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Picked Up Harvest Energy Trust

I bought some Harvest Energy Trust (HTE) today. Not a lot only 50 shares worth. The market is pretty volatile and historically the month of August is bearish for stocks 72% of the time (or something like that), but the recent 226 point drop in the market created a really good buying opportunity that I found hard to resist.

HTE is a canadian income fund that is taxed like a REIT is in the US. If it distributes a certain amount of its earnings, it doesn’t pay taxes at the corporate level. After trading as low as $27, it bounced back up. I was able to pick up the stock at $29.48. With a monthly distribution of CAN $0.38, that works out to an annual yield of 14.85%! (considering an exchange rate of $0.96 = CAN $1).

Even after you consider a 15% tax, thats a post-tax yield of 12.62%! Pretty hard to match that return. HTE produces heavy oil and also has a refinery. I doubt oil prices will drop substantially or demand will taper off, so I feel the long term prospects are pretty good. In the short term there are always fluctuations in the stock price, but there are good buying opportunities.

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One Response to “Picked Up Harvest Energy Trust”

  1. Jonathan Trenn Says:

    With all your advice on money making, you may want to know about PostieCon. It’s happening this fall in Las Vegas. Bloggers will get together and talk about online money making strategies. Check it out at http://www.postiecon.com.

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