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Feb 10 2009

Sold ONAV Today

Published by Andy Hough at 4:28 pm under Dividends, Passive income Edit This

I’m sharing my most recent trades so you can get an idea of what type of stocks I have in my portfolio.  These are not suggestions on what you should buy or sell but just an example of what I am doing.

I sold Omega Navigation Enterprises (ONAV) today for a slight profit. Actually considering the dividend I already received it was a very nice profit if you figured it on an annual basis.  The reason I sold it is because it is a shipping stock and its dividends can be unpredictable.  The current yield of 26.32% looks pretty nice but I don’t think it is sustainable and it doesn’t leave any room for future dividend growth. When you buy a shipping stock you are looking more for immediate income than future growth.  I still own one shipping stock which I’m going to hold onto and I might add a shipping stock or two back into my portfolio when I’m close to reaching my investment income objective.

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