbol "OBDE". 1/25: AJ Gallagher (AJG) reported December quarter earnings (adjusted) of $1.85 per share, $0.01 above analyst forecasts, and up 24% vs. year-ago. Revenues up 19% to $2.39 billion. Brokerage EPS (adjusted) up 22% to $2.01. Risk management EPS (adjusted) up 31% to $0.16. Strong year-over-year growth numbers from AJG. 1/25: IBM (IBM) reported December quarter earnings (adjusted) of $3.87 per share, $0.07 above analyst forecasts, and up 20% vs. year-ago. Revenues up 4% to $17.4 billion. Total revenues up 4% to $17.38 billion. Software revenues up 3% to $7.5 billion. Consulting revenues up 6% to $5.0 billion. Infrastructure revenues up 3% to $3.3 billion. Free cash flow $6.09 billion, up 7% vs. year-ago. Okay growth numbers from IBM. 1/25: AJ Gallagher (AJG) raised its quarterly dividend by 9% to $0.60 per share. 1/25: NextEra Energy (NEE) reported December quarter earnings (adjusted) of $0.52 per share, $0.01 above analyst forecasts, and up $0.01 vs. year-ago. Revenues up 12% to $6.877 billion. Florida Power & Light EPS (adjusted) up 8% to $0.41. NextEra Energy Resources, its unregulated unit, EPS (adjusted) down 14% vs. year-ago to $0.43. Mixed December quarter numbers from NextEra, but it expects 6%-8% EPS growth over the next two years. 1/25: Analyst Buy/Sell Rating Changes RTX (RTX), ups to neutral, target ↑$100, +11% upside For your information only, not Div. Det. recommendation change 1/24: Baker Hughes (BKR) reported December quarter earnings of $0.51 per share, $0.04 above analyst forecasts, and up 34% vs. year-ago. Revenues up 16% to $6.835 billion. Free cash flow $663 million vs. year-ago $657 million. Good year-over-year growth numbers from Baker Hughes, but it said it expects that spending on drilling and well completion in North America will decline in 2024, more than offsetting international growth. 1/23: RTX (RTX) reported December quarter earnings (adjusted) of $1.29 per share, $0.04 above analyst forecasts, and up 2% vs. year-ago. Total Revenues (adjusted) up 2% to $19.8 billion. Collins Aerospace revenues up 14% to $7,120 million, Pratt & Whitney revenues up 14% to $6,439 million, and Raytheon Sales up 3% to $6,8862 million. Free cash flow $3.9 billion vs. year-ago $3.8 billion. Expects FY 2024 EPS of $5.25 - $5.40 vs. $5.06. Disappointing year-over-year growth numbers from RTX. 1/23: Analyst Buy/Sell Rating Changes Qualcomm (QCOM), starts at neutral, target $150, -1% downside Chevron (CVX), cuts to market perform, target ↓$150, +5% upside Broadcom (AVGO), starts at overweight, target $1,300, +7% upside For your information only, not Div. Det. recommendation change 1/22: Analyst Buy/Sell Rating Changes Comerica (CMA), cuts to market perform American Electric Power (AEP), cuts to neutral, target $81, +5% upside For your information only, not Div. Det. recommendation change 1/19: Targa Resources (TGP) said that it plans to hike its next (March quarter) dividend by by 50% to $0.75 per share. 1/19: Comerica (CMA) reported December quarter earnings of $0.20 per share, $1.18 below analyst forecasts, and vs. year-ago $1.84. Net interest income down 21% vs. year-ago to $584 million. Net interest margin 2.91% vs. 3.74%. Non-interest income up 29% to $198 million. Ending loan balance down 2% vs. year-ago to $52.11 billion. Ending deposit balance down 7% to $66.05 billion. Mixed, but mostly below year-ago December quarter results. 1/19: Analyst Buy/Sell Rating Changes IBM (IBM), ups to outperform, target ↑$200, +18% upside Broadcom (AVGO), ups to buy For your information only, not Div. Det. recommendation change 1/18: AJ Gallagher (AJG) acquired retail insurance broker The Rowley Agency based in Concord, New Hampshire. 1/18: Analyst Buy/Sell Rating Changes Microsoft (MSFT), ups to outperform, target $471, +21% upside For your information only, not Div. Det. recommendation change 1/17: ONEOK (OKE) raised its quarterly dividend by 4% to $0.99 per share. 1/17: Citizens Financial Group (CFG) reported December quarter earnings (underlying) of $0.85 per share, $0.10 above analyst forecasts, but down 36% vs. year-ago. Revenues down 26% to $1,988 million. Net interest income down 12% to $1.488 billion. Non-interest income down 1% to $500 million. Net interest margin 2.91% vs. 3.30%. Total loans down 7% to $146.0 billion. Deposits down 2% to $177.3 billion. Tangible book value up 11% to $30.91 per share. Better than expected but still mostly below year-ago numbers from Citizens Financial. 1/17: Penske Automotive (PAG) hiked its quarterly dividend by 10% to $0.87 per share, which was 43% above its year-ago payout. 1/16: Blue Owl Capital (OWL) intends to list its common stock on the New York Stock Exchange. It will commence trading on the NYSE on January 25, 2024, under the ticker symbol "OBDE". 1/16: AJ Gallagher's (AJG) Reinsurance unit, Gallagher Re, acquired Toronto, Ontario-based MGB Re. 1/16: Analyst Buy/Sell Rating Changes Ventas (VTR), ups to buy, target ↑$53, +8% upside Chevron (CVX), cuts to sector perform For your information only, not Div. Det. recommendation change 1/12: Analyst Buy/Sell Rating Changes Qualcomm (QCOM), ups to buy, target $160, +14% upside For your information only, not Div. Det. recommendation change 1/11: AJ Gallagher (AJG) acquired UK-based MCMM Services, which provides administrative and claims management services to members of Education Mutual, a mutual insurer that offers staff absence insurance to UK state schools and academies. 1/11: Analyst Buy/Sell Rating Changes American Electric Power (AEP), cuts to neutral, target $83, +2% upside For your information only, not Div. Det. recommendation change 1/10: Analyst Buy/Sell Rating Changes ONEOK (OKE), ups to peer perform. PennyMac Mortgage (PMT), starts at hold, target $15, 0% upside Franklin BSP Realty Trust (FBRT), ups to outperform, target $15, +9% upside AJ Gallagher (AJG), starts at market perform, target $249, +10% upside For your information only, not Div. Det. recommendation change 1/9: Analyst Buy/Sell Rating Changes MetLife (MET), ups to buy. AJ Gallagher (AJG), cuts to hold, target ↓$233, +4% upside Ares Capital (ARCC), cuts to neutral, target $21, +3% upside For your information only, not Div. Det. recommendation change 1/8: AJ Gallagher (AJG) acquired insurance broker Koberich Financial Lines, based in Germany. 1/8: Analyst Buy/Sell Rating Changes Caterpillar (CAT), starts at equal weight, target $270, -6% downside Chevron (CVX), ups to buy, target $184, +25% upside Ares Capital (ARCC), cuts to neutral, target $21 +3% upside For your information only, not Div. Det. recommendation change 1/6: DD's Stock and Fund portfolio returns have been updated for December and Year 2023. Click here 1/5: Analyst Buy/Sell Rating Changes IBM (IBM), starts at hold McDonald's (MCD), cuts to perform For your information only, not Div. Det. recommendation change 1/4: DD Model Portfolios have been updated for January. Click here 1/4: Analyst Buy/Sell Rating Changes Comerica (CFG), ups to buy, target $70.50, +26% upside Blue Owl Capital (OWL), starts at outperform, target $17, +13% upside Emerson Electric (EMR), ups to buy, target ↑$118, +23% upside TELUS (TU), cuts to neutral For your information only, not Div. Det. recommendation change 1/3: Analyst Buy/Sell Rating Changes Magna Intl. (MGA), cuts to neutral, target ↓$58, 0% upside For your information only, not Div. Det. recommendation change 1/2: Analyst Buy/Sell Rating Changes Citizens Financial (CFG), cuts to Equal Weight, target ↑$40, +21% upside For your information only, not Div. Det. recommendation change 12/27: American Electric Power (AEP) sold its 50% interest in New Mexico Renewable Development (NMRD) to Exus North America. 12/26: Penske Automotive (PAG) acquired Don Allen Auto Service, a Massachusetts-based auto dealership for $12.4 million. 12/22: Broadcom (AVGO) said a district court in Germany fined Netflix (NFLX) €7.05 million for its infringement of a AVGO patent. 12/20: Analyst Buy/Sell Rating Changes McDonald's (MCD), starts at buy, target $317, +9% upside For your information only, not Div. Det. recommendation change 12/19: Harry's Hot Portfolios • Two New Portfolios.• Click Here 12/19: Analyst Buy/Sell Rating Changes PepsiCo (PEP), cuts to neutral, target ↓$176, +5% upside For your information only, not Div. Det. recommendation change 12/18: Law enforcement agencies in northern China have shut down large-scale manufacturing of counterfeit Viton FreeFlow fluoroelastomer, a product falsely bearing Chemours'(CC) trademarks, at a local chemical plant. 12/15: Analyst Buy/Sell Rating Changes AJ Gallagher (AJG), cuts to underperform, target ↓$230, +3% upside For your information only, not Div. Det. recommendation change 12/14: Investible Special Dividend alert, $12.27 per share, 2.4% yield, click here 12/13: Analyst Buy/Sell Rating Changes Microsoft (MSFT), starts at buy For your information only, not Div. Det. recommendation change 12/12: Analyst Buy/Sell Rating Changes Comerica (CMA), cuts to neutral, target $57, +16% upside A.J. Gallagher (AJG), cuts to market perform For your information only, not Div. Det. recommendation change 12/11: Penske Automotive (PAG) agreed to acquire Rybrook Group, which owns 15 premium auto dealerships in the UK. 12/11: Analyst Buy/Sell Rating Changes Devon Energy (DVN), ups to buy, target ↑$52, +18% upside Broadcom (AVGO), starts at buy, target $1,100, +10% upside For your information only, not Div. Det. recommendation change (12/8) Broadcom (AVGO) reported October quarter earnings (adjusted) of $11.06 per share, $0.11 above analyst forecasts, and up 5% vs. year-ago. Total revenues up 4% to $9.295 billion. Semiconductor revenues up 3% to $7,326 million. Infrastructure software revenues up 7% to $1,969 million. Free cash flow $4,723 million vs. $4,461 million. Forecast 40% revenue growth for fiscal 2024. Modest year-over-year growth numbers, but strong guidance for next year. 12/8: Broadcom increased its quarterly dividend by 14% to $5.25 per share. 12/8: A. J. Gallagher (AJG) acquired Australia-based My Plan Manager Group. 12/8: Columbia Seligman Premium Technology Growth (STK) declared $0.2669 per share special dividend. 12/8: Analyst Buy/Sell Rating Changes VICI Properties (VICI), starts at buy, target $36, +18% upside NextEra Energy (NEE), starts at buy, target $69, +15% upside Qualcomm (QCOM), cuts to equal weight, target ↑$132, 0% upside Broadcom (AVGO), ups to buy For your information only, not Div. Det. recommendation change 12/7: Investible Special Dividend alert, $8.00 per share, 108% yield, click here 12/7: Investible Special Dividend alert, $2.00 per share, 9.8% yield, click here 12/7: McDonald's (MCD) has begun testing a new small store format called CosMc's this week, earlier than it previously expected, with plans to open 10 such restaurants by the end of 2024. 12/6: Investible Special Dividend alert, $2.85 per share, 6.8% yield, click here 12/6: Investible Special Dividend alert, $3.20 per share, 3.4% yield, click here 12/6: Arthur J. Gallagher (AJG) acquired Palos Heights, Illinois-based Hunt Insurance Agency. 12/6: Analyst Buy/Sell Rating Changes PennyMac Mortgage (PMT), starts at neutral, target $13.50, -8% downside For your information only, not Div. Det. recommendation change 12/5: The December 2023 issue of D.D. Highlights is ready for download. Click here. 12/5: Analyst Buy/Sell Rating Changes Microsoft (MSFT), starts at buy, target $466, +26% upside For your information only, not Div. Det. recommendation change 12/4: DD Model Portfolios have been updated for December. Click here 12/4: Analyst Buy/Sell Rating Changes ONEOK (OKE), ups to buy, target ↑$83, +18% upside Citizens Financial (CFG), cuts to equal weight, target $31, +9% upside For your information only, not Div. Det. recommendation change 12/1: Analyst Buy/Sell Rating Changes Chemours (CC), ups to outperform, target ↑$40, +38% upside For your information only, not Div. Det. recommendation change 11/29: Chemours (CC), along with DuPont de Nemours (DD), and Corteva (CTVA), agreed to a $110 million settlement with the state of Ohio over claims related to “forever chemicals” pollution from a plastics factory near the Ohio River. 11/28: Chemours Company (CC) and Advanced Performance Materials, announced the creation of an international F-gas Lifecycle Program across the Americas, Asia, and Europe. The program aims to advance safe, global recovery, reclaim, and reuse of fluorinated gases across its low global warming potential (GWP) Opteon products, Freon refrigerants, and FM-200 portfolios. 11/23: Happy Thanksgiving 11/22: Broadcom (AVGO) completed its acquisition of VMware (VMW). 11/21: A. J. Gallagher (AJG) acquired Queensbury, New York-based Hughes Insurance Agency. 11/20: Emerson (EMR) announced a strategic investment in Frugal Technologies, a Danish-based company that offers fuel optimization technologies that reduce energy use and emissions in shipping fleets. 11/20: McDonald's (MCD) agreed to acquire Carlyle's minority stake in the strategic partnership that operates and manages McDonald's business in mainland China, Hong Kong and Macau. 11/20: Analyst Buy/Sell Rating Changes Caterpillar (CAT), starts at hold, target $250 For your information only, not Div. Det. recommendation change 11/16: Investible Special Dividend alert, $20.00 per share, 6.8% yield, click here 11/16: Investible Special Dividend alert, $1.10 per share, 8.6% yield, click here 11/16: AJ Gallagher (AJG) acquired East Lansing, Michigan-based Covery's Insurance Services. 11/15: Analyst Buy/Sell Rating Changes RTX (RTX), cuts to neutral For your information only, not Div. Det. recommendation change 11/14: A.J. Gallagher (AJG) acquired Australian commercial insurance broker Edgar Insurance Brokers. 11/13: Analyst Buy/Sell Rating Changes PepsiCo (PEP), starts at buy, target $203, +21% upside For your information only, not Div. Det. recommendation change 11/10 Investible Special Dividend alert, $2.27 per share, 1.7% yield, click here 11/10 Investible Special Dividend alert, $35.00 per share, 3.6% yield, click here 11/9: Analyst Buy/Sell Rating Changes Devon Energy (DVN), ups to outperform NextEra Energy (NEE), cuts to sell, target $44, -22% downside For your information only, not Div. Det. recommendation change 11/8: Greystone Housing Impact Investors (GHI) reported September quarter earnings of $0.39 per unit, $0.15 above analyst forecasts, but vs. year-ago $0.77. Revenues up 17% to $26.5 million. Cash available for distribution $0.25 per unit vs. year-ago $0.52. Mixed, but mostly below year-ago numbers. 11/8: Arthur J. Gallagher (AJG) acquired Farmington, Connecticut-based employee benefits agency WDK Benefits, LLC. 11/8: Devon Energy (DVN) raised its quarterly dividend by 57% from previous to $0.77 per share, which was still 43% below year-ago.
11/7: Devon Energy (DVN) reported September quarter earnings (adjusted) of $1.42 per share, $0.16 below analyst forecasts, and down 51% vs. year-ago. Revenues down 29% to $3.84 billion. Operating cash flow down 18% to $1.73 billion. Total oil equivalent production up 8% vs. year-ago to 665 MBoe/day. Lower oil and natural gas prices pushed year-over-year revenue and earnings numbers down vs. year-ago. 11/7: Runway Growth Finance (RWAY) reported September quarter investment earnings of $0.54 per share, $0.07 above analyst forecasts, and up 50% vs. year-ago. Total investment portfolio up 24% vs. year-ago to $1.011 billion. Net asset value even with year-ago at $14.08 per share. Mostly good year-opver-year growth numbers from Runway. 11/7: Ingredion (INGR) reported September quarter earnings of $2.33 per share, $0.45 above analyst forecasts, and up 35% vs. year-ago. Revenues up 1% to $2.033 billion. Operating income (adjusted) up 15% to $219 million. Mixed, but on balance, okay growth numbers from Ingredion. 11/7: Emerson Electric (EMR) reported September quarter earnings (adjusted) of $1.29 per share, $0.01 above analyst forecasts, and up 21% vs. year-ago. Revenues up 5% to $4.09 billion. Free cash flow up 17% to $838 million. Mostly strong growth numbers from Emerson. 11/7: Analyst Buy/Sell Rating Changes Ventas (VTR), ups to outperform, target ↑$51, +16% upside For your information only, not Div. Det. recommendation change 11/6: A.J. Gallagher (AJG) acquired Dublin, Ireland based commercial broker Keaney Insurance Brokers. 11/6: American International Group (AIG) said it has priced a secondary offering of Corebridge Financial (CRBG) common stock at $20.50 per share. 11/6: Analyst Buy/Sell Rating Changes Dominion Energy (D), ups to overweight, target ↑$47, +7% upside Qualcomm (QCOM), ups to buy, target $140, +17% upside For your information only, not Div. Det. recommendation change 11/5: The November 2023 issue of D.D. Highlights is ready for download. Click here. 11/4: DD Model Portfolios have been updated for November. Click here 11/3: Ventas (VTR) reported September quarter FFO (normalized) of $0.75 per share, $0.01 above analyst forecasts, but down $0.01 vs. year-ago. Revenues up 11% to $1.150 billion. Okay, but not great numbers from Ventas. 11/3: OFS Capital (OFS) reported September quarter net investment income of $0.40 per share, $0.03 above analyst forecasts, and up 21% vs. year-ago. Net asset value $12.74 vs. year-ago $13.58. Mixed, but on balance okay numbers from OFS. 11/3: Magna International (MGA) reported September quarter earnings (adjusted) of $1.46 per share, $0.26 above analyst forecasts, and up 33% vs. year-ago. Revenues up 15% to $10.7 billion. Surprisingly strong year-over-year growth numbers from Magna. 11/3: Corebridge Financial (CRBG) reported September quarter operating earnings of $1.05 per share, $0.01 above analyst forecasts, and up 28% vs. year-ago. Net investment income up 23% to $2,657 million. Book value (adjusted) $38.23 per share vs. year-ago $36.59 Adjusted ROE 11.4% vs. year-ago 9.1%. Strong year-over-year growth numbers from Corebridge. 11/3: TELUS (TU) raised its quarterly dividend by 6% to US$0.2749 per share. 11/3: Dominion Energy (D) reported September quarter earnings (operating) of $0.77 per share, $0.03 above analyst forecasts, but down 22% vs. year-ago. Revenues down 4% to $3.810 billion. Below year-ago numbers from Dominion. 11/3: Runway Growth Finance (RWAY) declared regular plus supplemental dividends totaling $0.46 per share, up 28% vs. year-ago. 11/3: Analyst Buy/Sell Rating Changes Comerica (CMA), cuts to neutral, target ↓$45, +5% upside For your information only, not Div. Det. recommendation change 11/2: Chord Energy (CHRD) declared a total (fixed plus variable) dividend of $2.50 per share, up 84% from previous, but below year-ago $3.67 per share. 11/2: American Electric Power (AEP) reported September quarter earnings (adjusted) of $1.77 per share, $0.02 above analyst forecasts, and up 11% vs. year-ago. Revenues down 4% to $5.3 billion. Okay September quarter numbers from AEP. 11/2: Blue Owl Capital (OWL) reported September quarter distributable EPS $0.16, even with analyst forecasts and up 14% vs. year-ago. Revenues up 16% to $429.7 million. Assets under management up 19% vs. year-ago to $156.9 billion. Good year-over-year growth numbers from Blue Owl. 11/2: Analyst Buy/Sell Rating Changes ONEOK (OKE), cuts to hold, target $68, +5% upside Chevron (CVX), ups to outperform, target ↓$182, +25% upside For your information only, not Div. Det. recommendation change 11/1: Qualcomm (QCOM) reported September quarter earnings (adjusted) of $2.02 per share, even with analyst forecasts, but down 35% vs. year-ago. Revenues down 24% to $8.63 billion. Handsets revenue down 27% to $5.46 billion. Automotive revenues up 15% to $535 million. Internet of things (IoT) revenues down 31% to 1.39 billion. Mostly below year-ago numbers. 11/1: Chord Energy (CHRD) reported September quarter earnings of $5.04 per share, $0.09 above analyst forecasts, but down 30% vs. year-ago. Revenues down 20% to $840.6 million. Adjusted free cash flow down 36% vs. year-ago to $207.4 million. All below year-ago numbers from Chord Energy. 11/1: MetLife (MET) reported September quarter earnings (adjusted) of $1.97 per share, $0.03 above analyst forecasts, but up 44% vs. year-ago. Revenues down 29% to $15.866 billion. Book value (adjusted) up 2% vs. year-ago to $53.00 per share. Adjusted ROE 14.9% vs. year-ago 8.6%. Mixed, but mostly okay numbers from MetLife. 11/1: CVS Health (CVS) reported September quarter earnings of $2.21 per share, $0.09 above analyst forecasts, and up 2% vs. year-ago. Total revenues up 11% to $89.9 billion. Health Care Benefits revenues up 17% to $26.3 billion. Health Services revenues up 8% to $46.9 billion. Pharmacy & Consumer Wellness revenues up 6% to $28.9 billion. Okay September quarter growth numbers from CVS. 11/1: Corebridge Financial (CRBG) declared a $1.16 per-share (5.7% yield) special dividend payable on November 22. 11/1: Analyst Buy/Sell Rating Changes Chevron (CVX), ups to buy, target $185, +26% upside For your information only, not Div. Det. recommendation change 10/31: Corebridge Financial (CRBG) completed its previously announced sale of Laya Healthcare Limited to a subsidiary of AXA S.A. (AXA). 10/31: ONEOK (OKE) reported September quarter earnings of $0.99 per share, $0.09 below analyst forecasts, but up 3% vs. year-ago. Operating income up 6% to $739 million. EBITDA (adjusted) $1,001 million up 10% vs. year-ago. Mixed, but on balance disappointing numbers from ONEOK. 10/31: PotlatchDeltic (PCH) reported September quarter EPS (adjusted) of $0.14 per share, down 81% vs. year-ago. Revenues down 13% to $265.5 million. Net Operating cash flow $41.0 million vs. $80.3 million. Down year-over-year numbers reflect lower lumber prices. 10/31: Franklin BST Realty Trust (FBRT) reported September quarter distributable earnings of $0.43 per share, $0.02 above analyst forecasts, and up 30% vs. year-ago. Total income up 24% to $62.39 million. Strong year-over-year growth numbers from Franklin. 10/31: Ares Management (ARES) reported September quarter earnings (adjusted) of $0.83 per share, $0.04 below analyst forecasts, but up 11% vs. year-ago. Assets under management up 16% to $394.9 billion. Management fees up 16% vs. year-ago to $637.5 million. Good year-over-year growth numbers from Ares Management. 10/31: Caterpillar (CAT) reported September quarter earnings (adjusted) of $5.52 per share, $0.73 above analyst forecasts, and up 40% vs. year-ago. Revenues up 12% to $16.8 billion. Construction Industries revenues up 12% vs. year-ago to $7.0 billion. Resource Industries revenues up 9% to $3.4 billion. Energy & Transportation revenues up 11% to $6.9 billion. Strong year-over-year growth numbers from CAT. 10/31: Analyst Buy/Sell Rating Changes McDonald's (MCD), ups to buy, target $300, +15% upside For your information only, not Div. Det. recommendation change 10/30: McDonald's (MCD) reported September quarter earnings (adjusted) of $3.17 per share, $0.08 above analyst forecasts, and up 18% vs. year-ago. Revenues up 14% to $6,692 million. Global comparable store sales up 9% vs. year-ago. U.S. store comparable sales up 8%. Strong September quarter growth numbers from MCD. 10/30: Blue Owl Capital (OWL) agreed to acquire healthcare funds managed by Cowen Healthcare Investments, a move that will add around $1B to its assets. 10/27 Investible Special Dividend alert, $5.20 per share, 5.7% yield, click here 10/27: Arbor Realty Trust (ABR) reported September quarter distributable earnings of $0.55 per share, $0.06 above analyst forecasts, but $0.01 below year-ago. Net interest income up 8% vs. year-ago to $107.3 million. Okay, but not great numbers from Arbor Realty. 10/27: Chevron (CVX) reported September quarter earnings (adjusted) of $3.05 per share, $0.65 below analyst forecasts, and down 45% vs. year-ago. Revenues down 19% to $54.1 billion. Upstream earnings down 38% to $5,755 million. Downstream earnings down 33% to $1,683 million. Operating cash flow $9.7 billion vs. year-ago $15.3 billion. All-around disappointing September quarter numbers from Chevron. 10/26: PennyMac Mortgage Investment Trust (PMT) reported September quarter earnings of $0.51 per share, $0.21 above analyst forecasts, and vs. year-ago $0.01. Net investment income $163.4 million, up 8% vs. year-ago. Book value $16.01 per share vs. year-ago $16.18. All things considered, good September quarter numbers from PennyMac. 10/26: Chemours (CC) reported September quarter earnings of $0.63 per share, $0.19 below analyst forecasts, and down 34% vs. year-ago. Revenues down 16% to $1.5 billion. Titanium Technologies sales down 21% to $690 million. Thermal & Specialized Solutions sales down 5% to $436 million. Advanced Performance Materials down 24% to $343 million. Free cash flow $81 million vs. year-ago $229 million. All around major disappointing numbers from Chemours. 10/26: A.J. Gallagher (AJG) reported September quarter earnings (adjusted) of $2.00 per share, $0.04 above analyst forecasts, and up 19% vs. year-ago. Revenues up 21% to $2.453 billion. Brokerage EPS (adjusted) up 20% to $2.15. Risk management EPS (adjusted) up 43% to $0.20. All around strong growth numbers from Gallagher. 10/26: Analyst Buy/Sell Rating Changes Microsoft (MSFT), ups to buy, target ↑$413, +24% upside For your information only, not Div. Det. recommendation change 10/25: Investible Special Dividend alert, $3.84 per share, 7.2% yield, click here 10/25: Baker Hughes (BKR) reported September quarter earnings (adjusted) of $0.42 per share, $0.04 above analyst forecasts, and up 50% vs. year-ago. Revenues up 24% to $6.6 billion. Orders up 40% vs. year-ago to $8.5 billion. Free cash flow $592 million vs. year-ago $417 million. Wow! Very impressive year-over-year growth numbers from Baker Hughes. 10/25: IBM (IBM) reported September quarter earnings (operating) of $2.20 per share, $0.07 above analyst forecasts, and up 22% vs. year-ago. Total revenues up 5% to $14.8 billion. Software revenues up 8% to $6.3 billion. Consulting revenues up 6% to $5.0 billion. Infrastructure revenues down 2% to $3.3 billion. Free cash flow $1.68 billion, up 124% vs. year-ago. Good year-over-year growth numbers from IBM. 10/25: Getty Realty (GTY) reported September quarter FFO (adjusted) of $0.57 per share, $0.01 above analyst forecasts, and up 6% vs. year-ago. Revenues up 20% to $48.9 million. Rental Income up 7% to $43.66 million. Real estate portfolio (net) down 3% vs. year-ago to $1,484 million. Mixed, but mostly good year-over-year growth numbers from Getty. 10/25: VICI Properties (VICI) reported September quarter FFO (adjusted) of $0.54 per share, $0.01 above analyst forecasts, and up 11% vs. year-ago. Revenues up 20% to $904 million. Strong year-over-year growth numbers from VICI. 10/25: Penske Automotive Group (PAG) reported September quarter earnings of $3.92 per share, $0.08 below analyst forecasts, and down 15% vs. year-ago. Revenues up 8% to $7.4 billion. Retail automotive revenues up 10% to $6.3 billion. Retail trucks revenues down 5%% to $965 million. Mixed, but on balance, okay September quarter numers from Penske. 10/25: Analyst Buy/Sell Rating Changes Citizens Financial (CFG), cut to neutral, target ↑$26, +11% upside PepsiCo (PEP) starts at hold, target $185, +14% upside For your information only, not Div. Det. recommendation change 10/24: Getty Realty (GTY) increased its quarterly dividend by 5% to $0.45 per share. 10/24: Microsoft (MSFT) reported September quarter earnings of $2.99 per share, $0.35 above analyst forecasts, and up 27% vs. year-ago. Total revenues up 13% to $56.5 billion. Intelligent Cloud revenues up 19% to $24.3 billion. Productivity and Business Process (MS Office, LinkedIn, Dynamics) revenues up 13% to $18.6 billion. Personal computing revenues up 3% to $13.7 billion. Operating cash flow $30,583 billion vs. year-ago $23,198 billion. Good September quarter year-over-year growth numbers from Microsoft. 10/24: Texas Instruments (TXN) reported September quarter earnings of $1.85 per share, $0.04 above analyst forecasts, but down 25% vs. year-ago. Total Revenues down 14% to $4.53 billion. Analog revenues down 16% to $3.35 billion. Embedded Processing revenues up 8% to $890 million. Free cash flow $442 million vs. year-ago $1,976 million. Mostly below year-ago September quarter numbers from TI. 10/24: A.J. Gallagher (AJG) agreed to acquire Baton Rouge, Louisiana-headquartered Cadence Insurance, a wholly-owned subsidiary of Cadence Bank. 10/24: American Electric Power (AEP) raised its quarterly dividend by 6% to $0.88 per share. 10/24: RTX (Raytheon Technologies) (RTX) reported September quarter earnings (adjusted) of $1.25 per share, $0.06 above analyst forecasts, and up 3% vs. year-ago. Total Revenues (adjusted) up 12% to $19.0 billion. Collins Aerospace revenues up 17% to $6,686 million, Pratt & Whitney revenues up 18% to $6,327 million, and Raytheon Sales up 3% to $6,472 million. Free cash flow $2.75 billion vs. year-ago $263 million. Mostly strong year-over-year growth numbers from RTX. 10/24: Ares Capital (ARCC) reported September quarter earnings (core) of $0.59 per share, $0.01 above analyst forecasts, and up 18% vs. year-ago. Net investment income $0.52 per share vs. year-ago $0.57. Total portfolio investments up 1% vs. December to $21,929 billion. Net asset value $18.99 per share vs. year-ago $18.56. Mixed, but on balance okay September quarter numbers from Ares Capital. 10/24: NextEra Energy (NEE) reported September quarter earnings of $0.94 per share, $0.09 above analyst forecasts, and up 11% vs. year-ago. Revenues up 7% to $7.17 billion. Florida Power & Light EPS up 7% to $0.58. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 16% vs. year-ago to $0.43. Okay September quarter growth numbers from NextEra. 10/23: Chevron (CVX) agreed to acquire Hess (HES) in an all-stock transaction valued at $53B, or $171 per share. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. Chevron will issue about $317 million in common stock. The deal has been approved by both companies' Boards and is expected to close in the first half of 2024. Hess own crude oil assets in Guyana and Bakken area of the U.S. and Canada. 10/23: Arthur J. Gallagher (AJG) acquired Rosenzweig Insurance Agency, based in Mineola, New York. 10/23: Analyst Buy/Sell Rating Changes Citizens Financial (CFG), ups to peer perform For your information only, not Div. Det. recommendation change 10/20: Comerica (CMA) reported September quarter earnings of $1.84 per share, $0.11 above analyst forecasts, but down 29% vs. year-ago. Net interest income down 15% vs. year-ago to $601 million. Net interest margin 2.84% vs. 3.51%. Non-interest income up 11% to $295 million. Ending loan balance up 6% vs. year-ago to $53.99 billion. Ending deposit balance down 11% to $65.88 billion. Mixed, September quarter numbers from Comerica 10/20: Analyst Buy/Sell Rating Changes Blue Owl Capital (OWL), cuts to neutral, target ↓$14, +12% upside For your information only, not Div. Det. recommendation change 10/19: Texas Instruments (TXN) raised its quarterly dividend by 5% to $1.30 per share. 10/19: Investible Special Dividend alert, $10.20 per share, 2.4% yield, click here 10/19: Analyst Buy/Sell Rating Changes PepsiCo (PEP), ups to buy, target $187, +16% upside McDonald's (MCD), starts at buy, target $287, +11% upside For your information only, not Div. Det. recommendation change 10/18: Citizen's Financial Group (CFG) reported September quarter earnings underlying) of $0.89 per share, $0.03 below analyst forecasts, and down 32% vs. year-ago. Revenues down 7% to $2.014 billion. Net interest income down 9% to $1.522 billion. Non-interest income down 4% to $492 million. Mixed but mostly down vs.year-ago numbers from Citizens. 10/18 Penske Automotive increased its quarterly dividend by 10% to $0.79 per share, which is 39% above its year-ago $0.57 payout. 10/17 Arthur J. Gallagher (AJG) acquired of Washington, D.C.-based international insurance broker Clements Worldwide. 10/17: Analyst Buy/Sell Rating Changes Microsoft (MSFT), starts at buy, target $425, +12% upside Chevron (CVX), starts at market perform, $184, +11% upside Devon Energy (DVN), cuts to market perform, target $48, -3% downside For your information only, not Div. Det. recommendation change 10/16: Analyst Buy/Sell Rating Changes Dominion Energy (D), starts at buy, target ↓$425, +11% upside For your information only, not Div. Det. recommendation change 10/13: Microsoft (MSFT) has completed its $69 billion acquisition of Activision (ATVI). 10/12: Analyst Buy/Sell Rating Changes Texas Instruments (TXN), cuts to market perform Chevron (CVX), ups to outperform, target $190, +17% upside For your information only, not Div. Det. recommendation change 10/11: Analyst Buy/Sell Rating Changes Texas Instruments (TXN), cuts to market perform RTX (RTX), cuts to neutral, target ↓$80, +9% upside For your information only, not Div. Det. recommendation change 10/10: Ares Management (ARES) and Vinci Partners (VINP) formed a partnership to accelerate the growth of Vinci's platform in Latin America and to collaborate on distribution, product development, and other business opportunities. 10/10: PepsiCo (PEP) reported September quarter earnings of $2.24 per share, $0.09 above analyst forecasts, and up 15% vs. year-ago. Revenues up 7% to $23.45 billion. Good growth numbers from PepsiCo. 10/9: Analyst Buy/Sell Rating Changes Blue Owl Capital (OWL), cuts to market perform For your information only, not Div. Det. recommendation change 10/5: The October 2023 issue of D.D. Highlights is ready for download. Click here. 10/5: A.J. Gallagher (AJG) acquired retail insurance broker "The Coverage Pro" based in Scottsdale, Arizona. 10/5: McDonald's (MCD) raised its quarterly dividend by 10% to $1.67 per share. 10/5: Analyst Buy/Sell Rating Changes Blue Owl Capital (OWL), starts at outperform, target $16, +23% upside Comerica (CMA), cuts to outperform, target ↓$53, +32% upside NextEra Energy (NEE), cuts to sector weight A.J. Gallagher (AJG), starts at buy, target $277, +6% upside Ares Management (ARES),; starts at outperform, target $133, +29% upside For your information only, not Div. Det. recommendation change 10/4: DD Model Portfolios have been updated for October. Click here 10/4: A.J. Gallagher (AJG) acquired Louisville, Kentucky-based WLA Insurance, LLC, dba Altman Insurance Services. 10/3: Analyst Buy/Sell Rating Changes ONEOK (OKE), ups to outperform ONEOK (OKE), starts at underperform VICI properties, starts at neutral, target $31, +10% upside Emerson Electric (EMR), starts at overweight, target $120, +25% upside Emerson Electric (EMR), cuts to neutral, ups target to $104, +9% upside For your information only, not Div. Det. recommendation change 10/2: Analyst Buy/Sell Rating Changes RTX (RTX), starts at neutral, target $81, +12% upside Microsoft (MSFT), added to "Tactical Ideas" list For your information only, not Div. Det. recommendation change 9/29: Analyst Buy/Sell Rating Changes Ingredian (INGR), starts at outperform, target $120, +21% upside For your information only, not Div. Det. recommendation change 9/28: IBM (IBM) announced the general availability of the first models in the watsonx Granite model series — a collection of generative AI models to advance the infusion of generative AI into business applications and workflows. 9/28: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. RTX (RTX), starts at sell, target $70, -4% downside For your information only, not Div. Det. recommendation change 9/27: Emerson Electric (EMR) made a strategic investment in First Resonance, a Los Angeles-based start-up transforming manufacturing with its ION Factory Operating System, which enables companies across industries to conduct day-to-day operations and connect workflows to power modern operations, from production to supply chain procurement and quality. 9/26: Broadcom's (AVGO) Symantec unit is partnering with Google Cloud to embed generative AI into the Symantec Security platform which will give customers a technical edge for detecting, understanding, and remediating sophisticated cyber attacks. cc 9/25: A.J. Gallagher (AJG) acquired San Diego, California-based Hartley Cylke Pacific Insurance Services. 9/25: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Microsoft (MSFT), ups to neutral For your information only, not Div. Det. recommendation change 9/22: ONEOK (OKE) shareholders and Magellan Midstream Partners (MMP) approved the previously announced merger. The transaction is expected to close on 9/25. 9/21: Texas Instruments (TXN) increased its quarterly dividend by 5% to $1.30 per share. 9/21: New report: Harry's All-Star ETFs, highest returning ETFs and ETNs. Click here. 9/21: A. J. Gallagher (AJG) acquired Corona, California-based specialist insurance broker Ace Commercial Insurance Center. 9/21: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. VICI Properties (VIICI), starts at overweight, target $36, +18% upside For your information only, not Div. Det. recommendation change 9/20: Arthur J. Gallagher (AJG) agreed to acquire Natick, Massachusetts-based Eastern Insurance Group, a subsidiary of Eastern Bank. 9/20: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Ventas (VTR), cuts to outperform, target ↓$55, +25% upside IBM (IBM), starts a outperform, target $188, +25% upside For your information only, not Div. Det. recommendation change 9/19: Microsoft ()MSFT) raised its quarterly dividend by 10% to $0.75 per share. 9/19: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. CVS Health (CVS), ups to outperform, target ↑$83, +15% upside For your information only, not Div. Det. recommendation change 9/15: The Necessity Retail REIT (RTLP) was acquired by Global Net Lease (GNL). Consequently, Necessity preferreds have been renamed to 'Global Net Lease' preferreds with ticker symbol GNL-PD. All other terms remain the same. 9/15: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), ups to buy, target $120, +20% upside Microsoft (MSFT), starts at hold, target $347, +4% upside For your information only, not Div. Det. recommendation change 9/14: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. MetLife (MET), ups to buy RTX (RTX), cuts to hold, target $79, +6% upside RTX (RTX), cuts to underperform, target ↓$75, +1% upside For your information only, not Div. Det. recommendation change 9/13: Arthur J. Gallagher's (AJG) alternative risk transfer solutions subsidiary acquired Bermuda-based management consultant Frontier Financial Services. 9/13: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. American Electric Power (AEP), ups to neutral Magna International (MGA), starts at neutral, target $63, +10% upside For your information only, not Div. Det. recommendation change 9/12: Arthur J. Gallagher (AJG) acquired Benton, Kentucky-based retail insurance broker Morgan, Trevathan & Gunn. 9/12: Chevron (CVX) acquired a 78% stake in ACES Delta, a joint venture between Mitsubishi Power Americas and Magnum Development, which is developing the Advanced Clean Energy Storage project in Utah. Chevron made the deal by acquiring Magnum Development from Haddington Ventures. 9/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. CVS Health (CVS), ups to outperform, target $80, +15% upside RTX (RTX), cuts to sector perform, target ↓$82, +12% upside RTX (RTX), cuts to equal weight, target ↓$75, 0% upside For your information only, not Div. Det. recommendation change 9/11: Qualcomm (QCOM) said it has agreed with Apple to supply Snapdragon 5G Modem‑RF Systems for Smartphone launches in 2024, 2025 and 2026. 9/11: Arthur J. Gallagher (AJG) acquired Columbia, Mississippi-based Southern Insurance Group. 9/11: RTX (RTX) said "600 to 700 geared turbofan engines will have to be removed from planes for quality checks." 9/11: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. RTX (RTC), cuts to neutral, target $92, +16% upside For your information only, not Div. Det. recommendation change 9/8: VICI Properties (VICI) raised its quarterly dividend by 6% to $0.415 per share. 9/7: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. McDonald's (MCD), ups to overweight, target $310, +12% upside For your information only, not Div. Det. recommendation change 9/6: Baker Hughes (BKR) said it expects to report September quarter earnings and revenue numbers in line with expectations. 9/5: The September 2023 issue of D.D. Highlights is ready for download. Click here. 9/5: A.J. Gallagher (AJG) acquired UK based insurance broker Lifesure Group. 9/4: DD Model Portfolios have been updated for September. Click here 9/3: Don't Add to positions in Property REITs. Due to unfavorable market conditions, we're currently advising against adding to positions in all Property REITs. 9/1: Emerson Electric's (EMR) planned $8.2 billion acquisition of National Instruments (NATI) was approved by European antitrust authorities. 8/31: Broadcom (AVGO) reported July quarter earnings of $10.54 per share, $0.20 above analyst forecasts, and up 8% vs. year-ago. Total revenues up 5% to $8.876 billion. Semiconductor revenues up 5% to $6,941 million. Infrastructure software revenues up 5% to $1,935 million. Free cash flow $4,597 million vs. $4,308 million. Modest year-over-year growth numbers from Broadcom. 8/30: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Texas Instruments (TXN), cuts to underperform, target $145, -14% downside For your information only, not Div. Det. recommendation change 8/29: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), starts at equal weight For your information only, not Div. Det. recommendation change 8/28: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), ups to buy, target $110, +12% upside For your information only, not Div. Det. recommendation change 8/24: CVS Health (CVS) launched Cordavis, a wholly owned subsidiary that will work directly with manufacturers to commercialize and/or co-produce biosimilar products (FDA approved biologic medications similar to, and with no clinically meaningful differences from, a biologic medicine already approved by the FDA) for the U.S. pharmaceutical market. 8/24: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Magna Intl. (MGA), starts at sector perform, target $61, +8% upside For your information only, not Div. Det. recommendation change 8/23: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. American Electric Power (AEP), starts at overweight, target $88, +11% upside Dominion Energy (D), starts at equal weight, target $52, +8% upside For your information only, not Div. Det. recommendation change 8/22: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), ups to overweight, target ↑$107, +11% upside For your information only, not Div. Det. recommendation change 8/18: CVS Health (CVS) said that the partial loss of the Blue Shield contract will not impact its previously announced guidance and will have an immaterial impact on the longer-term outlook. 8/18: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. CVS Health (CVS), cuts to hold For your information only, not Div. Det. recommendation change 8/17: American Electric Power (AEP) completed the sale of its 1,365-megawatt (MW) unregulated, contracted renewables portfolio. The sale is part of AEP's strategy to streamline and de-risk its business and focus on regulated operations. 8/17: The Wall Street Journal reported that Blue Shield of California is planning to drop CVS Health (CVS) as its pharmacy-benefits manager. 8/17: Emerson (EMR) agreed to acquire Afag Holding AG. The deal will enhance Emerson's capabilities in factory automation and create a leading motion portfolio combining Afag's electric linear motion solutions with Emerson's pneumatic motion technology. 8/16: Emerson (EMR) agreed to acquire Berlin, Germany based FLEXIM Flexible Industriemeßtechnik, a global leader in clamp-on ultrasonic flow measurement for liquids, gases and steam. 8/16: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX), ups to buy, target ↑$209, +30% upside For your information only, not Div. Det. recommendation change 8/15: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Valero Energy (VLO), cuts to neutral, target ↓$152, +14% upside For your information only, not Div. Det. recommendation change 8/14: Arthur J. Gallagher (AJG) acquired Toronto, Ontario-based A.H. Horn and Associates. 8/11: Penske Automotive Group (PAG) acquired BMW and Porsche dealerships in Wilmington, North Carolina. Penske expects the deal to add around $140 million to annual revenues. 8/11: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Ventas (VTR, cuts to neutral from buy, target ↓$58, +35% upside For your information only, not Div. Det. recommendation change 8/10: Cummins (CMI) and Chevron (CVX) announced a memorandum of understanding to leverage complementary positioning in hydrogen, natural gas, and other lower carbon fuel value chains. The announcement expands the two companies’ previous strategic collaboration on hydrogen and renewable natural gas and is expected to encompass other liquid renewable fuels, such as renewable gasoline blends, biodiesel and renewable diesel. 8/9: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), cuts to outperform from buy, target $125, +7% upside For your information only, not Div. Det. recommendation change 8/8: Runway Growth Finance (RWAY) reported June quarter Net investment EPS of $0.49 per share, $0.02 above analyst forecasts, and up 40% vs. year-ago. Total investment portfolio up 36% vs. year-ago to $1.095 billion. Net asset value even with year-ago at $14.17 per share. Mostly strong year-over-year growth numbers from RWAY. 8/8: Sitio Royalties (STR) reported June quarter earnings of -$0.01 per share, $0.24 below analyst forecasts vs. year-ago $0.39. Revenues up 55% to $136.5 million. Operating cash flow up 137% vs. year-ago to $103.9 million. Mixed, but mostly disappointing numbers from Sitio Royalties. Sitio blamed one-time issues for the shortfalls. 8/8: Sitio declared a $0.40 per share quarterly dividend, down 20% from its previous payout and down 44% vs. year-ago. 8/8: Baker Hughes (BKR) announced a memorandum of understanding with airport management and operations company Avports to develop, implement and operate onsite emissions reduction services for the airport industry. 8/8: Ingredion (INGR) reported June quarter earnings (adjusted) of $2.32 per share, $0.01 below analyst forecasts, but up 9% vs. year-ago. Revenues up 1% to $2.07 billion. Operating income (adjusted) up 17% to $251 million. Okay growth numbers from Ingredion. 8/8: Ingredian raised its quarterly dividend by 10% to $0.78 per share, 3.1% dividend yield. 8/8: Arthur J. Gallagher (AJG) acquired Costa Mesa, California-based Wigmore Insurance Agency. 8/7: ONEOK (OKE) reported June quarter earnings of $1.04 per share, $0.05 above analyst forecasts, and up 13% vs. year-ago. Revenues down 38% to $3.72 billion. Operating income up 7% to $737 million. EBITDA (adjusted) $971 million up 10% vs. year-ago. Mixed, but mostly good year-over-year growth numbers from ONEOK. 8/7: Riley Exploration Permian (REPX) reported June quarter earnings of $1.65 per share, $0.13 below analyst forecasts, down 16% vs. year-ago. Revenues up 13% to $99.9 billion. Average oil production up 80% to 15.1 MBbls/day. Operating cash flow up 26% vs. year-ago to $55.9 million. Mixed, but on balance, disappointing numbers from Riley. 8/7: Chevron (CVX) completed its acquisition of PDC Energy (PDCE). 8/5: The August 2023 issue of D.D. Highlights is ready for download. Click here. 8/5: DD Model Portfolios have been updated for August. Click here 8/4: Ventas (VTR) reported June quarter FFO (normalized) of $0.75 per share, $0.03 above analyst forecasts, and up 4% vs. year-ago. Revenues up 8% to $1.11 billion. Modest year-over-year growth numbers from Ventas. 8/4: TELUS (TU) reported June quarter earnings (adjusted) of $0.19 per share, down 41% vs. year-ago. Revenues up 13% to $4.9 billion. EBITDA (adjusted) up 5% vs. year-ago to $1.703 billion. Telus blamed higher depreciation, interest, and restructuring costs for its earnings shortfall vs. year-ago. 8/4: Dominion Energy (DD) reported June quarter earnings (operating) of $0.53 per share, $0.03 above analyst forecasts, but down 31% vs. year-ago. Revenues up 5% to $3.79 billion. Mixed results from Dominion. 8/4: Magna International (MGA) reported June quarter earnings (adjusted) of $1.50 per share, $0.27 above analyst forecasts, and up 81% vs. year-ago. Revenues up 17% to $10.98 billion. Strong year-over-year growth numbers from Magna. 8/3: OFS Capital (OFS) reported June quarter Net Investment Income of $0.38 per share, $0.03 above analyst forecasts, but down 19% vs. year-ago. Net asset value $12.94 vs. year-ago $14.57. Disappointing numbers from OFS Capital. 8/3: Chord Energy (CHRD) declared a $1.36 per share dividend, down from previous $3.32 but up 9% vs. year-ago. 8/3: Greystone Housing Impact Investors (GHI) reported June quarter earnings of $0.85 per unit, up 13% vs. year-ago. Revenues up 64% to $28.3 million. Cash available for distribution $0.62 per unit vs. year-ago $0.76. Mixed but mostly strong year-over-year growth numbers from Greystone. 8/3: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), cuts to hold, target ↓$121, +4% upside For your information only, not Div. Det. recommendation change 8/2: Investible Special Dividend alert, $2.00 per share, 4.7% yield, click here 8/2: Qualcomm (QCOM) reported June quarter earnings (adjusted) of $1.87 per share, $0.06 above analyst forecasts, but down 37% vs. year-ago. Revenues down 23% to $8.45 billion. Handsets revenue down 25% to $5.26 billion. Automotive revenues up 34% to $434 million. Internet of things (IoT) revenues down 24% to 1.49 billion. Mostly disappointing numbers from Qualcomm. 8/2: MetLife (MET) reported June quarter earnings (adjusted) of $1.94 per share, $0.09 below analyst forecasts, and vs. year-ago $213 million. Revenues up 7% to $16.2 billion. Book value (adjusted) $53.55 per share vs. year-ago $52.30. Adjusted ROE 14.6% vs. year-ago 15.7%. Mixed, but on balance disappointing numbers. 8/2: Chord Energy (CHRD) reported June quarter earnings of $3.65 per share, $0.28 below analyst forecasts, and down 50% vs. year-anvestiigo. Revenues up 20% to $912 million. Adjusted free cash flow down 48% vs. year-ago to $105.3 million. Lower crude oil prices cut earnings by 50%. 8/2: Penske Automotive (PAG) will be added to the S&P MidCap 400 index on August 4. 8/2: CVS Health (CVS) reported June quarter earnings (adjusted) of $2.21 per share, $0.12 above analyst forecasts, but down from year-ago $2.53. Total revenues up 10% to $88.9 billion. Health Care Benefits revenues up 18% to $44.6 billion. Health Services revenues up 9% to $46.2 billion. Pharmacy & Consumer Wellness revenues up 8% to $28.8 billion. Mixed, but on balance okay June quarter numbers from CVS. 8/2: Emerson (EMR) reported June quarter earnings (adjusted) of $1.29 per share, $0.20 above analyst forecasts, and up 40% vs. year-ago. Revenues up 14% to $3.95 billion. Free cash flow up 83% to $769 million. Impressive year-over-year growth numbers from Emerson. 8/2: Devon Energy (DVN) reported June quarter earnings (adjusted) of $1.18 per share, $0.39 below analyst forecasts and vs. year-ago $2.59. Revenues down 29% to $3.45 billion. Operating cash flow down 48% to $1.4 billion. Total oil equivalent production up 7% vs. year-ago to 662 MBoe/day. Lower oil prices resulted in disappointing numbers from Devon. 8/2: Devon cut its quarterly dividend by 45% to $0.49 per share. 8/1: PotlatchDeltic (PCH) reported June quarter earnings (adjusted) of $0.06 per share, $0.02 above analyst forecasts, and vs. year-ago $1.61. Revenues down 32% to $246.1 million. Net Operating cash flow $37.2 million vs. $147.9 million. Falling lumber prices vs. year-ago hurt results. 8/1: Blue Owl Capital (OWL) reported June quarter distributable earnings of $0.16, even with analysts forecasts and up 23% vs. year-ago. Revenues up 27% to $416.9 million. Assets under management up 26% vs. year-ago to $149.6 billion. Good growth numbers from Blue Owl. 8/1: Ares Management (ARES) reported June quarter earnings (adjusted) of $0.90 per share, $0.05 above analyst forecasts, and up 12% vs. year-ago. Assets under management up 5% to $377.6 billion. Management fees up 18% vs. year-ago to $621.8 million. Good growth numbers from Ares Management. 8/1: Caterpillar (CAT) reported June quarter earnings (adjusted) of $5.55 per share, $1.23 above analyst forecasts, and up 74% vs. year-ago. Revenues up 22% to $17.3 billion. Construction Industries revenues up 20% vs. year-ago to $7.2 billion. Resource Industries revenues up 20% to $3.6 billion. Energy & Transportation revenues up 26% to $7.2 billion. Strong year-over-year growth numbers from CAT. 8/1: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Baker Hughes (BKR), removed from Conviction List Chevron (CVX), added to Conviction List For your information only, not Div. Det. recommendation change 7/31: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Valero Energy (VLO), ups to buy, target $145, +12% upside RTX (RTX), cuts to hold Arbor Realty Trust (ABR), cuts to underweight, target $16, -6% downside Penske Automotive (PAG), cuts to underweight, target ↓$140, -13% downside For your information only, not Div. Det. recommendation change 7/28 Chemours (CC) reported June quarter earnings (adjusted) of $1.10 per share, $0.03 below analyst forecasts and down 42% vs. year-ago. Revenues down 14% to $1.64 billion. Titanium Technologies sales down 27% to $707 million. Thermal & Specialized Solutions sales up 1% to $523 million. Advanced Performance Materials down 3% to $387 million. Free cash flow $3 million vs. year-ago $229 million. All around disappointing numbers from Chemours. 7/28: Chevron (CVX) reported June quarter earnings (adjusted) of $3.08 per share, $0.06 above analyst forecasts, but down from year-ago $5.82. Revenues down 29% to $48.9 billion. Upstream earnings down42% to $4,936 million. Downstream earnings down 57% to $1,507 million. Operating flow $5.3 billion vs. $13.8 billion. All around disappointing numbers from Chevron. 7/28: Arbor Realty Trust (ABR) reported June distributable earnings of $0.57 per share, $0.01 below analyst forecasts, but up 10% vs. year-ago. Net interest income up 15% vs. year-ago to $108.5 million. In May, dividend up 5% to $0.42. which was 8% above year-ago. Strong growth numbers from Arbor Realty. 7/28: Arbor Realty raised its quarterly dividend by 2% to $0.43 per share. 7/27: Baker Hughes (BKR) raised its quarterly dividend by $0.01 to $0.20 per share, which was $0.02 (5%) above its year-ago payout. 7/27: Arthur J. Gallagher (AJG) reported June quarter earnings (adjusted) of $1.90 per share, $0.05 above analyst forecasts, and up 17% vs. year-ago. Revenues up 21% to $2.40 billion. Brokerage EPS (adjusted) up 20% to $2.10. Risk management EPS (adjusted) up 29% to $0.18. Strong June quarter growth numbers from Gallagher. 7/27: PennyMac Mortgage (PMT) reported June quarter earnings of $0.16 per share, $0.21 below analyst forecasts, and vs. March quarter $0.50 and year-ago -$0.88 loss. Net investment income $90.5 million vs. March quarter $90.4 million and year-ago $21.5 million. Book value $15.96 per share vs. March 31 $15.96 and year-ago $16.59. Messy June quarter numbers from PennyMac. 7/27: Getty Realty (GTY) reported June quarter FFO of $0.56 per share, $0.03 above analyst forecasts, and up 6% vs. year-ago. Rental Income up 7% to $43.66 million. Real estate portfolio (net) up 7% vs. year-ago to $1,389 million. Okay growth numbers from Getty Realty. 7/27: VICI Properties (VICI) reported June quarter FFO (adjusted) of $0.54 per share, $0.01 above analyst forecasts, and up 12% vs. year-ago. Revenues up 36% to $898.2 million. Closing of recent acquisitions powered VICI's strong growth numbers. 7/27: American Electric Power (AEP) reported June quarter earnings (operating) of $1.13 per share, $0.02 below analyst forecasts and down 6% vs. year-ago. Revenues down 4% to $4.4 billion. Disappointing numbers from AEP. 7/27: McDonald's (MCD) reported June quarter earnings (adjusted) of $3.15 per share, $0.35 above analyst forecasts, and up 24% vs. year-ago. Revenues up 14% to $6.50 billion. Global comparable store sales up 12% vs. year-ago. U.S. store comparable sales up 10%. Strong year-over-year growth numbers from McDonalds. 7/27: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. RTX (RTX), cuts to neutral, , target ↓$95, +10% upside For your information only, not Div. Det. recommendation change 7/26: Penske Automotive (PAG) reported June quarter earnings of $4.41 per share, $0.31 above analyst forecasts, but down 11% vs. year-ago. Revenues up 8% to $7.47 billion. Retail automotive revenues up 7% to $6.4 billion. Retail trucks revenues up 20% to $919 million. Okay June quarter numbers from Penske. 7/26: Texas Instruments (TXN) reported June quarter earnings of $1.87 per share, $0.12 above analyst forecasts, but down 24% vs. year-ago. Revenues down 13% to $4.53 billion. Analog revenues down 18% to $3.28 billion. Embedded Processing revenues up 9% to $894 million. Operating cash flow $1,399 million vs. year-ago $1,768 million. Disappointing numbers from Texas Instruments. 7/26: Microsoft (MSFT) reported June quarter earnings of $2.69 per share, $0.19 above analyst forecasts, and up 21% vs. year-ago. Total revenues up 8% to $56.2 billion. Intelligent Cloud revenues up 15% to $24.0 billion. Productivity and Business Process (MS Office, LinkedIn, Dynamics) revenues up 10% to $18.3 billion. Personal computing revenues down 4% to $13.9 billion. Operating cash flow $28,770 billion vs. year-ago $24,629 billion. Okay growth numbers from Microsoft. 7/26: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. RTX (RTX), cuts to equal weight For your information only, not Div. Det. recommendation change 7/25: Raytheon Technologies (RTX) reported June quarter earnings of $1.29 per share, $0.12 above analyst forecasts, and up 11% vs. year-ago. Revenues up 12% to $18.3 billion. Collins Aerospace revenues up 17% to $5,850 million, Pratt & Whitney revenues up 15% to $5,701 million, Raytheon Intelligence and Space revenues up 2% to $3,655 million, and Raytheon Missiles and Defense revenues up 13% to $4,000 million. Free cash flow $193 million vs. +$37 million. Strong growth numbers from Raytheon. Raytheon will change its corporate name to RTX on July 27. 7/25: NextEra Energy (NEE) reported June quarter earnings (adjusted) of $0.88 per share, $0.11 above analyst forecasts, and up 9% vs. year-ago. Revenues up 42% to $7.349 billion. Florida Power & Light EPS up 14% to $0.57. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 1063% vs. year-ago to $0.72. Strong growth numbers from NextEra Energy. 7/25: Ares Capital (ARCC) reported June quarter earnings (core) of $0.58 per share, $0.01 above analyst forecasts, and up 26% vs. year-ago. Net investment income $0.57 per share vs. year-ago $0.52. Total portfolio investments up 2% to $21,496 billion. Net asset value $18.58 per share vs. year-ago $18.81. Mixed, but on balance strong growth numbers from Ares Capital. 7/25: Raytheon (RTX) said its Pratt & Whitney unit found a manufacturing defect. RTX lowered its full-year guidance for free cash flow to $4.3 billion from approximately $4.8 billion 7/24: Chevron (CVX) said it expects to report June quarter EPS (adjusted) of $3.08 per share vs. analyst consensus at $2.96. 7/21: Comerica (CMA) reported June quarter earnings of $2.01 per share, $0.17 above analyst forecasts, and up 5% vs. year-ago. Net interest income up 11% to $621 million. Net interest margin 2.93% vs. 2.70%. Non-interest income up 13% to $303 million. Ending loan balance up 8% vs. year-ago to $55.76 billion. Ending deposit balance down 13% to $66.02 billion. Mostly good year-over-year growth numbers from Comerica. 7/21: Barron's has positive article on Arthur J. Gallagher (AJG), says "This insurance broker's stock is anything but boring." 7/20: Investible Special Dividend alert, $2.00 per share, 1.7% yield, click here 7/20: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), ups to outperform, target $145, +18% upside For your information only, not Div. Det. recommendation change 7/19: Franchise Group (FRG) has tentatively called its 7.50% Series A preferreds (FRGAP), which recently traded in the $24.50/share to $24.70/per share range, at $25 per share plus any unpaid dividends. The offer is contingent on the completion of a previously announced merger between Franchise Group and Freedom VCM, Inc. The redemption is expected to be completed by August 18, but subject to delay. 7/19: IBM (IBM) reported June quarter earnings (operating) of $2.18 per share, $0.23 above analyst forecasts, but down 6% vs. year-ago. Total revenues flat at $15.5 billion. Software revenues up 7% to $6.61 billion. Consulting revenues up 4% to $5.01 billion. Infrastructure revenues down 15% to $3.62 billion. Free cash flow $2.1 billion, unchanged vs. year-ago. Mixed, but on balance, okay numbers from IBM. 7/19: Baker Hughes (BKR) reported June quarter earnings (adjusted) of $0.39 per share, $0.06 above analyst forecasts, and vs. year-ago $0.11. Revenues up 25% to $6.32 billion. Orders up 28% vs. year-ago to $7.5 billion. Free cash flow $623 million vs. year-ago $147 million. Surprisingly strong year-over-year growth numbers from BKR. 7/19: Penske Automotive Group (PAG) raised its quarterly dividend by 9% to $0.72 per share, which was 36% (not a typo) above its year-ago payout. 7/19: Citizens Financial (CFG) reported June quarter earnings (underlying) of $1.04 per share, $0.01 below analyst forecasts, and below year-ago $1.14. Revenues up 5% to $2.09 billion. Net interest income up 6% to $1.588 billion. Non-interest income up 2% to $506 million. Net interest margin 3.16% vs. 3.04%. Total loans down 2% to $151.3 billion. Deposits down 1% to $177.7 billion. Tangible book value down 1.4% to $28.724 per share. Mixed, but all things considered, okay numbers from Citizen's Financial. 7/19: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), added to Analyst Focus List, target ↑$159, +27% upside Chord Energy (CHRD), cuts to market perform, target $151, +3% upside Penske Automotive (PAG), cuts to equal weight, target ↑$185, +4% upside PotlatchDeltic (PCH), cuts to sector perform, target $55, +3% upside For your information only, not Div. Det. recommendation change 7/18: Raytheon Technologies (RTX) plans to change its name to RTX. The ticker symbol will remain RTX. It will begin trading under its new name, RTX Corporation, on July 27. 7/18: Ares Management (ARES) agreed to acquire Crescent Point Capital, an Asia-focused private equity firm with $3.8 billion of assets under management. 7/17: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. PepsiCo (PEP), cuts to equal weight, target $270, +45% upside For your information only, not Div. Det. recommendation change 7/14: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Microsoft (MSFT), ups to buy, target ↑$400, +15% upside For your information only, not Div. Det. recommendation change 7/13: Arthur J. Gallagher (AJG) acquired Carlsbad, California-based retail insurance agency, Benchmark Commercial Insurance Services. 7/13: PepsiCo (PEP) reported June quarter earnings of $2.09 per share, $0.13 above analyst forecasts, but down 17% vs. year-ago. Revenues up 10% vs. year-ago to $22.32 billion. 7/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Baker Hughes (BKR), starts at buy, target $38, +10% upside Sun Communities (SUI), ups to outperform, target $155, +14% upside For your information only, not Div. Det. recommendation change 7/11: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Cincinnati Financial (CINF), hikes to outperform For your information only, not Div. Det. recommendation change 7/10: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Citizen's Financial (CFG), cuts to inline, target ↓$29, +7% upside For your information only, not Div. Det. recommendation change 7/7: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. IBM (IBM), starts at neutral, target $145, +9% upside For your information only, not Div. Det. recommendation change 7/6: Emerson (EMR) said that Cavendish Renewable Technology (CRT), an Australia-based startup with proprietary hydrogen technologies, will work with Emerson's automation and software portfolio to accelerate the deployment of CRT's hydrogen production solutions. 7/6: Chevron's (CVX) Renewable Energy Group and Bunge (BG) agreed to acquire Argentina seed business Chacraservicios, adding a new oil source to their supply chains that will help them meet demand for lower carbon renewable feedstocks. 7/6: AJ Gallagher (AJG) acquired Chantilly, Virginia-based retail insurance agency "The Andersen Group," and Norway-based managing general agent "Fender Marine." 7/6: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Magna Intl. (MGA), ups to buy, target ↑$85, +46% upside For your information only, not Div. Det. recommendation change 7/5: The July 2023 issue of D.D. Highlights is ready for download. Click here. 7/5: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. VICI Properties (VICI), cuts to hold, target ↓$34, +8% upside For your information only, not Div. Det. recommendation change 7/4: DD Model Portfolios have been updated for July. Click here 7/3: Dominion Energy (D) updated its June quarter operating earnings guidance range to $0.44 to $0.50 per share, down from previous $0.58 to $0.68 range. Dominion said the revised numbers reflect the "estimated impact of historically mild weather, unplanned outages at the Millstone Power Station, and positive factors such as lower costs." 7/3: Muni bond fund MainStay Defined Term Muni Opportunities (MMD) cut its monthly dividend by 7% to $0.075 per share. 7/3: Saudi Arabia said it would extend its voluntary 1 million barrels per day oil production cut for another month to include August, while Russia said it will cut exports by 500,000 barrels per day. 6/30: Dominion Energy (D) said it expects extremely mild weather in its electric service territories to cut June quarter operating earnings by $0.07-$0.09/share, as June quarter weather is forecast to be the mildest relative to normal over the last 50 years. 6/29: As a result of the U.S. Federal Reserve's balance sheet "stress testing", Citizen's Financial Group (CFG) will be required to increase its cash reserves. 6/29: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Citizens Financial (CFG), cuts to neutral, target ↓$27, +3% upside For your information only, not Div. Det. recommendation change 6/26: IBM (IBM) plans to acquire Apptio from Vista Equity Partners for $4.6 billion. The deal will accelerate the advancement of IBM's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments. 6/22: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chemours (CC), cuts to neutral, target ↓$37, +12% upside Caterpillar (CAT), starts at neutral, target $263, +10% upside For your information only, not Div. Det. recommendation change 6/21: Arbor Realty Trust (ABR) will be added to the S&P SmallCap 6000 index on June 23. 6/20: TELUS (TU) announced a strategic partnership with Australian electric vehicle charging company, JOLT, to install up to 5,000 public fast EV chargers across Canada. 6/16: Microsoft (MSFT) is partnering with Mercedes-Benz to test in-car ChatGPT in the U.S., in the first implementation of the artificial intelligence software in vehicles. Mercedes said an optional beta program for U.S. customers will begin as soon as June 16 for over 900,000 vehicles equipped with the MBUX infotainment system. 6/16: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Ares Capital (ARCC), starts at buy, target $20.50, +10% upside For your information only, not Div. Det. recommendation change 5/15: Greystone Housing Impact Investors (GHI) declared is regular June quarter $0.37 per unit quarterly dividend plus a special $0.07 per unit payout to be concurrently with its regular quarterly dividend. Year-ago Greystone declared its regular regular $0.37 per unit dividend plus a $0.20 per unit special payout. 6/15: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson (EMR), ups to buy, target ↑$100, +15% upside Redwood Trust (RWT), cuts to neutral, target $7, +8% upside For your information only, not Div. Det. recommendation change 6/14: Redwood Trust (RWT) cut its quarterly dividend by 30% to $0.16 per share. Current dividend yield is 9.8%. 6/14: Caterpillar (CAT) raised its quarterly dividend by 8% to $1.30 per share. 6/14: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. VICI Properties (VICI), starts at outperform, target $41, +26% upside McDonald's (MCD), starts at neutral, target $308, +7% upside For your information only, not Div. Det. recommendation change 6/13: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Devon Energy (DVN), ups to buy, target $58, +14% upside For your information only, not Div. Det. recommendation change 6/12: The Federal Trade Commission is expected to ask for a preliminary injunction in federal court to stop Microsoft (MSFT) from completing its planned $69 billion acquisition of Activision (ATVI). 6/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Ares Management (ARES), cuts to equal weight For your information only, not Div. Det. recommendation change 6/8: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Dominion Energy (D), starts at neutral NextEra Energy (NEE), starts at buy, target $ $90, +22% upside American Electric Power (AEP), starts at buy, target $98, + 15% upside Baker Hughes (BKR), starts at overweight, target $38, +22% upside For your information only, not Div. Det. recommendation change 6/6: Sabine Royalty Trust (SBR) cut its monthly dividend by 35% to $0.3259 per share, which was 55% below its year-ago payout. 6/6: Penske Automotive (PAG) acquired Transolutions Truck Centres, a retailer of medium and heavy-duty commercial trucks and buses, located in Winnipeg, Manitoba, Canada. 6/6: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Dominion Energy (D), ups to buy, target ↑$59, +16% upside American Electric Power (AEP), cuts to neutral, target ↓$ $92, +9% upside For your information only, not Div. Det. recommendation change 6/5: The June 2023 issue of D.D. Highlights is ready for download. Click here. 6/5: DD Model Portfolios have been updated for June. Click here 6/5: Saudi Arabia is cutting its crude oil production by one million barrels per day. 6/5: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), ups to buy, target $47, +15% upside Dominion Energy (D), ups to buy, target $59, +16% upside For your information only, not Div. Det. recommendation change 6/2: Sabine Royalty Trust (SBR) reported March quarter distributable EPU up 14% vs. year-ago to 1.80 per unit. Revenues up 14% to $27.38 million. Oil production up 6% to 160,803 barrels. Gas production up 11% to 3,356,074 Mcfs. Oil prices up 11% to $80.35/barrel. Gas prices flat vs. year-ago at $4.99/Mcf. 6/2: Broadcom (AVGO) reported March quarter earnings (adjusted) of $10.32 per share, $0.38 above analyst forecasts, and up 14% vs. year-ago. Total revenues up 8% to $8.733 billion. Semiconductor revenues up 9% to $6,808 million. Infrastructure software revenues up 3% to $1,925 million. Free cash flow $4,380 million vs. year-ago $4,158 million. Okay year-over-year growth numbers from AVGO. 6/2: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Arbor Realty Trust (ABR), starts at outperform, target $15, +15% upside For your information only, not Div. Det. recommendation change 6/1: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX), ups to outperform, target ↑$180, +18% upside For your information only, not Div. Det. recommendation change 5/31: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX), ups to neutral, target ↑$170, +12% upside For your information only, not Div. Det. recommendation change 5/30: A.J. Gallagher (AJG) acquired Nashville, Tennessee-based Bernard Benefits and Bernard Healthcare Financial Planning, both subsidiaries of Bernard Health. 5/26: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. CVS Health (CVS), starts at overweight, target $85, +25% upside For your information only, not Div. Det. recommendation change 5/25: According to media reports, Chevron (CVX) plans to sell its oil and gas assets in the Congo where its production fell 40% from 2019 levels to 31K boe/day last year. It reportedly received bids this week for the assets, which could fetch as much as $1.5 billion. 5/23: A.J. Gallagher (AJG) acquired Altamonte Springs, Florida-based retail insurance broker "Insurance by Ken Brown, Inc."
5/23: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX), ups to buy, target $189, +20% upside For your information only, not Div. Det. recommendation change 5/22: Investible Special Dividend alert, $1.00 per share, 10.8% yield, click here 5/22: Chevron (CVX) agreed to acquire PDC Energy (PDCE) in an all-stock transaction valued at $6.3 billion. The deal provides Chevron with development opportunities adjacent to its position in the Denver-Julesburg Basin, as well as additional acreage in the Permian Basin. 5/19: Monthly Monsters, the 50 Highest Yielding Monthly Payers; Stocks, Closed-End Funds, ETFs, and ETNs, has been updated for May. The highest payout is 36.1%. Click here. 5/19: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Blue Owl Capital (OWL), starts at buy, target $14, +37% upside For your information only, not Div. Det. recommendation change 5/18: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Cincinnati Financial (CINF), ups to ups to buy, target ↑$117, +12% upside For your information only, not Div. Det. recommendation change 5/17: A.J. Gallagher (AJG) acquired Dublin, Ireland-based Allied Risk Management which offers insurance and reinsurance management services as well as actuarial services to clients globally. 5/17: VICI Properties (VICI) agreed to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta from Century Casinos (CNTY) for $165 million in cash. 5/15: Investible Special Dividend alert, $2.00 per share, 12.2% yield, click here 5/15: A.J. Gallagher (AJG) acquired general insurance broker Mavco Insurance, based in Australia. 5/15: Oneok (OKE) agreed to acquire Magellan Midstream Partners (MMP) in a cash and stock deal valued at $18.8 billion including assumed debt. 5/15: A.J. Gallagher (AJG) acquired Houston, Texas-based RHP General Agency which specializes in residential property insurance. 5/11: Penske Automotive Group (PAG) increased its quarterly dividend by 8% to $0.66 per share, which is 32% above it's year-ago payout. 5/9: Runway Growth Finance (RWAY) reported March quarter Net investment EPS $0.45, $0.02 below analyst forecasts, but up 30% vs. year-ago. Total investment portfolio up 49% vs. year-ago to $1.125 billion. Net asset value down 3% to $14.07 per share. Mostly strong growth numbers from Runway Growth. 5/9: Sitio Royalties (STR) reported March quarter earnings of $0.28 per share, $0.03 above analyst forecasts, down 13% vs. year-ago. Revenues up 127% to $150.8 million. Operating cash flow up 109% vs. year-ago to $128.8 million. Mixed, but mostly strong year-over-year growth numbers from Sitio. 5/9: Riley Exploration Permian (REPX) reported March quarter earnings (adjusted) of $1.26 per share, $0.06 below analyst forecasts, but up 26% vs. year-ago. Revenues even with year-ago at $67.01 million. Average oil production up 32% to 9.9 MBbls/day. Operating cash flow up 10% vs. year-ago to $33.0 million. Mixed, but mostly good March quarter numbers from Riley. 5/9: Devon Energy (DVN) reported March quarter earnings (core) of $1.46 per share, $0.13 above analyst forecasts, but down 22% vs. year-ago. Revenues even with year-ago at $3.82 billion. Operating cash flow down 9% to $1.68 billion. Total oil equivalent production up 11% to 641 MBoe/day. Mixed, but all considered, okay numbers from Devon Energy. 5/9: Investible Special Dividend alert, $1.09 per share, 11.6% yield, click here 5/9: Investible Special Dividend alert, $1.00 per share, 49.7% yield, click here 5/9: Devon Energy (DVN) declared a $0.72 per share quarterly dividend, down 17% vs. it previous payout and down 43% vs. year-ago. 5/8: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Magna International (MGA), ups to neutral For your information only, not Div. Det. recommendation change 5/5: The May 2023 issue of D.D. Highlights is ready for download. Click here. 5/5: Dominion Energy (D) reported March quarter operating earnings of $0.99 per share, $0.13 below analyst forecasts, and down 16% vs. year-ago. Revenues up 23% to $5.252 billion. Mixed results from Dominion. 5/5: OFS Capital (OFS) reported March quarter Net Investment Income of $0.37 per share, $0.01 above analyst forecasts, and up 55% vs. year-ago. Net asset value $13.42 vs. year-ago $14.57. Mixed, but on balance okay numbers from OFS Capital. 5/5: Arbor Realty Trust (ABR) reported March quarter distributable earnings of $0.62 per share, $0.14 above analyst forecasts, and up 13% vs. year-ago. Net interest income up 29% vs. year-ago to $108.5 million. Strong growth numbers from ABR. 5/5: Arbor Realty Trust raised its quarterly dividend by 5% to $0.42 per share, which was 11% above its year-ago payout. 5/5: Investible Special Dividend alert, $1.62 per share, 7.0% yield, click here 5/5: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), ups to overweight, target $46, +35% upside Blue Owl Capital (OWL), ups to outperform For your information only, not Div. Det. recommendation change 5/4: DD Model Portfolios have been updated for May. Click here 5/4: Ingredion (INGR) reported March quarter earnings (adjusted) of $2.80 per share, $0.79 above analyst forecasts, and up 44% vs. year-ago. Revenues up 13% to $2.14 billion. Strong growth numbers from Ingredion. 5/4: Qualcomm (QCOM) reported March quarter earnings of $2.15 per share, $0.02 above analyst forecasts, but down 33% vs. year-ago. Revenues down 17% to $9.275 billion. Handsets revenue down 17% to $6.11 billion. Automotive revenues up 20% to $467 million. Internet of things (IoT) revenues down 24% to 1,390 million. Mostly below year-ago numbers from QCOM. 5/4: MetLife (MET) reported March quarter earnings (adjusted) of $1.52 per share, $0.17 below analyst forecasts, and down 25% vs. year-ago. Revenues even at $15.4 billion. Book value (adjusted) $36.89 per share vs. year-ago $47.39. Adjusted ROE 11.3% vs. 15.7%. Mostly below year-ago numbers from MetLife. 5/4: Global Medical REIT (GMRE) reported March quarter FFO (adjusted) of $0.23 per share, $0.02 below analyst forecasts, and down $0.01 vs. year-ago. Rental revenues up 14% to $36.2 million. At March 31, the portfolio was 97.0% occupied, even with year-ago. Mixed, but on balance okay numbers from Global Medical. 5/4: TELUS International (TU) reported March quarter earnings (adjusted) of $0.28 per share, up 8% vs. year-ago. Revenues up 15% to $686 million. EBITDA (adjusted) up 9% vs. year-ago to $155 million. OKAY growth numbers from TELUS. 5/4: American Electric Power (AEP) reported March quarter operating earnings of $1.11 per share, $0.09 below analyst forecasts, and down 9% vs. year-ago. Revenues up 2% to $4.7 billion. Disappointing numbers from AEP. 5/4: Blue Owl Capital (OWL) reported March quarter Distributable EPS (adjusted) $0.15, even with analyst forecasts, up 36% vs. year-ago. Revenues up 38% to $377.4 million. Assets under management up 42% vs. year-ago to $144.4 billion. Good growth numbers from OWL. 5/4: Sabine Royalty Trust (SBR) declared a $0.499 per share monthly dividend, down 29% vs. its previous payout, and down 17% vs. year-ago. 5/4: Greystone Housing (GHI) reported March quarter earnings of $0.60 per unit, $0.09 below analyst forecasts, and down 41% vs. year-ago. Revenues up 34% to $19.3 million. Cash available for distribution $0.81 per unit vs. year-ago $0.98. Mixed, but mostly disappointing numbers for Greystone. 5/4: Arthur J. Gallagher (AJG) acquired Woodland Hills, California-based Leavitt Insurance Services of Los Angeles. 5/3: CVS Health (CVS) reported March quarter earnings (adjusted) of $2.20 per share, $0.09 above analyst forecasts, but down 4% vs. year-ago. Revenues up 11% to $85.28 billion. Health Services (pharmacy) revenues up 13% to $44.6 billion. Pharmacy & Consumer Wellness (retail) revenues up 8% to $27.9 billion. Health Care benefits revenues up 12% to $25.9 billion. Mixed, but mostly okay numbers from CVS Health. 5/4: PennyMac Mortgage (PMT) reported March quarter earnings of $0.50 per share, $0.10 above analyst forecasts, and up 56% vs. year-ago. Net investment income $90.4 million vs. year-ago $81.4 million. Good growth numbers from PennyMac. 5/3: Emerson (EMR) reported March quarter earnings (adjusted of $1.09 per share, $0.13 above analyst forecasts, and up 14% vs. year-ago. Revenues up 14% to $3,756 million. Free cash flow up 64% to $513 million. Good growth numbers from Emerson. 5/4: Compass Diversified Holdings (CODI) reported March quarter earnings (adjusted) of $0.46 per share, $0.09 above analyst forecasts, down 12% vs. year-ago. Revenues up 6% to $542.2 million. Mixed March quarter results from Compass. 5/3: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), cuts to peer perform Microsoft (MSFT), cuts to hold For your information only, not Div. Det. recommendation change 5/2: PepsiCo (PEP) increased its quarterly dividend by 10% to $1.265 per share. 5/2: ONEOK (OKE) reported March quarter earnings of $2.34 per share, $0.08 above analyst forecasts, and vs. year-ago $0.87. Operating income up 126% to $1,497 million. EBITDA (adjusted) $1,717 million up 99% vs. year-ago. Spectacular year-over-year growth numbers from OKE. 5/2: VICI Properties (VICI) reported March quarter FFO (adjusted) of $0.53 per share, $0.08 above analyst forecasts, and up 19% vs. year-ago. Revenues up 111% to $878 million. Strong growth numbers from VICI Properties. 5/2: IBM (IBM) CEO Arvind Krishnaaid that he expects that 30% of back office functions, like human resources, will be replaced by Artificial Intelligence (AI) and automation over the next five years. 4/28: Chevron (CVX) reported March quarter earnings (adjusted) of $3.55 per share, $0.14 above analyst forecasts, and up 6% vs. year-ago. Revenues down 7% to $50.79 billion. Upstream earnings up 5% to $6,574 million. Downstream earnings $1,800 million vs. year-ago $331 million. Free cash flow $4.2 billion vs. year-ago $6.1 billion. Mixed, but on balance okay numbers from Chevron. 4/27: Arthur J. Gallagher (AJG) reported March quarter earnings of $2.24 per share, 25% below analyst forecasts, but up 9% vs. year-ago. Revenues up 14% to $2.673 billion. Brokerage EPS (adjusted) up 11% to $3.14. Risk management EPS (adjusted) up 33% to $0.16. Missed forecasts, but otherwise okay numbers from Gallagher. 4/27: Cincinnati Financial (CINF) reported March quarter earnings of $0.89 per share, $0.29 above analyst forecasts, but down 45% vs. year-ago. Total revenues up 84% to $2.24 billion. Earned premiums up 13% to $1.918 billion. Combined ratio 100.7% vs. year-ago 89.9% (below 100 is okay, and lower is better). Book value down 9% vs. year-ago to $68.33. Mixed, but on balance, disappointing numbers from CINF. 4/27: Redwood Trust (RWT) reported March quarter earnings (adjusted) of $0.11 per share, $0.07 below analyst forecasts, and vs. year-ago -$0.11. Net interest income $26 million vs. year-ago $53 million. Mortgage banking income $16 million, even with year ago. Total assets $13.12 billion vs. year-ago $14.25 billion. Book value $9.40 per share vs. $12.01. All-around disappointing numbers from Redwood Trust. 4/27: Chemours (CC) reported March quarter earnings (adjusted) of $0.98 per share, $0.36 above analyst forecasts, but down 33% vs. year-ago. Revenues down 13% to $1.54 billion. Titanium Technologies sales down 32% to $632 million. Thermal & Specialized Solutions sales up 14% to $486 million. Advanced Performance Materials up 1% to $388 million. Free cash flow -$210 million vs. year-ago -$104 million. Numbers beat forecasts, but still significantly below year-ago. 4/27: Valero Energy (VLO) reported March quarter earnings (adjusted) of $8.27 per share, $1.12 above analyst forecasts, and vs. year-ago $2.31. Revenues down 5% to $36.44 billion. Refining margin $22.37 per barrel vs. year-ago $12.74. Operating cash flow $3,581 million vs. year-ago $1,225 million. Mixed but mostly good growth numbers from Valero. 4/27: Caterpillar (CAT) reported March quarter earnings (adjusted) of $4.91 per share, $1.11 above analyst forecasts, and up 70% vs. year-ago. Revenues up 17% to $15.9 billion. Construction Industries revenues up 10% vs. year-ago to $6.7 billion. Resource Industries revenues up 21% to $3.4 billion. Energy & Transportation revenues up 26% to $6.3 billion. Strong year-over-year growth numbers from Caterpillar. 4/26: Getty Realty (GTY) reported March quarter FFO (adjusted) of $0.56 per share, $0.03 above analyst forecasts, and up 8% vs. year-ago. Rental Income up 8% to $38.79 million. Real estate portfolio (net) up 11% vs. year-ago to $1,378 million. Okay March quarter year-over-year growth numbers from Getty Realty. 4/26: Sun Communities (SUI) reported March quarter FFO (core) of $1.23 per share, $0.06 above analyst forecasts, but down 8% vs. year-ago. Revenues up 19% to $651.2 million. Occupancy at 3/31, 96.1% of developed sites vs. year-ago 96.7%. Okay, but not great March quarter numbers from Sun Communities. 4/26: A British antitrust regulator blocked Microsoft’s (MSFT) $69 billion purchase of video game maker Activision Blizzard (ATVI) over worries that it would stifle competition for popular titles like Call of Duty in the cloud gaming market. 4/26: Penske Automotive Group (PAG) reported March quarter earnings of $4.31 per share, $0.28 above analyst forecasts, but down 9% vs. year-ago. Revenues up 5% to $7.34 billion. Retail automotive revenues up 4% to $6.3 billion. Retail trucks revenues up 13% to $896 million. So-so numbers from Penske, EPS soundly beat forecasts, but still below year-ago. 4/26: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Microsoft (MSFT), ups to outperform, target ↑$325, +11% upside Microsoft (MSFT), ups to outperform, target ↑$347, +18% upside For your information only, not Div. Det. recommendation change 4/25: Texas Instruments (TXN) reported March quarter earnings of $1.85 per share, $0.13 above analyst forecasts, but down 21% vs. year-ago. Revenues down 11% to $4.379 billion. Analog revenues down 4% to $3.29 billion. Embedded Processing revenues up 6% to $832 million. Free cash flow $178 million vs. year-ago $1,701 million. EPS beat forecasts, but still mostly disappointing numbers from Texas Instruments. 4/25: MetLife (MET) increased its quarterly dividend by 4% to $0.52 per share. 4/25: Microsoft (MSFT) reported March quarter earnings of $2.45 per share, $0.22 above analyst forecasts, and up 10% vs. year-ago. Revenues up 7% to $52.86 billion. Productivity and Business Process (MS Office, LinkedIn, Dynamics) revenues up 11% to $17.5 billion. Intelligent Cloud revenues up 16% to $22.1 billion. Personal computing revenues down 9% to $13.3 billion. Operating cash flow $24.441 billion vs. year-ago $25.386 billion. Okay, but not great year-over-year growth numbers from Microsoft. 4/25: PepsiCo (PEP) reported March quarter earnings (core) of $1.50 per share, $0.12 above analyst forecasts, and up 16% vs. year-ago. Revenues up 10% to $17.846 billion. Operating cash flow -$392 million vs. year-ago -$174 million. Good growth numbers from PepsiCo. 4/25: McDonald's (MCD) reported March quarter earnings of $2.63 per share, $0.27 above analyst forecasts, and up 15% vs. year-ago. Revenues down 3% to $5.898 billion. Global comparable store sales up 13% vs. year-ago. U.S. store comparable sales up 13%. Mixed, but on balance, good growth year-over-year numbers from McDonald's. 4/25: Ares Capital ( ARCC) reported March quarter earnings (Core) of $0.57 per share, $0.07 below analyst forecasts, but up 36% vs. year-ago. Net investment income $0.60 per share vs. year-ago $0.41. Total portfolio investments up 9% to $21,148 billion. Net asset value $18.45 per share vs. year-ago $19.03. Mixed, but on balance, good growth numbers fro Area Capital. 4/25: IBM (IBM) raised its quarterly dividend by 1% to $1.66 per share. 4/25: Raytheon Technologies (RTX) reported March quarter earnings (adjusted) of $1.22 per share, $0.10 above analyst forecasts, and up 6% vs. year-ago. Revenues up 10% to $x17.2 billion. Collins Surprisingly good growth numbers from RTX. 4/25: NextEra Energy (NEE) reported March quarter earnings (adjusted) of $0.84 per share, $0.04 above analyst forecasts, and up 14% vs. year-ago. Revenues up 133% to $6.72 billion. Mostly good growth numbers from NextEra. 4/25: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. NextEra Energy (NEE), cuts to hold For your information only, not Div. Det. recommendation change 4/24: PotlatchDeltic (PCH) reported March quarter earnings (adjusted) of $0.23 per share, $0.09 above analyst forecasts, but vs. year-ago $2.50. Revenues $258.0 million vs. year-ago $411.4 million. Net Operating cash flow $39.1 million vs. year-ago $230.3 million. March quarter numbers better than expected, but far below year-ago when lumber prices were much higher. 4/24: Raytheon (RTX) raised its quarterly dividend by 7% to $0.59 per share. 4/24: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Microsoft (MSFT), cuts to neutral, target ↓$300, +5% upside Runway Growth Finance (RWAY), starts at neutral, target $12, +4% upside Arbor Realty Trust (ABR), cuts to neutral, target ↓11, +5% upside For your information only, not Div. Det. recommendation change 4/21: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. CVS Health (CVS), starts at overweight, target $87, +19% upside For your information only, not Div. Det. recommendation change 4/20: Comerica (CMA) reported March quarter earnings of $2.39 per share, $0.09 above analyst forecasts, and up 74% vs. year-ago. Net interest income up 55% to $708 million. Net interest margin 3.57% vs. 2.19%. Non-interest income up 16% to $282 million. Ending loan and deposit balances $53.5 billion, up 2%, and $67.8 billion, down 5% vs. year-ago. Mixed, but mostly strong growth numbers from Comerica. 4/20: IBM (IBM) reported March quarter earnings (adjusted) of $1.36 per share, $0.11 above analyst forecasts, but down $0.04 vs. year-ago. Total revenues flat at $14.3 billion. Software revenues up 3% to $5.92 billion. Consulting revenues up 3% to $4.96 billion. Infrastructure revenues down 4% to $3.1 billion. Free cash flow $1.3 billion vs. year-ago $1.2 billion. IBM's March quarter numbers flat vs. year-ago. 4/20: Investible Special Dividend alert, $2.00 per share, 7.0% yield, click here 4/20: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Citizens Financial (CFG), cuts to neutral, target ↓$33,+14% upside Emerson Electric (EMR), ups to overweight, target ↑$105, +22% upside Raytheon Tech (RTX), cuts to hold, target ↓$110, +7% upside For your information only, not Div. Det. recommendation change 4/19: Citizens Financial Group (CFG) reported March quarter earnings (underlying) of $1.10 per share, $0.05 below analyst forecasts, but up $0.03 vs. year-ago. Revenues up 29% to $2.128 billion. Net interest income up 43% to $1.643 billion. Non-interest income down 3% to $485 million. Net interest margin 3.29% vs. 2.75%. Total loans up 18% to $131.3 billion. Deposits up 8% to $172.2 billion. Tangible book value down 5% to $29.44 per share. Mixed but mostly OK numbers, however CFG ruined the party by cutting full year estimates by 5% or so. 4/19: Baker Hughes (BKR) reported March quarter earnings of $0.28 per share, $0.03 above analyst forecasts, and up 87% vs. year-ago. Revenues up 18% to $5.7 billion. Orders up 12% to $7.63 billion. Free cash flow $197 million vs. year-ago -$105 million. Strong March quarter numbers from Baker Hughes. 4/19: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX),, starts at buy, target $212, +25% upside Devon Energy (DVN), starts at neutral, target $60, +11% upside Baker Hughes (BKR), starts at neutral, target $31, +3% upside Magna Intl. (MGA), cuts to sector perform, target ↓$52, -4% downside For your information only, not Div. Det. recommendation change 4/18: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), ups to outperform, target ↑$103,+18% upside Runway Growth Finance (RWAY), cuts to equal weight, target ↓$12, 0% upside Ares Capital (ARCC), cuts to equal weight, target ↓$18, 0% upside Valero Energy (VLO), cuts to equal weight, target ↓$135, +7% upside For your information only, not Div. Det. recommendation change 4/17: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Valero Energy (VLO), cuts to hold For your information only, not Div. Det. recommendation change 4/14: No market moving news specific to our stocks so far today. 4/13: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Broadcom (AVGO), starts at buy, target $700, +25% upside Chevron (CVX), ups to sector outperform, target ↑$200, +17% upside PepsiCo (PEP), placed on "30-day upside catalyst watch" For your information only, not Div. Det. recommendation change 4/12: Global semiconductor sales dropped 4% in the month of February, a 20.7% slump from from February 2022 according to the Semiconductor Industry Association. 4/12: Emerson Electric (EMR) agreed to pay $60 per share to acquire test and measurements equipment maker National Instruments (NATI). 4/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Raytheon Tech (RTX), ups to outperform, target $117, +15% upside For your information only, not Div. Det. recommendation change 4/10: Arthur J. Gallagher (AJG) acquired Wichita Falls, Texas-based Boley-Featherston Insurance. 4/10: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. McDonald's (MCD), ups to buy, target $321, +13% upside For your information only, not Div. Det. recommendation change 4/6: Sabine Royalty Trust (SBR) declared a $0.6995 per share monthly dividend, up 50% over its previous payout, but down 4% vs. year-ago. 4/6: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), ups to strong buy, target ↓$57, +39% upside Comerica (CMA), cuts to neutral, target ↓$44, +6% upside Huntington Bancshares (HBAN), ups to market perform For your information only, not Div. Det. recommendation change 4/5: The April 2023 issue of D.D. Highlights is ready for download. Click here. 4/5: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. VICI Properties (VICI), starts at buy, target $35, +8% upside For your information only, not Div. Det. recommendation change 4/4: DD Model Portfolios have been updated for April. Click here 4/4: Arthur J. Gallagher (AJG) acquired La Vista, Nebraska-based Quality First Insurance. 4/4: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX), ups to neutral, target $200, +18% upside ONEOK (OKE), ups to buy, target ↑$72, +9% upside For your information only, not Div. Det. recommendation change 4/3: Mainstay DefinedTerm Muni Opportunities (MMD) cut its monthly payout by 6% to $0.075 per share. 4/3: Arthur J. Gallagher (AJG) acquired UK-based Tay River Holdings and its specialist managing general agent related companies. 4/3: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. American Electric Power (AEP), starts at sell, target $82.5, -9% downside For your information only, not Div. Det. recommendation change 3/31: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Advance Auto Parts (AAP), ups to equal weight, target ↓$129, +8% upside For your information only, not Div. Det. recommendation change 3/30: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. NextEra Energy (NEE), ups to buy For your information only, not Div. Det. recommendation change 3/29: CVS Health (CVS) completed its acquisition of Signify Health (SGFY). 3/29: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Citizens Financial Group (CFG), named "top rebound candidate" Emerson Electric (EMR), named "top stock pick, industrial", Sun Communities (SUI), starts at equal weight, target $151, +11% upside For your information only, not Div. Det. recommendation change 3/28: No market moving news specific to our stocks so far today. 3/27: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Caterpillar (CAT), cuts to underperform, target ↓$185, -14% downside For your information only, not Div. Det. recommendation change 3/24: No market moving news specific to our stocks so far today. 3/23: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), starts at hold For your information only, not Div. Det. recommendation change 3/21: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), ups to overweight, target $96, +14% upside For your information only, not Div. Det. recommendation change 3/21: For its fourth acquisition of the month, Arthur J. Gallagher (AJG) acquired surety bond agency, Viking Bond Service, based in Phoenix, Arizona. 3/20: Arthur J. Gallagher (AJG) acquired Fort Wayne, Indiana-based Stewart, Brimner, Peters Company. 3/20: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. PepsiCo (PEP), ups to market perform For your information only, not Div. Det. recommendation change 3/17: No market moving news specific to our stocks so far today. 3/16: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), ups to positive, target ↑$140, +19% upside For your information only, not Div. Det. recommendation change 3/15: Arthur J. Gallagher (AJG) acquired insurance broker AT Squared, based in Merseyside, England. 3/15: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Baker Hughes (BKR), ups to overweight, target $32, +16% upside Comerica (CMA), starts at buy, target $68, +55% upside For your information only, not Div. Det. recommendation change 3/14: No market moving news specific to our stocks so far today. 3/13: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. First Republic Bank (FRC), cuts to market perform First Republic Bank (FRC), cuts to market perform Comerica (CMA), cuts to hold Comerica (CMA), starts at buy Advance Auto Parts (AAP), cuts to hold For your information only, not Div. Det. recommendation change 3/9: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Caterpillar (CAT), cuts to sell, target ↓$225, -4% downside For your information only, not Div. Det. recommendation change 3/9: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. VICI Properties (VICI), ups to overweight, target ↑$36, +9% upside Valero Energy (VLO), starts at buy, target $176, +30% upside For your information only, not Div. Det. recommendation change 3/8: Sitio Royalties (STR) reported December quarter earnings of $0.01 per share, $0.41 below analyst forecasts, and vs. year-ago $0.10. Net income $4.6 million, down 93% vs. September quarter $82.6 million. Revenues up 99% vs. year-ago to $99,1485 million. Cash flow from operations -$6,115 million vs. September quarter $82.6 million. Average daily production volume 18,925 Boe/d, (51% oil), up 5% vs. September quarter. Mixed, but mostly disappointing numbers from Sitio Royalties. 3/8: Sitio cut its quarterly dividend by 15% to $0.60 per share. 3/8: Qualcomm (QCOM) said that it intends to hike its quarterly dividend by 7% to $0.80 per share, but did not actually declare the dividend. 3/7: Jerome Powell told Congress rates will likely be higher than previously anticipated. In testimony before lawmakers, Powell said interest rates would likely continue rising amid a 'bumpy' process to bring down inflation. 3/6: Sun Communities (SUI) raised its quarterly dividend by 6% to $0.93 per share. 3/6: Arthur J. Gallagher (AJG) acquired UK-based Bay Risk Services Limited. 3/6: BlackRock Investment Quality Municipal Trust (BKN) cut its monthly dividend by 11% to $0.0395 per share. 3/6: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), ups to buy, target $97, +11% upside For your information only, not Div. Det. recommendation change 3/5: The March 2023 issue of D.D. Highlights is ready for download. Click here. 3/4: DD Model Portfolios have been updated for March. Click here 3/3: Sabine Royalty Trust (SBR) declared a $0.46547 per share monthly dividend, 27% below its previous payout, but essentially even with year-ago. 3/3: OFS Capital (OFS) reported December quarter net investment income of $0.35 per share, $0.02 above analyst forecasts, and up 6% vs. year-ago. Net asset value $13.47 vs. year-ago $15.08. Mixed year-over-year numbers from OFS Capital. 3/3: OFS Capital raised its quarterly dividend by 10% to $0.33 per share, which was 18% above its year-ago payout. 3/2: Runway Growth Finance (RWAY) reported December quarter net investment earnings of $0.45 per share, $0.07 above analyst forecasts, and up 61% vs. year-ago. Total investment portfolio up 51% vs. year-ago to $1.1 billion. Net asset value down 3% to $14.22 per share. Mostly strong growth numbers from Runway Growth. 3/2: Broadcom (AVGO) reported January quarter earnings (adjusted) of $10.33 per share, $0.46 above analyst forecasts, and up 23% vs. year-ago. Total revenues up 16% to $8.915 billion. Free cash flow $3,933 million vs. $3,385 million. Mostly strong growth numbers from Broadcom. 3/2: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. ONEOK (OKE), starts at sector perform, target $74, +11% upside Qualcomm (QCOM), starts at market perform For your information only, not Div. Det. recommendation change 3/1: Arthur J. Gallagher (AJG) acquired Nashville, Tennessee-based retail insurance broker Anderson Benson. 3/1: Compass Diversified Holdings (CODI) reported December quarter loss (adjusted) of -$0.37 per share, $0.74 below analyst forecasts, and vs. year-ago $0.25. Revenues up 6% to $594.9 million. CODI's loss was was mostly due to a impairment expense with respect to its Ergobaby subsidiary. Disappointing, to say the least, December quarter numbers from Compass. 3/1: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Broadcom (AVGO), starts at outperform, target $660, +10% upside For your information only, not Div. Det. recommendation change 2/28: Advance Auto Parts (AAP) reported December quarter earnings of $2.88 per share, $0.51 above analyst forecasts, and up 39% vs. year-ago. Revenues up 3% to $2.5 billion. Comparable store sales up 2%. Operating income (adjusted) up 24% to $258.0 million. Mostly strong December quarter growth numbers from AAP. 2/27: ONEOK (OKE) reported December quarter earnings of $1.08 per share, $0.06 above analyst forecasts, and up 25% vs. year-ago. Operating income up 22% to $756.8 million. EBITDA (adjusted) $967.4 million up 14% vs. year-ago. Strong growth numbers from OKE. 2/24: Runway Growth Finance (RWAY) raised its quarterly dividend by 11% to $0.40 per share, which was 48% above its year-ago payout. Runway also declared a $0.05 per share supplemental payout, to be paid concurrently with its regular quarterly dividend. 2/24: VICI Properties (VICI) reported December quarter FFO (adjusted) of $0.51 per share, $0.01 above analyst forecasts, and up 16% vs. year-ago. Revenues up 101% to $770 million. Strong growth numbers from VICI. 2/23: Sun Communities (SUI) reported December quarter FFO (core) of $1.33 per share, $0.07 above analyst forecasts, and up 2% vs. year-ago. Revenues up 24% to $674 million. Occupancy at 12/31, 96.8% of developed sites vs. year-ago 97.4%. Mixed, but mostly good growth numbers from SUI. 2/23: American Electric Power (AEP) reported December quarter earnings (operating) of $1.05 per share, $0.07 above analyst forecasts, and up 7% vs. year-ago. Revenues up 20% to $4.9 billion. Good growth numbers from AEP. 2/23: Greystone Housing Impact Investors (GHI) reported December quarter earnings of $0.09 per unit, $0.03 below analyst forecasts, and vs. year-ago $0.31. Revenues up 10% to $22.03 million. Cash available for distribution $0.15 per unit vs. year-ago $0.14. Mixed, but mostly below year-ago numbers from Greystone. 2/23: Getty Realty (GTY) reported December quarter FFO (adjusted) of $0.55 per share, $0.03 above analyst forecasts, and up $0.01 vs. year-ago. Rental Income up 7% to $37.68 million. Real estate portfolio (net) up 6% vs. year-ago to $1,347 million. All things considered, okay growth numbers from Getty. 2/17: NextEra Energy (NEE) raised its quarterly dividend by 10% to $0.4675 per share. 2/17: Arbor Realty (ABR) reported December quarter distributable earnings of $0.60 per share, $0.13 above analyst forecasts, and $0.03 above. year-ago. Net interest income up 48% vs. year-ago to $113.1 million. Total loans and investments up 19% vs. year-ago to $14.25 billion. Mostly strong growth numbers from Arbor Realty. 2/17: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. PennyMac Mortgage (PMT), cuts to neutral PepsiCo (PEP), starts at neutral, target $180, +2% upside For your information only, not Div. Det. recommendation change 2/16: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Baker Hughes (BKR), ups to overweight, target ↑$43, +34% upside For your information only, not Div. Det. recommendation change 2/15: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), cuts to neutral, target ↑$82, +8% upside Magna International (MGA), starts at equal weight, target $60, +7% upside For your information only, not Div. Det. recommendation change 2/14: Devon Energy (DVN) reported December quarter earnings (adjusted) of $1.66 per share, $0.23 below analyst forecasts, but up 19% vs. year-ago. Revenues up 1% to $4.299 billion. Operating cash flow up 18% to $1.9 billion. Total oil equivalent production up 3% to 630 MBoe/day. Considering current conditions, a reasonably good report from Devon Energy. 2/14: Devon Energy declared a $0.89 per share total (fixed plus variable) dividend, down from previous $1.35, and down 11% vs. year-ago. Not good news. 2/14: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), cuts to hold For your information only, not Div. Det. recommendation change 2/13: Blue Owl Capital (OWL) reported December quarter Distributable EPS (adjusted) $0.15, even with analyst forecasts, and up 25% vs. year-ago. Revenues up 34% to $368.4 million. Assets under management up 46% vs. year-ago to $138.2 billion. Impressive year-over-year growth numbers from Blue Owl. 2/13: Blue Owl Capital (OWL) raised its quarterly dividend by 8% ($0.01) to $0.13 per-share, up 30% vs. year-ago. 2/13: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Caterpillar (CAT), cuts to neutral, target ↓$230 -6% downside Advance Auto Parts (AAP), cuts to neutral, target ↓$140, -7% downside For your information only, not Div. Det. recommendation change 2/10: Magna International (MGA) reported December quarter earnings of $0.91 per share, $0.42 below analyst forecasts, and vs. year-ago $1.30. Revenues up 5% to $9.56 billion. Complete vehicle sales down 12% vs. year-ago to 1.33 billion. Magna raised its quarterly dividend by 2% to $0.46 per share. Disappointing growth numbers from Magna. 2/9: Investible Special Dividend alert, $1.00 per share, 7.1 yield, click here 2/9: Chemours (CC) reported December quarter earnings (adjusted) of $0.00 per share, $0.06 below analyst forecasts, and down $2.05 vs. year-ago. Revenues down 15% to $1.3 billion. Titanium Technologies sales down 30% to $606 million. Thermal & Specialized Solutions sales up 8% to $320 million. Advanced Performance Materials up 10% to $382 million. Free cash flow down 6% to $94 million. Mixed, but mostly down numbers from Chemours. 2/9: TELUS (TU) reported December quarter earnings (adjusted) of $0.23 per share, even with year-ago. Revenues up 4% to $5.058 billion. Free cash flow $323 million vs. year-ago $43 million. Disappointing growth numbers from TELUS. 2/9: PepsiCo (PEP) reported December quarter earnings (core) of $1.67 per share, $0.05 above analyst forecasts, and up 9% vs. year-ago. Revenues up 11% to $28.0 billion. Okay growth numbers from PepsiCo. 2/9: PepsiCo (PEP) hiked its quarterly dividend by 10% to $5.06 per share. 2/8: CVS Health (CVS) reported December quarter earnings (adjusted) of $1.99 per share, $0.09 above analyst forecasts, and up $0.01 vs. year-ago. Revenues up 10% to $83.85 billion. Pharmacy Services revenues up 11% to $43.8 billion. Retail revenues up 4% to $28.2 billion. Health care benefits revenues up 11% to $23.0 billion. Okay December quarter numbers from CVS. 2/8: Emerson Electric (EMR) reported December quarter earnings (adjusted) of $0.78 per share, $0.10 below analyst forecasts, and down $0.01 vs. year-ago. Revenues up 7% to $3.37 billion. Emerson raised its quarterly dividend by 1% to $0.52 per share. Disappointing numbers from Emerson. 2/8: Penske Automotive Group (PAG) reported December quarter earnings of $4.21 per share, $0.16 above analyst forecasts, and up 6% vs. year-ago. Revenues up 11% to $4.0 billion. Retail automotive revenues b to $5.9 billion. Retail trucks revenues up 40% to $961 million. Okay, but not great December quarter numbers from Penske. 2/8: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Advance Auto Parts (AAP), starts at underweight, target $145, -4% downside For your information only, not Div. Det. recommendation change 2/7: According to media reports, CVS Health (CVS) is close to signing a deal to acquire Oak Street Health (OSH) for around $10.5 billion. 2/7: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. PennyMac Mortgage (PMT), cuts to neutral, target ↓$15, +7% upside For your information only, not Div. Det. recommendation change 2/7: Ares Capital (ARCC) reported December quarter earnings (core) of $0.63 per share, $0.07 above analyst forecasts, and up 16% vs. year-ago. Net investment income $0.68 per share vs. year-ago $0.52. Total portfolio investments up 9% vs. year-ago to $21,780 billion. Net asset value $18.40 per share vs. year-ago $18.96. Mostly strong year-over-year growth numbers from ARCC. 2/6: Cincinnati Financial (CINF) reported December quarter earnings of $1.27 per share, $0.07 above analyst forecasts, but down 36% vs. year-ago. Total revenues down 6% to $3.11 billion. Earned premiums up 13% to $1.800 billion. Combined ratio 94.9% vs. year-ago 84.2% (below 100 is okay, and lower is better). Book value down 18% vs. year-ago to $67.01. Mixed, but mostly below year-ago numbers from CINF. 2/6: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. IBM (IBM), cuts to hold For your information only, not Div. Det. recommendation change 2/5: The February 2023 issue of D.D. Highlights is ready for download. Click here. 2/5: DD Model Portfolios have been updated for February. Click here 2/3: PennyMac Mortgage (PMT) reported a December quarter loss of -$0.07 per share, $0.46 below analyst forecasts, and vs. year-ago $0.01. Net investment income $49.4 million vs. year-ago $49.5 million. Book value down 17% to $15.785 per share. Disappointing December quarter numbers from PennyMac. 2/3: Sabine Royalty Trust (SBR) raised its monthly dividend by 0.9% to $0.6373 per share, which was 70% above its year-ago payout. 2/2: Qualcomm (QCOM) reported December quarter earnings of $2.37 per share, $0.06 above analyst forecasts, but down 27% vs. year-ago. Revenues down 12% to $9.46 billion. Handsets revenue down 18% to $5.75 billion. Automotive revenues up 57% to $456 million. Internet of things (IoT) revenues up 7% to 1,682 million. QCOM December quarter numbers above analysts, but significantly below year-ago. 2/1: Valero Energy (VLO) raised its quarterly dividend by 4% to $1.02 per share. 2/1: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Getty Realty (GTY), cuts to neutral American Electric Power (AEP), cuts to equal weight, target ↓$99, +6% upside Magna International (MGA), ups to outperform, target ↑$74, +14% upside For your information only, not Div. Det. recommendation change 1/31: Caterpillar (CAT) reported December quarter earnings (adjusted) of $3.86 per share, $0.16 below analyst forecasts, but up 43% vs. year-ago. Revenues up 20% to $16.6 billion. Construction Industries revenues up 19%, Resource Industries revenues up 26%, and Energy & Transportation revenues up 19%. Despite the EPS forecast miss, all around strong growth numbers from Caterpillar. 1/31: McDonald's (MCD) reported December quarter earnings of $2.59 per share, $0.05 above analyst forecasts, and up 19% vs. year-ago. Revenues down 1% to $5.93 billion. Global comparable store sales up 13% vs. year-ago. U.S. store comparable sales up 10%. Mixed growth numbers from MCD. 1/31: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. IBM (IBM), removed from Tactical Outperform List For your information only, not Div. Det. recommendation change 1/30: Baker Hughes (BKR) announced the introduction of multiple new digital solutions and investments to advance more intelligent and energy-efficient operations. The solutions focus on improving efficiency and performance while reducing emissions, helping to drive the long-term sustainability of customer operations. 1/27: Cincinnati Financial (CINF) raised its quarterly dividend by 9% to $0.75 per share. 1/27: Chevron (CVX) reported December quarter earnings (adjusted) of $4.09 per share, $0.20 below analyst forecasts, but up 60% vs. year-ago. Revenues up 17% to $56.5 billion. Free cash flow $4.53 per share vs. year-ago $3.54 per share. Good growth numbers from Chevron. 1/26: Arthur J. Gallagher (AJG) reported December quarter earnings of $1.54 per share, $0.04 above analyst forecasts, and up 18% vs. year-ago. Revenues up 6% to $1.985 billion. Brokerage EPS (adjusted) up 22% to $1.70. Risk management EPS (adjusted) up 45% to $0.16. Mostly strong growth numbers from AJG. 1/26: Arthur J. Gallagher (AJG) raised its quarterly dividend by 8% to $0.55 per share 1/26: Valero Energy (VLO) reported December quarter earnings (adjusted) of $8.45 per share, $1.44 above analyst forecasts, and vs. year-ago $2.41. Revenues up 16% to $41.75 billion. Refining margin $22.58 per barrel vs. year-ago $10.63. Operating cash flow (adjusted) $10.53/share vs. year-ago $6.22 per share. Strong growth numbers from VLO. 1/26: Chevron (CVX) raised its quarterly dividend by 6% to $1.51 per share. 1/26: Chevron's Board authorized the buyback of $75 billion of the company's shares, effective 4/1/23. 1/26: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. NextEra Energy (MGA), cuts to neutral, target ↓$80, +5% upside For your information only, not Div. Det. recommendation change 1/25: IBM (IBM) reported December quarter earnings (adjusted) of $3.60 per share, $0.03 below analyst forecasts, but up 7% vs. year-ago. Revenues even with year-ago at $16.7 billion. Free cash flow $5.2 billion vs. year-ago 3.3 billion. Mixed, but on balance okay numbers from IBM. 1/25: Penske Automotive (PAG) raised its quarterly dividend by 7% to $0.61 per share, which was 22% above its year-ago payout. 1/25: NextEra Energy (NEE) reported December quarter earnings (adjusted) of $0.51 per share, $0.01 above analyst forecasts, and up 24% vs. year-ago. Revenues up 22% to 6,164 million. Operating cash flow $4.17 per share vs. year-ago $3.82 per share. Impressive year-over-year growth numbers from NextEra. 1/25: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Magna Intl. (MGA), cuts to hold, target ↓$69, +16% upside Microsoft (MSFT), cuts to market perform, target ↓$265, +14% upside Devon Energy (DVN), starts at equal weight, target $70, +11% upside For your information only, not Div. Det. recommendation change 1/24: Texas Instruments (TXN) reported December quarter earnings of $2.13 per share, $0.17 above analyst forecasts, but down 6% vs. year-ago. Revenues down 3% to $4.67 billion. Free cash flow $1,075 million vs. year-ago $5,923 million. Mixed results from Texas Instruments. 1/24: Microsoft (MSFT) reported December quarter earnings (adjusted) of $2.32 per share, even with analyst forecasts, but down 5% vs. year-ago. Revenues up 2% to $52.7 billion. Productivity and Business Process (MS Office, LinkedIn, Dynamics) revenues up 7% to $17.0 billion. Intelligent Cloud revenues up 18% to $21.5 billion. Personal computing revenues down 19% to $14.2 billion. Operating cash flow $11.173 billion vs. year-ago $14.480 billion. Mixed, but on balance, disappointing numbers from Microsoft. 1/24: Magna International (MGA) cut its December quarter adjusted EBIT margin forecast to 4.3% from its previous 4.8% estimate. 1/24: Raytheon Technologies (RTX) reported December quarter earnings (adjusted) of $1.27 per share, $0.08 above analyst forecasts, and up 18% vs. year-ago. Revenues up 6% to $18.1 billion. Free cash flow $3.77 billion vs. $2.21 billion. Okay growth numbers from Raytheon. 1/24: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chemours (CC), ups to buy, target ↑$43, +25% upside McDonald's (MCD), starts at equal weight (aka sell), target $280, +6% upside IBM (IBM), ups to market perform, target $140, -1% downside American Electric Power (AEP), cuts to inline, target ↑$102, +11% upside For your information only, not Div. Det. recommendation change 1/23: Baker Hughes (BKR) reported September quarter earnings (adjusted) of $0.38 per share, $0.01 below analyst forecasts, but up 52% vs. year-ago. Revenues up 8% to $5.91 billion. Orders up 20% to $8.01 billion. Free cash flow $657 million vs. year-ago $645 million. Strong orders growth bodes well for future quarters. 1/23: Arthur J. Gallagher AJG) acquired auto insurance agency Remco Insurance Agencies, based in Austin, Texas. 1/23: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), ups to overweight, target ↑$150, +16% upside For your information only, not Div. Det. recommendation change 1/20: Huntington Bancshares (HBAN) reported September quarter earnings (adjusted) of $0.43 per share, $0.04 above analyst forecasts, and up 19% vs. year-ago. Net interest income up 29% to $1,471 million. Net interest margin 3.22% vs. 2.85%. Non-interest income down 3% to $499 million. Ending loan and deposit balances $118.9 billion, up 9%, and $147.9 billion, up 3%. Tangible book value down 15% to $6.82 per share. Strong growth numbers from Huntington. 1/20: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. A.J. Gallagher (AJG), starts at outperform, target $211, +10% upside Cincinnati Financial (CINF), cuts to market perform, target $106, 6% upside For your information only, not Div. Det. recommendation change 1/19: Comerica (CMA) reported September quarter earnings of $2.58 per share, $0.18 above analyst forecasts, and up 55% vs. year-ago. Net interest income up 61% to $742 million. Net interest margin 3.74% vs. 2.04%. Non-interest income down 4% to $278 million. Ending loan and deposit balances $53.4 billion, up 8%, and $71.4 billion, down 13% vs. year-ago. Mixed, but mostly strong growth numbers from Comerica. 1/19: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Baker Hughes (BKR), starts at buy, target $36, +18% upside International Business Machines (IBM), ups to market perform, target $140, 0% upside For your information only, not Div. Det. recommendation change 1/18: ONEOK (OKE) raised its quarterly dividend by 2% to $0.955 per share. 1/18: Blue Owl Capital (OWL) announced a partnership with iCapital and B2B wealth technology platform Allfunds to expand its private wealth distribution channel. 1/18: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. International Business Machines (IBM), cuts to equal weight, target ↓$148, +4% upside A.J. Gallagher (AJG), cuts to market perform, target $210, +8% upside For your information only, not Div. Det. recommendation change 1/17: Arthur J. Gallagher (AJG) acquired First Ireland Risk Management, a retail insurance broker based in Dublin, Ireland. 1/17: Citizens Financial (CFG) reported December quarter earnings (underlying) of $1.32 per share, $0.01 above analyst forecasts, and up 5% vs. year-ago. Revenues up 28% to $2.20 billion. Net interest income up 51% to $1.695 billion. Non-interest income down 15% to $505 million. Net interest margin 3.30% vs. 2.66%. Total loans up 22% to $156.7 billion. Deposits up 17% to $180.7 billion. Tangible book value down 19% to $27.88 per share. Mixed, but mostly good growth numbers from Citizens Financial. 1/17: Emerson Electric offered to buy automated test equipment maker National Instruments (NATI) for $53/share ($7.6 billion) in cash. 1/17: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Advance Auto Parts (AAP), ups to outperform Valero Energy (VLO), ups to outperform, target ↑$160, +16% upside Microsoft (MSFT), cuts to sell, target $212, -9% downside For your information only, not Div. Det. recommendation change 1/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Caterpillar (CAT), ups to buy, target ↑$295, +15% upside Raytheon Tech. (RTX, cuts to neutral, target ↓$105, +6% upside For your information only, not Div. Det. recommendation change 1/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Advance Auto Parts (AAP), cut to neutral, target $145, -4% downside Caterpillar (CAT), added to 'analyst focus list' For your information only, not Div. Det. recommendation change 1/11: Nuveen AMT-Free Muni Credit Income CEF (NVG) cut its monthly dividend by 22% to $0.0425 per share. 1/11: Nuveen Muni High Income Opportunity CEF (NMZ) cut its monthly dividend by 15% to $0.0455 per share. 1/11: Nuveen Muni Credit Opportunities CEF (NMCO) cut its monthly dividend by 9% to $0.0525 per share. 1/11: A. J. Gallagher (AJG) acquired Sacramento, California-based John C. Breckenridge Insurance Solutions, a brokerage and plan management firm specializing in student health and intercollegiate athletics insurance for higher education institutions. 1/11: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chemours (CC), ups to buy, target ↑$40, +21% upside For your information only, not Div. Det. recommendation change 1/10: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), ups to buy, target $76, +13% upside Chevron (CVX), cuts to neutral, target $200, +14% upside For your information only, not Div. Det. recommendation change 1/9: VICI Properties (VICI) acquired four casinos in the province of Alberta, Canada from PURE Canadian Gaming for $200.8 million. VICI simultaneously leased the properties to PURE under a master lease that has an initial total annual rent of $16.1 million. 1/9: VICI Properties (VICI) closed on its acquisition of the remaining 49.9% interest in the MGM Grand Las Vegas and Mandalay Bay Resort properties that it didn't already hold from Blackstone Real Estate. 1/9: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. First Republic Bank (FRC), ups to buy Magna International (MGA), cuts to neutral, target ↓$72, +17% upside VICI Properties (VICI), cuts to outperform, target ↓$36, +12% upside For your information only, not Div. Det. recommendation change 1/6: Pioneer Natural Resources (PXD) CEO Scott Sheffield sees oil prices finding a base of ~$90/bbl, with an upside of $150/bbl. 1/6: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chevron (CVX), cuts to neutral, target $191, +7% upside Getty Realty (GTY), cuts to neutral, target $34, 0% upside For your information only, not Div. Det. recommendation change 1/5: Investible Special Dividend alert, $10.00 per share, 15.5%% yield, click here 1/5: The January 2023 issue of D.D. Highlights is ready for download. Click here. 1/5: DD Model Portfolios have been updated for January. Click here 1/5: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. First Republic Bank (FRC), ups to buy, target $142, +15% upside Microsoft (MSFT), starts at buy, target $270, +20% upside For your information only, not Div. Det. recommendation change 1/4: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Emerson Electric (EMR), cuts to neutral, target ↓$100, +6% upside Microsoft (MSFT), cuts to neutral, target ↓$250, +10% upside For your information only, not Div. Det. recommendation change 1/3: A.J. Gallagher (AJG) acquired retail insurance agency CBS Insurance, based in Abilene, Texas. 1/3: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. VICI Properties (VICI), named "Top Pick,", target $43, +35% upside Citizens Financial (CFG), cuts to neutral, target $45, +14% upside Blue Owl Capital (OWL), cuts to market perform, target $13, +30% upside?? CVS Health (CVS), cuts to "In Line," target $100, +9% upside For your information only, not Div. Det. recommendation change 12/30: No market moving news specific to our stocks so far today. 12/29: Sitio Royalties (STR) completed its all stock merger with Brigham Minerals (MNRL). Sitio and Brigham shareholders received 54% and 46% of the combined company, respectively. 12/27: Arthur J. Gallagher (AJG) acquired Chicago-based ROC Group, a employee communication agency specializing in human resources. 12/23: VICI Properties (VICI) acquired two hotel-and-casino properties in Mississippi for a total price of $293.4 million. 12/22: Investible Special Dividend alert, $5.00 per share, 2.7% yield, click here 12/22: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Citizens Financial (CFG), starts at buy, target $47, +24% upside Huntington Bancshares (HBAN), starts at neutral, target $15, +8% upside Comerica (CMA), ups to buy, target $80, +25% upside For your information only, not Div. Det. recommendation change 12/21: Arthur J. Gallagher (AJG) acquired São Paulo, Brazil-based retail insurance broker Interbrok Group. 12/20: Investible Special Dividend alert, $1.00 per share, 18.6% yield, click here 12/20: Greystone Housing Impact Investors ((GHI), formerly American First Multifamily (ATAX), declared a $0.37 regular quarterly dividend, a $10 per share supplemental cash dividend, and a supplemental distribution payable in the form of additional units(shares) equal in value to $0.20 per unit. 12/20: Arthur J. Gallagher (AJG) agreed to acquire the partnership interests of BCHR Holdings. Buck is a provider of retirement, HR and employee benefits consulting and administration services and serves customers throughout the US, Canada and the UK. 12/20: Magna International (MGA) agreed to acquire the Veoneer Active Safety business from SSW Partners for $1.525 billion. The combined business is projected to generate approximately $3 billion in sales in 2024. 12/19: A.J. Gallagher (AJG) acquired El Cerrito, California-based NEK Insurance. 12/19: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. American Electric Power (AEP),; cuts to neutral, target ↓$98, +4% upside For your information only, not Div. Det. recommendation change 12/16: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Sitio Royalties (STR), starts at overweight, target $36, +24% upside ONEOK (OKE), ups to overweight, target ↑$75, +18% upside First Republic Bank (FRC), ups to equal weight, target ↑$125, +4% upside For your information only, not Div. Det. recommendation change 12/15: CVS Health (CVS) raised its quarterly dividend by 10% to $0.605 per share. 12/15: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. A.J. Gallagher (AJG), starts at buy, target $225, +20% upside Chevron (CVS), cuts to underperform, target $190, +12% upside For your information only, not Div. Det. recommendation change 12/14: Arthur J. Gallagher (AJG) acquired Brisbane, Queensland-based Aviation Insurance Australia. 12/14: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Magna Intl. (MGA), cuts to equal weight, target $60, +3% upside VICI Properties (VICI), cuts to sector weight For your information only, not Div. Det. recommendation change 12/13: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Huntington Bancshares (HBAN), cuts to underweight, target ↓$14.50, 0% upside For your information only, not Div. Det. recommendation change 12/12: Baker Hughes (BKR) was added to the Nasdaq-100 Index, the 100 largest non-financial companies on The Nasdaq. 12/12: Arthur J. Gallagher (AJG) acquired St. Cloud, Minnesota-based retail insurance agency, Mahowald Insurance. 12/12: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Qualcomm (QCOM), cuts to underweight, target $105, -12% downside For your information only, not Div. Det. recommendation change 12/9: Investible Special Dividend alert, $2.25 per share, 7.7 yield, click here 12/9: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Broadcom (AVGO), starts at equal weight For your information only, not Div. Det. recommendation change 12/8: Broadcom (AVGO) reported October quarter earnings (adjusted) of $10.45 per share, $0.35 above analyst forecasts, and up 34% vs. year-ago. Total revenues up 21% to $8.93 billion. Semiconductor revenues up 26% to $7,092 million. Infrastructure software revenues up 4% to $1,838 million. Free cash flow $10.40 per share vs. $8.03/share). Strong growth numbers from Broadcom. 12/8: Broadcom raised its quarterly dividend by 12% to $4.60 per share. 12/8: Investible Special Dividend alert, $3.50 per share, 0.8 yield, click here 12/8: Investible Special Dividend alert, $2.00 per share, 1.2% yield, click here 12/8: IBM (IBM) agreed to acquire Octo, a U.S.-based IT modernization and digital transformation services provider exclusively serving the U.S. federal government, agencies. 12/8: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Raytheon Tech (RTX), starts at neutral, target $104, +4% upside For your information only, not Div. Det. recommendation change 12/7: AJ Gallagher (AJG) acquired Port of Spain, Trinidad and Tobago-based Global Financial Brokers Limited. 12/7: PennyMac Mortgage (PMT) cut its quarterly dividend by 15% to $0.40 per share from $0.47. 12/7: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Dominion Energy (D), cuts to equal weight, target ↓$64, +10% upside For your information only, not Div. Det. recommendation change 12/6: Investible Special Dividend alert, $3.00 per share, 6.7% yield, click here 12/6: America First Multifamily Investors (ATAX) has changed its name to Greystone Housing Impact Investors L.P. and ticker symbol to 'GHI.' 12/5: The December 2022 issue of D.D. Highlights is ready for download. Click here. 12/5: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Huntington Bancshares (HBAN), ups to overweight, target ↑$19, +25% upside First Republic Bank (FRC), cuts to underweight, target ↓$102, -16% downside Citizens Financial (CFG), starts at overweight, target $53, +31% upside Comerica (CMA), starts at equal weight, target $89, +33% upside?? For your information only, not Div. Det. recommendation change 12/4: DD Model Portfolios have been updated for December. Click here 12/2: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Blackstone (BX), cuts to equal weight, target ↓$90, +10% upside For your information only, not Div. Det. recommendation change 12/1: VICI Properties (VICI) agreed to acquire the remaining 49.9% interest in the MGM Grand Las Vegas and Mandalay Bay Resort properties that it didn't already hold from Blackstone Real Estate. 11/30: Investible Special Dividend alert, $5.00 per share, 9.1% yield, click here 11/30: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. PennyMac Mortgage (PMT), cuts to hold For your information only, not Div. Det. recommendation change 11/29: Investible Special Dividend alert, $2.20 per share, 7.5% yield, click here 11/29: Investible Special Dividend alert, $1.00 per share, 27.9% yield, click here 11/28: The Biden administration confirmed that it would ease some oil sanctions on Venezuela, including granting Chevron (CVX) a license to resume "limited" oil production in the country. 11/28: Arthur J. Gallagher (AJG) acquired Murrieta, California-based property/casualty agency Bulen & Associates Insurance Services. 11/25: Media reports say that the Federal Trade Commission will probably file an antitrust lawsuit to block Microsoft's (MSFT) takeover of Activision Blizzard (ATVI). 11/23: Effective 12/5, America First Multifamily Investors (ATAX) moves its listing to the NYSE, changes its name to Greystone Housing Impact Investors L.P. and ticker symbol to GHI. 11/23: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. CVS Health (CVS), starts at overweight, target $119, +19% upside Magna Intl. (MGA), cuts to neutral, target ↓$62, +1% upside For your information only, not Div. Det. recommendation change 11/22: Saudi Arabia denied published reports saying that it was considering a crude oil production hike. 11/22: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Blackstone (BX), cuts to underperform, target ↓$67.50 -23% downside For your information only, not Div. Det. recommendation change 11/21: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Comerica (CMA), ups to outperform, target ↑$85 +21% upside Comerica (CMA), ups to outperform, target ↑$85 +21% upside For your information only, not Div. Det. recommendation change 11/18: Investible Special Dividend alert, $15.00 per share, 4.0% yield, click here 11/17: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Advance Auto Parts (AAP), cuts to neutral, target ↓$161 +7% upside Advance Auto Parts (AAP), cuts to neutral For your information only, not Div. Det. recommendation change 11/16: Investible Special Dividend alert, $2.03 per share, 7.1% yield, click here 11/16: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Advance Auto Parts (AAP), cuts to neutral, target ↓$182 +17% upside Qualcomm (QCOM), starts at outperform, target $150, +24% upside Texas Instruments (TXN), cuts to neutral, target ↑$205, +17% upside For your information only, not Div. Det. recommendation change 11/15: Advance Auto Parts (AAP) reported September quarter earnings (adjusted) of $2.84 per share, $0.68 below analyst forecasts, and down 12% vs. year-ago. Revenues up 1% to $2.6 billion. Comparable store sales down 1%. Operating income (adjusted) down 6% to $258.0 million. All-around disappointing numbers from AAP. 11/14: Soros Capital closes position in Raytheon (RTX). 11/14: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Dominion Energy (D), ups to neutral, target ↓$69 +13% upside For your information only, not Div. Det. recommendation change 11/11: Emerson (EMR) will hold an in-person and virtual investor conference at 9 am Eastern on Tuesday, Nov. 29. The conference will include presentations from President and Chief Executive Officer Lal Karsanbhai and other senior executives (www.emerson.com/en-us/investors/investor-resources/events-and-presentations). 11/10: Investible Special Dividend alert, $4.50 per share, 45.0% yield, click here 11/9: Sitio Royalties (STR) reported September quarter net income $72.0 million, down 4% vs. March quarter. Revenues up 242% vs. year-ago to $115.5 million. Cash flow from operations $82.6 million, up 89% vs. June quarter. Recent mergers and acquisitions make historical comparisons less meaningful. 11/9: Arthur J. Gallagher (AJG) acquired Patent Insurance Underwriting Services based in Cary, N.C. 11/9: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Dominion Energy (D), cuts to underperform, target ↓$59 -3% downside For your information only, not Div. Det. recommendation change 11/8: In early December, America First Multifamily Investors (ATAX) plans to change its name to Greystone Housing Impact Investors LP and to move its listing from Nasdaq to the NYSE. 11/7: Investible Special Dividend alert, $3.46 per share, 2.3% yield, click here 11/7: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Dominion Energy (D), cuts to neutral, target ↓$73 +14% upside Dominion Energy (D), cuts to neutral, target ↓$76 +18% upside For your information only, not Div. Det. recommendation change 11/5: The November 2022 issue of D.D. Highlights is ready for download. Click here. 11/4: DD Model Portfolios have been updated for November. Click here 11/4: Global Medical REIT (GMRE) reported September quarter FFO (adjusted) of $0.25 per share, $0.02 below analyst forecasts, but up $0.01 vs. year-ago. Revenues up 18% to $35.4 million. At September 30, the portfolio was 98.6% occupied. Okay, but not great numbers from Global Medical. 11/4: Magna International (MGA) reported September quarter earnings of $1.07 per share, $0.05 below analyst forecasts, but up 91% vs. year-ago. Revenues up 18% to $3.9 billion. Good growth numbers from Magna. 11/4: TELUS (TU) reported September quarter earnings of $0.34 per share, $0.01 above analyst forecasts, and up 48% vs. year-ago. Revenues up 10% to $3.43 billion. Good growth numbers from TELUS. 11/4: TELUS raised its quarterly dividend by 7% to $0.2598 per share. 11/4: Dominion Energy (D) reported September quarter earnings (adjusted) of $1.11 per share, $0.05 above analyst forecasts, but only even with year-ago. Revenues up 38% to $4.39 billion. Mixed results from Dominion Energy. 11/4: Arbor Realty Trust (ABR) reported September quarter Distributable earnings of $0.56 per share, $0.11 above analyst forecasts, and up 19% vs. year-ago. Net interest income up 42% vs. year-ago to $99.3 million. Strong growth numbers from Arbor. 11/4: Arbor raised its quarterly dividend by 3% to $0.40 per share which was 11% above its year-ago payout. 11/4: OFS Capital (OFS) reported September quarter Net investment income (adjusted) of $0.33 per share, $0.04 above analyst forecasts, and up 32% vs. year-ago. Net asset value $13.58 vs. June quarter $14.57. Mixed, but on balance okay numbers from OFS. 11/4: Sabine Royalty Trust (SBR) declared a $0.5825 per share November monthly dividend, down 43% from its October payout, but still up 55% vs. year-ago. 11/4: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Trinity Capital (TRIN), cuts to underperform, ↓target $12.50, +14% upside Dominion Energy (D), starts at hold For your information only, not Div. Det. recommendation change 11/3: Franchise Group (FRG) reported September quarter earnings (adjusted) of $0.59 per share, $0.13 below analyst forecasts, and vs. year-ago $0.90. Revenues up 27% to $1.05 billion. Year-to-date operating cash flow -$447.2 million vs. year-ago $115.4 million. Disappointing numbers from Franchise Group. 11/3: Compass Diversified Holdings (CODI) reported September quarter earnings (adjusted) of $0.64 per share, $0.27 above analyst forecasts, and up 16% vs. year-ago. Revenues up 22% to $598 million. Good growth numbers from Compass. 11/3: Qualcomm (QCOM) reported September quarter earnings of $3.13 per share, $0.02 below analyst forecasts, but up 23% vs. year-ago. Revenues up 22% to $11.40 billion. Okay numbers but lower than expected forward guidance ruined the party. 11/3: Arthur J. Gallagher (AJG) acquired Ireland-based retail insurance broker Doyle Insurance Brokers. 11/3: America First Multifamily Investors (ATAX) reported September quarter earnings of $0.79 per unit, $0.18 above analyst forecasts, and up 39% vs. year-ago. Cash available for distribution $0.53 per unit vs. year-ago $0.65. Mixed, but okay results from ATAX. 11/3: Store Capital (STOR) reported September quarter FFO (adjusted) of $0.59 per share, $0.03 above analyst forecasts, and up 18% vs. year-ago. Revenues up 16% to $230 million. Good growth numbers, but STORE has agreed to be acquired and is rated Do Not Add. 11/3: Investible Special Dividend alert, $2.00 per share, 1.4% yield, click here 11/3: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Microsoft (MSFT), starts at underperform, target $234, + 7% upside For your information only, not Div. Det. recommendation change 11/2: Arthur J. Gallagher (AJG) acquired wholesale insurance brokerage Tejas American General Agency, based in Cedar Park, Texas. 11/2: CVS Health (CVS) reported September quarter earnings of $2.09 per share, $0.10 above analyst forecasts, and up 6% vs. year-ago. Revenues up 10% to $81.2 billion. Okay growth numbers from CVS Health. 11/1: Testing New Screen: Best Long-Term High Dividend Plays Don't Cherry Pick - buy equal dollar amounts of each Hold 6-12 mo
Don't Put Serious Money Here Yet 11/1: ONEOK (OKE) reported September quarter earnings of $0.96 per share, $0.03 below analyst forecasts, but up 9% vs. year-ago. Revenues up 30% to $5.914 billion. EBITDA (adjusted) $902.4 million up 4% vs. year-ago. Okay growth numbers from ONEOK. 11/1: Devon Energy (DVN) reported September quarter earnings (adjusted) of $2.18 per share, $0.06 above analyst forecasts, and up 102% vs. year-ago. Revenues up 57% to $5.43 billion. Operating cash flow up 32% to $2.1 billion. Total oil equivalent production up 1% to 614 MBoe/day. Mixed, but mostly strong year-over-year growth numbers from Devon Energy. 11/1: Devon declared a $1.35 per share quarterly dividend, down 13% from its previous payout, but up 61% vs. year-ago. 11/1: Cincinnati Financial (CINF) reported September quarter earnings (operating) of $0.73 per share, $0.22 below analyst forecasts, and down 43% vs. year-ago. Total revenues down 21% to $1.408 billion. Earned premiums up 13% to $1.882 billion. Book value down 27% vs. year-ago to $60.01. Hurricane Ian destroyed CINF's September quarter numbers. Underlying numbers such as earned premiums are still uptrending. 11/1: Analyst Buy/Sell Rating Changes Analyst buy/sell rating changes offer clues as to a stock's future direction. Chemours (CC), starts at underperform, target $24, -16% downside Emerson Electric (EMR), cuts to hold, target ↓$96, +12% upside For your information only, not Div. Det. recommendation change 1/3: Byron Wien's 10 Surprises for 2022 (See 2021 predictions here) 1. S&P flat for year. Value outperforms growth. 2. Consumer Price Index +4.5%. 3. Fed raises rates four times, 10 year treasuries up to 2.75%. 4. COVID remains a problem, but life returns to pre-pandemic levels. 5. Asset management industry grows in China. 6. Gold up 20%. 7. WTI crude over $100. 8. Major Midwest area nuclear power plant approved. 9. Gov agencies implement new ESG standards. 10. Lithium shortages limit electric vehicle production. 10/14: New Sentiment Workshop Stock Screens Sentiment factors such as share price action, analyst ratings, institutional and hedge fund ownership, and short positions forecast future stock action just as much as fundamentals. With that in mind, we've just added two new stock screens to our Sentiment Workshop: Overall Sentiment Screen: Picks stocks based on a variety of sentiment indicators including short-interest, institutional ownership, analyst ratings, etc. Div. Det. Growth Screen #1: Looks for stocks with already strong, but still increasing earnings and revenue growth expectations. 8/28/19 Subscriber Question Q) I purchased a stock where the x-dividend date was on Monday. I figured the ‘sell the day before ex-date’ would then be on Friday before. I did not lose any money but am disappointed that I did not receive the dividend. Please explain. A) Stocks typically move up in price on the days leading up to the ex-div date and then drop by the dividend amount or so on the ex-div day. So if you don't sell on the day before, you have to wait however long it takes for the stock to recover that loss, which could be several weeks. Thus, the Advanced Strategy allows you to many more capture transactions. 3/26/19: Email received today (I don't know exactly which strategy he is following). I saw the warning on your site to the effect...if you don’t know what you are doing, you can lose money using a dividend capture strategy. I use your site, and LOVE it. I make $10-$20,000 every year with the dividend capture portion of my portfolio, and it would not be possible without your site. Dividend capture is like fire. If you don’t know what you are doing, you can get burned. But, you can also cut your hand with a knife if you don’t know what you are doing, or drive off the road if you can’t drive a car. I have been using dividend capture for about 10 years, and it is an excellent way to add extra $$$ to your portfolio that you otherwise wouldn’t have been able to capture. Keep up the good work! DH Buffalo, NY |
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