PIMCO Energy and Tactical Credit Opportunities Fund Key Executives
This section highlights PIMCO Energy and Tactical Credit Opportunities Fund's key executives, including their titles and compensation details.
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PIMCO Energy and Tactical Credit Opportunities Fund Earnings
This section highlights PIMCO Energy and Tactical Credit Opportunities Fund's earnings, including key dates, EPS, earnings reports, and earnings call transcripts.
Next Earnings Date
Last Earnings Results
Earnings Call Transcripts
| Transcript | Quarter | Year | Date | Estimated EPS | Actual EPS |
|---|
Financial Statements
Access annual & quarterly financial statements for PIMCO Energy and Tactical Credit Opportunities Fund, including income statements, balance sheets, and cash flow statements..
Annual Income Statement
| Breakdown | June 30, 2023 | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 |
|---|---|---|---|---|---|
| Revenue | $184.62M | $78.20M | $282.17M | $-424.48M | $22.27M |
| Cost of Revenue | $- | $- | $- | $- | $- |
| Gross Profit | $184.62M | $78.20M | $282.17M | $-424.48M | $22.27M |
| Gross Profit Ratio | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Research and Development Expenses | $- | $- | $- | $- | $- |
| General and Administrative Expenses | $87.00K | $143.00K | $41.00K | $139.00K | $22.00K |
| Selling and Marketing Expenses | $- | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $87.00K | $143.00K | $41.00K | $139.00K | $22.00K |
| Other Expenses | $- | $-216.00K | $-290.00K | $-296.00K | $-39.00K |
| Operating Expenses | $-50.00K | $-73.00K | $-249.00K | $-157.00K | $-17.00K |
| Cost and Expenses | $-50.00K | $-73.00K | $-249.00K | $-157.00K | $-17.00K |
| Interest Income | $15.26M | $9.36M | $11.28M | $23.82M | $10.73M |
| Interest Expense | $8.06M | $574.00K | $46.00K | $5.01M | $2.98M |
| Depreciation and Amortization | $228.49K | $236.56K | $206.30K | $171.86K | $161.14K |
| EBITDA | $- | $- | $- | $- | $- |
| EBITDA Ratio | 0.00% | 100.83% | 100.09% | 98.78% | 113.46% |
| Operating Income | $184.67M | $78.85M | $282.42M | $-419.31M | $25.27M |
| Operating Income Ratio | 100.03% | 100.83% | 100.09% | 98.78% | 113.46% |
| Total Other Income Expenses Net | $- | $- | $- | $- | $- |
| Income Before Tax | $184.67M | $78.27M | $282.42M | $-424.32M | $22.29M |
| Income Before Tax Ratio | 100.03% | 100.09% | 100.09% | 99.96% | 100.08% |
| Income Tax Expense | $- | $- | $- | $- | $- |
| Net Income | $184.67M | $78.27M | $282.42M | $-424.32M | $22.29M |
| Net Income Ratio | 100.03% | 100.09% | 100.09% | 99.96% | 100.08% |
| EPS | $0.00 | $1.75 | $6.32 | $-9.49 | $0.50 |
| EPS Diluted | $0.00 | $1.75 | $6.32 | $-9.49 | $0.50 |
| Weighted Average Shares Outstanding | - | 44.73M | 44.69M | 44.71M | 44.58M |
| Weighted Average Shares Outstanding Diluted | - | 44.73M | 44.69M | 44.71M | 44.58M |
| SEC Filing | Source | Source | Source | Source | Source |
| Breakdown | June 30, 2020 | December 31, 2019 |
|---|---|---|
| Revenue | $13.46M | $28.37M |
| Cost of Revenue | $5.46M | $12.05M |
| Gross Profit | $8.00M | $16.32M |
| Gross Profit Ratio | 59.42% | 57.53% |
| Research and Development Expenses | $- | $- |
| General and Administrative Expenses | $- | $- |
| Selling and Marketing Expenses | $- | $- |
| Selling General and Administrative Expenses | $-126.00K | $-170.00K |
| Other Expenses | $- | $- |
| Operating Expenses | $-126.00K | $-170.00K |
| Cost and Expenses | $5.34M | $11.88M |
| Interest Income | $- | $- |
| Interest Expense | $-357.40M | $-91.54M |
| Depreciation and Amortization | $-714.81M | $-183.08M |
| EBITDA | $-706.68M | $-166.59M |
| EBITDA Ratio | -5248.28% | -587.18% |
| Operating Income | $8.13M | $16.49M |
| Operating Income Ratio | 60.36% | 58.13% |
| Total Other Income Expenses Net | $-357.40M | $-91.54M |
| Income Before Tax | $-349.28M | $-75.05M |
| Income Before Tax Ratio | -2593.96% | -264.52% |
| Income Tax Expense | $714.81M | $183.08M |
| Net Income | $-1.06B | $-258.13M |
| Net Income Ratio | -7902.60% | -909.83% |
| EPS | $-23.80 | $-5.77 |
| EPS Diluted | $-23.80 | $-5.77 |
| Weighted Average Shares Outstanding | 44.71M | 44.71M |
| Weighted Average Shares Outstanding Diluted | 44.71M | 44.71M |
| SEC Filing | Source | Source |
Annual Balance Sheet
| Breakdown | June 30, 2023 | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 |
|---|---|---|---|---|---|
| Cash and Cash Equivalents | $834.00K | $2.00K | $1.56M | $51.00K | $1.00K |
| Short Term Investments | $- | $- | $- | $2.81M | $- |
| Cash and Short Term Investments | $834.00K | $2.00K | $1.56M | $2.87M | $1.00K |
| Net Receivables | $7.02M | $2.92M | $2.44M | $16.18M | $8.06M |
| Inventory | $- | $- | $- | $- | $- |
| Other Current Assets | $- | $- | $- | $- | $- |
| Total Current Assets | $7.86M | $2.92M | $4.00M | $19.05M | $8.06M |
| Property Plant Equipment Net | $- | $- | $- | $- | $- |
| Goodwill | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $- | $- | $- | $- | $- |
| Long Term Investments | $988.95M | $938.66M | $819.04M | $499.16M | $1.30B |
| Tax Assets | $- | $- | $- | $- | $- |
| Other Non-Current Assets | $-988.95M | $-938.66M | $-819.04M | $-499.16M | $-1.30B |
| Total Non-Current Assets | $988.95M | $938.66M | $819.04M | $499.16M | $1.30B |
| Other Assets | $8.78M | $8.92M | $4.05M | $53.00K | $8.09M |
| Total Assets | $1.01B | $950.50M | $827.10M | $518.26M | $1.32B |
| Account Payables | $13.21M | $10.13M | $7.70M | $27.02M | $56.38M |
| Short Term Debt | $- | $- | $- | $- | $- |
| Tax Payables | $- | $- | $- | $- | $- |
| Deferred Revenue | $- | $- | $- | $- | $- |
| Other Current Liabilities | $- | $- | $- | $- | $- |
| Total Current Liabilities | $13.21M | $10.13M | $7.70M | $27.02M | $56.38M |
| Long Term Debt | $152.13M | $240.77M | $128.84M | $100.00K | $358.45M |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- |
| Other Non-Current Liabilities | $- | $-230.64M | $- | $- | $- |
| Total Non-Current Liabilities | $152.13M | $10.13M | $128.84M | $100.00K | $358.45M |
| Other Liabilities | $13.72M | $249.05M | $52.76M | $105.37M | $14.40M |
| Total Liabilities | $179.06M | $269.31M | $189.31M | $132.48M | $429.23M |
| Preferred Stock | $- | $- | $- | $- | $- |
| Common Stock | $- | $- | $- | $- | $- |
| Retained Earnings | $32.56M | $-122.64M | $-179.76M | $-458.27M | $114.00K |
| Accumulated Other Comprehensive Income Loss | $- | $- | $- | $- | $- |
| Other Total Stockholders Equity | $793.95M | $803.83M | $817.55M | $844.04M | $891.49M |
| Total Stockholders Equity | $826.52M | $681.19M | $637.79M | $385.77M | $891.61M |
| Total Equity | $826.52M | $681.19M | $637.79M | $385.77M | $891.61M |
| Total Liabilities and Stockholders Equity | $1.01B | $950.50M | $827.10M | $518.26M | $1.32B |
| Minority Interest | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $1.01B | $950.50M | $827.10M | $518.26M | $1.32B |
| Total Investments | $988.95M | $938.66M | $819.04M | $499.16M | $1.30B |
| Total Debt | $152.13M | $240.77M | $128.84M | $100.00K | $358.45M |
| Net Debt | $151.30M | $240.76M | $127.29M | $49.00K | $358.45M |
Balance Sheet Charts
| Breakdown | June 30, 2023 | December 31, 2022 | June 30, 2022 | December 31, 2021 | June 30, 2021 | December 31, 2020 | June 30, 2020 | December 31, 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | $834.00K | $834.00K | $53.00K | $387.00K | $1.56M | $1.00K | $51.00K | $94.00K |
| Short Term Investments | $- | $- | $- | $- | $- | $- | $- | $- |
| Cash and Short Term Investments | $834.00K | $834.00K | $53.00K | $387.00K | $1.56M | $1.00K | $51.00K | $94.00K |
| Net Receivables | $7.02M | $7.02M | $2.92M | $10.79M | $2.44M | $3.86M | $16.18M | $13.31M |
| Inventory | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Current Assets | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Current Assets | $7.86M | $7.86M | $131.76M | $11.18M | $4.00M | $3.86M | $16.23M | $13.40M |
| Property Plant Equipment Net | $- | $- | $- | $- | $- | $- | $- | $- |
| Goodwill | $- | $- | $- | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $- | $- | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $- | $- | $- | $- | $- | $- | $- | $- |
| Long Term Investments | $988.95M | $988.95M | $985.15M | $917.14M | $819.04M | $620.57M | $499.16M | $1.12B |
| Tax Assets | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Non-Current Assets | $-988.95M | $-988.95M | $-985.15M | $-917.14M | $-819.04M | $-620.57M | $-499.16M | $-1.12B |
| Total Non-Current Assets | $988.95M | $988.95M | $985.15M | $917.14M | $819.04M | $620.57M | $499.16M | $1.12B |
| Other Assets | $8.78M | $8.78M | $8.21M | $4.76M | $4.05M | $3.71M | $2.87M | $9.16M |
| Total Assets | $1.01B | $1.01B | $1.13B | $933.08M | $827.10M | $628.14M | $518.26M | $1.14B |
| Account Payables | $13.21M | $13.21M | $9.95M | $22.18M | $7.70M | $9.30M | $27.02M | $39.46M |
| Short Term Debt | $- | $- | $- | $- | $- | $- | $- | $- |
| Tax Payables | $- | $- | $- | $- | $- | $- | $- | $- |
| Deferred Revenue | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Current Liabilities | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Current Liabilities | $13.21M | $13.21M | $9.95M | $22.18M | $7.70M | $9.30M | $27.02M | $39.46M |
| Long Term Debt | $152.13M | $295.40M | $240.77M | $194.61M | $128.84M | $90.05M | $100.00K | $286.36M |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- | $- | $- | $- |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Non-Current Liabilities | $- | $-143.27M | $-230.82M | $- | $- | $- | $- | $- |
| Total Non-Current Liabilities | $152.13M | $152.13M | $9.95M | $194.61M | $128.84M | $90.05M | $100.00K | $286.36M |
| Other Liabilities | $13.72M | $13.72M | $306.69M | $29.16M | $52.76M | $75.65M | $105.37M | $46.83M |
| Total Liabilities | $179.06M | $179.06M | $326.58M | $245.96M | $189.31M | $175.00M | $132.48M | $372.64M |
| Preferred Stock | $- | $- | $- | $- | $- | $- | $- | $- |
| Common Stock | $- | $- | $- | $- | $- | $- | $- | $- |
| Retained Earnings | $32.56M | $32.56M | $-5.30M | $-130.43M | $-179.76M | $-390.90M | $-458.27M | $-123.22M |
| Accumulated Other Comprehensive Income Loss | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Total Stockholders Equity | $793.95M | $793.95M | $803.83M | $817.55M | $817.55M | $844.04M | $844.04M | $894.03M |
| Total Stockholders Equity | $826.52M | $826.52M | $798.53M | $687.12M | $637.79M | $453.15M | $385.77M | $770.82M |
| Total Equity | $826.52M | $826.52M | $798.53M | $687.12M | $637.79M | $453.15M | $385.77M | $770.82M |
| Total Liabilities and Stockholders Equity | $1.01B | $1.01B | $1.13B | $933.08M | $827.10M | $628.14M | $518.26M | $1.14B |
| Minority Interest | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $1.01B | $1.01B | $1.13B | $933.08M | $827.10M | $628.14M | $518.26M | $1.14B |
| Total Investments | $988.95M | $988.95M | $985.15M | $917.14M | $819.04M | $620.57M | $499.16M | $1.12B |
| Total Debt | $152.13M | $152.13M | $295.40M | $194.61M | $128.84M | $90.05M | $100.00K | $286.36M |
| Net Debt | $151.30M | $151.30M | $295.35M | $194.23M | $127.29M | $90.05M | $49.00K | $286.26M |
Annual Cash Flow
| Breakdown | June 30, 2023 | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 |
|---|---|---|---|---|---|
| Net Income | $184.67M | $78.27M | $282.42M | $-424.32M | $22.29M |
| Depreciation and Amortization | $- | $- | $- | $- | $- |
| Deferred Income Tax | $- | $- | $- | $- | $- |
| Stock Based Compensation | $- | $- | $- | $- | $- |
| Change in Working Capital | $5.73M | $-48.65M | $51.11M | $-34.39M | $24.97M |
| Accounts Receivables | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- |
| Accounts Payables | $- | $- | $- | $- | $- |
| Other Working Capital | $- | $- | $- | $- | $- |
| Other Non Cash Items | $-62.06M | $-110.09M | $-420.00M | $898.40M | $-1.29B |
| Net Cash Provided by Operating Activities | $128.34M | $-80.46M | $-86.46M | $439.69M | $-1.25B |
| Investments in Property Plant and Equipment | $- | $- | $- | $- | $- |
| Acquisitions Net | $- | $- | $- | $- | $- |
| Purchases of Investments | $- | $- | $- | $- | $- |
| Sales Maturities of Investments | $- | $- | $- | $- | $- |
| Other Investing Activities | $- | $- | $- | $- | $- |
| Net Cash Used for Investing Activities | $- | $- | $- | $- | $- |
| Debt Repayment | $- | $- | $- | $- | $- |
| Common Stock Issued | $- | $- | $- | $- | $891.61M |
| Common Stock Repurchased | $- | $- | $- | $- | $- |
| Dividends Paid | $-39.34M | $-32.63M | $-40.68M | $-81.46M | $-4.46M |
| Other Financing Activities | $-88.63M | $111.92M | $128.74M | $-358.35M | $1.25B |
| Net Cash Used Provided by Financing Activities | $-127.97M | $79.29M | $88.06M | $-439.81M | $1.25B |
| Effect of Forex Changes on Cash | $- | $- | $- | $- | $- |
| Net Change in Cash | $362.00K | $-1.18M | $1.60M | $-121.00K | $172.00K |
| Cash at End of Period | $834.00K | $472.00K | $1.65M | $51.00K | $172.00K |
| Cash at Beginning of Period | $472.00K | $1.65M | $51.00K | $172.00K | $- |
| Operating Cash Flow | $128.34M | $-80.46M | $-86.46M | $439.69M | $-1.25B |
| Capital Expenditure | $- | $- | $- | $- | $- |
| Free Cash Flow | $128.34M | $-80.46M | $-86.46M | $439.69M | $-1.25B |
Cash Flow Charts
| Breakdown | June 30, 2020 | December 31, 2019 |
|---|---|---|
| Net Income | $-349.28M | $-75.05M |
| Depreciation and Amortization | $- | $- |
| Deferred Income Tax | $- | $- |
| Stock Based Compensation | $- | $- |
| Change in Working Capital | $313.85M | $101.22M |
| Accounts Receivables | $-4.79M | $-4.79M |
| Inventory | $- | $- |
| Accounts Payables | $12.44M | $12.44M |
| Other Working Capital | $306.19M | $93.56M |
| Other Non Cash Items | $357.40M | $91.54M |
| Net Cash Provided by Operating Activities | $321.98M | $117.71M |
| Investments in Property Plant and Equipment | $- | $- |
| Acquisitions Net | $- | $- |
| Purchases of Investments | $- | $- |
| Sales Maturities of Investments | $- | $- |
| Other Investing Activities | $- | $- |
| Net Cash Used for Investing Activities | $- | $- |
| Debt Repayment | $- | $- |
| Common Stock Issued | $- | $- |
| Common Stock Repurchased | $- | $- |
| Dividends Paid | $-35.77M | $-45.69M |
| Other Financing Activities | $-286.26M | $-72.09M |
| Net Cash Used Provided by Financing Activities | $-322.02M | $-117.79M |
| Effect of Forex Changes on Cash | $- | $- |
| Net Change in Cash | $-46.00K | $-9.24M |
| Cash at End of Period | $9.12M | $-75.00K |
| Cash at Beginning of Period | $9.16M | $9.16M |
| Operating Cash Flow | $321.98M | $117.71M |
| Capital Expenditure | $- | $- |
| Free Cash Flow | $321.98M | $117.71M |
PIMCO Energy and Tactical Credit Opportunities Fund (NRGX)
None
$20.26
Stock Price
$905.76M
Market Cap
-
Employees
Newport Beach, CA
Location
Revenue (FY 2022)
$184.62M
136.1% YoY
Net Income (FY 2022)
$184.67M
135.9% YoY
EPS (FY 2022)
$0.00
-100.0% YoY
Free Cash Flow (FY 2022)
$128.34M
259.5% YoY
Profitability
Gross Margin
100.0%
Net Margin
100.0%
ROE
30.0%
ROA
23.8%
Valuation
P/E Ratio
3.02
P/S Ratio
3.02
EV/EBITDA
0.00
Market Cap
$905.76M
Revenue & Net Income
Profit Margins
Cash Flow Summary
Operating Cash Flow
$128.34M
259.5% YoY
Free Cash Flow
$128.34M
259.5% YoY
Balance Sheet Summary
Total Assets
$1.01B
5.8% YoY
Total Debt
$152.13M
36.8% YoY
Shareholder Equity
$826.52M
-100.0% YoY
Dividend Overview
$0.06
Latest Dividend
%
Dividend Yield
%
Payout Ratio
Recent Dividend History
| Date | Amount | Type |
|---|---|---|
| 2023-12-08 | $0.06 | December 08, 23 |
| 2023-09-08 | $0.06 | September 08, 23 |
| 2023-06-09 | $0.22 | June 09, 23 |
| 2023-03-10 | $0.22 | March 10, 23 |
| 2022-12-09 | $0.22 | December 09, 22 |
| 2022-09-09 | $0.22 | September 09, 22 |
| 2022-06-10 | $0.22 | June 10, 22 |
| 2022-03-10 | $0.22 | March 10, 22 |
| 2021-12-10 | $0.17 | December 10, 21 |
| 2021-09-10 | $0.17 | September 10, 21 |
PIMCO Energy and Tactical Credit Opportunities Fund Dividends
Explore PIMCO Energy and Tactical Credit Opportunities Fund's dividend history, including dividend yield, payout ratio, and historical payments.
Dividend Yield
5.08%
Dividend Payout Ratio
15.32%
Dividend Paid & Capex Coverage Ratio
-0.23x
PIMCO Energy and Tactical Credit Opportunities Fund Dividend History
| Dividend | Adjusted Dividend | Date | Record Date | Payment Date | Declaration Date |
|---|---|---|---|---|---|
| $0.056552 | $0.056552 | December 08, 2023 | |||
| $0.056552 | $0.056552 | September 08, 2023 | September 11, 2023 | October 02, 2023 | September 01, 2023 |
| $0.22 | $0.22 | June 09, 2023 | June 12, 2023 | July 03, 2023 | June 01, 2023 |
| $0.22 | $0.22 | March 10, 2023 | March 13, 2023 | April 03, 2023 | March 01, 2023 |
| $0.22 | $0.22 | December 09, 2022 | December 12, 2022 | January 03, 2023 | December 01, 2022 |
| $0.22 | $0.22 | September 09, 2022 | September 12, 2022 | October 03, 2022 | September 03, 2022 |
| $0.22 | $0.22 | June 10, 2022 | June 13, 2022 | July 01, 2022 | June 01, 2022 |
| $0.22 | $0.22 | March 10, 2022 | March 11, 2022 | April 01, 2022 | March 01, 2022 |
| $0.17 | $0.17 | December 10, 2021 | December 13, 2021 | January 03, 2022 | December 03, 2021 |
| $0.17 | $0.17 | September 10, 2021 | September 13, 2021 | October 01, 2021 | September 01, 2021 |
| $0.17 | $0.17 | June 10, 2021 | June 11, 2021 | July 01, 2021 | June 02, 2021 |
| $0.17 | $0.17 | March 10, 2021 | March 11, 2021 | April 01, 2021 | March 01, 2021 |
| $0.17 | $0.17 | December 10, 2020 | December 11, 2020 | January 04, 2021 | December 04, 2020 |
| $0.17 | $0.17 | September 10, 2020 | September 11, 2020 | October 01, 2020 | June 03, 2020 |
| $0.4 | $0.4 | June 10, 2020 | June 11, 2020 | July 01, 2020 | June 01, 2020 |
| $0.4 | $0.4 | March 11, 2020 | March 12, 2020 | April 01, 2020 | March 02, 2020 |
| $0.28 | $0.28 | December 13, 2019 | December 16, 2019 | December 23, 2019 | December 10, 2019 |
| $0.4 | $0.4 | September 12, 2019 | September 13, 2019 | October 01, 2019 | September 03, 2019 |
| $0.4 | $0.4 | June 12, 2019 | June 13, 2019 | July 01, 2019 | March 21, 2019 |
| $0.1 | $0.1 | March 29, 2019 | April 01, 2019 | April 15, 2019 | March 21, 2019 |
PIMCO Energy and Tactical Credit Opportunities Fund News
Read the latest news about PIMCO Energy and Tactical Credit Opportunities Fund, including recent articles, headlines, and updates.
Pimco Dynamic Income Strategy Fund Declares Common Share Distributions
NEW YORK, March 01, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees (the “Board”) of PIMCO Dynamic Income Strategy Fund (the “Fund”) (NYSE: PDX)1 has declared the next two distributions for the Fund's common shares, as summarized below. In addition, the Board has approved a change in the Fund's distribution frequency, from quarterly to monthly, starting with the April Distribution (as defined below).
PIMCO Dynamic Income Strategy Fund Declares Quarterly Common Share Distributions
NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The Board of Trustees of PIMCO Dynamic Income Strategy Fund (the “Fund”) (NYSE: PDX) has declared a quarterly distribution for the Fund's common shares. The quarterly distribution is payable on January 2, 2024 to shareholders of record on December 11, 2023, with an ex-dividend date of December 8, 2023.
CEF Weekly Review: CEF Launch Date Doesn't Matter (For Income)
We review CEF market valuation and performance through the second week of November and highlight recent market action. Most CEF sectors struggled during the week, with only Muni sectors finishing in the green due to a reversal in Treasury yields. There is a misconception that the launch date of a fund gives it a locked-in yield position, but this is not true.
Innovative Conversion: How PIMCO Is Narrowing NRGX's NAV Discount
PIMCO is converting the PIMCO Energy & Tactical Credit Opps closed-end fund from an energy MLP stock fund to a multi-sector bond/credit fund to narrow the discount-to-NAV. The NRGX fund currently trades at a discount of 11.42% compared to the average multisector credit fund discount of 3.4%. By combining the long position with short exposure, the potential return is isolated and independent from market/sector returns.
PIMCO Update | Oct 2023 | Valuations Take A Tumble
PIMCO taxable CEFs previously had high valuations, but now discounts are appearing across most funds. Leverage changes have been negative, with most funds reducing leverage by 20% to 40%+. My inclination is to favor PHK and PDI here, given the NAV track records and sector allocations. I'm not wild on PDO and PAXS' higher exposure to CMBS.
Equity CEFs: NRGX May Be A Stealth Opportunity To Get More Bond Exposure
Longer-term bonds are becoming more attractive to institutional investors as yields catch up to shorter-term paper. The NRGX fund experienced an NAV boost due to liquidation of a large private equity position. PIMCO is converting NRGX from a mostly energy and energy MLP stock fund to a multi-sector bond/credit fund, offering attractive valuation and potential for increased distributions.
CEF Weekly Review: Is There Value In Knowing CEF Institutional Investor Holdings?
We review CEF market valuation and performance through the last week of September and highlight recent market action. CEFs finished September on a weak note, with all sector NAVs moving lower as Treasuries and stocks fell. Investors should be careful in assuming some level of institutional ownership indicates a buy signal for a given CEF.
The Month In Closed-End Funds: September 2023
For the second straight month, both equity (-3.12% on a NAV basis) and fixed income (-1.94%) CEFs on average suffered downside performance. At month end, 9% of all CEFs traded at a premium to their NAV, with 11% of equity CEFs and 8% of fixed income CEFs trading in premium territory. Energy MLP CEFs (-0.72%), for the second month in a row, mitigated losses better than the other classifications in the equity CEF universe for September.
NRGX: Change In Mandate Should Drive A Valuation Rerating
PIMCO's Tactical Credit Opportunities Fund is changing its investment mandate to focus on multi-sector credit with a reduced allocation to energy assets. The fund will be renamed the "Dynamic Income Strategy Fund" (PDX). The change in the structure, fee reduction, and other factors should lead to a partial valuation convergence with the rest of the PIMCO taxable CEF suite.
Weekly Closed-End Fund Roundup: NRGX Policy Change (September 24, 2023)
2 out of 22 CEF sectors positive on price and 1 out of 22 sectors positive on NAV. PIMCO Energy & Tactical Credit Opps will change its investment policy to a multisector fixed income fund. This will likely provide a tailwind to the NRGX fund's premium/discount valuation.
NRGX: When An Energy CEF Does A 180
The PIMCO Energy & Tactical Credit Opps is transitioning from an energy equities closed-end fund to a credit fund. The fund will change its name to PIMCO Dynamic Income Strategy Fund and reduce its focus on energy investments. The move is expected to narrow the fund's discount to net asset value and align it with other PIMCO credit funds.
The Month In Closed-End Funds: August 2023
For the first month in three, both equity (-1.98% on a NAV basis) and fixed-income CEFs (-0.54%) on average suffered losses. At month end, 12% of all CEFs traded at a premium to their NAV, with 13% of equity CEFs and 11% of fixed income CEFs trading in premium territory. Energy MLP CEFs (-0.59%), for the first month in 12, mitigated losses better than the other classifications in the equity CEF universe for August.
PIMCO Energy and Tactical Credit Opportunities Fund Declares Quarterly Common Share Distributions
NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The Board of Trustees of PIMCO Energy and Tactical Credit Opportunities Fund (the “Fund”) (NYSE: NRGX) has declared a quarterly distribution for the Fund's common shares. The quarterly distribution is payable on October 2, 2023 to shareholders of record on September 11, 2023, with an ex-dividend date of September 8, 2023.
NRGX: Nothing Special
The Pimco Energy & Tactical Credit Opportunities Fund is trading at a significant discount to its NAV. The fund's dividend yield is around 5.5% annually, which is not impressive for an energy-focused instrument, especially considering its high expense ratio of 1.76%. Despite a discount to NAV of over 15%, the fund's fixed-income investments have been hit by rising interest rates, and its repo financing and swaps are likely to be more expensive upon renewal.
NRGX: PIMCO's Energy Efforts, Attractive Discount
NRGX is an energy fund offered by PIMCO, a fixed-income specialist, so it would appear outside their expertise. However, it isn't your everyday energy fund either, and it incorporates some fixed-income exposure and all the derivatives that come along with PIMCO funds.
NRGX: Little Yield, Big Discount
NRGX is PIMCO's offering in the energy-related space, with strong energy performance; the performance in more recent years has been quite strong. This fund invests fairly heavily in equity positions, a different approach from most of this sponsor's other funds, primarily focusing on fixed-income.
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