I was doing some yahoo message board surfing last night and for some reason I wound up on the GMXR board. I noticed a news article by the company issuing 2012 guidance. Basically the company has Nat Gas wells, but in light of the low price of the same they decided to shut them down and concentrate on their Bakken oil leases. Personally I thought that was actually a good strategic move. I then noticed someone talking about the preferred shares. Sure enough they have 9.25% preferred shares off of a $25 face value and they were selling around $6. $2.31 divy on a $6 preferred stock is worth consideration.
Today I watched the action and finally bought it at $7.69. A 30% return on a preferred stock that does not give the impression of BK is really worth investing in, especially in light of all the buzz about Bakken.The sucker went to over $10 then settled at $8.75. Even at that price I still think it a bargain and will wind up buying more.
Just giving you Fools a heads up on a potentially nice multi bagger paying a tremendous yield. Yes there is risk but you don't get rewards like this without taking them.
Here's the guidance link by them: