Archive | 2.33

Added 100 @ $40.75/share of BTE.TO on Margin

9 May

With my new Virtual Brokers account up and running, I decided to take on a margin position for BTE.TO.  I am, of course, attracted to their monthly dividend of 22 cents per month with a yielding rate of 6.50%!  Their financial seems to be strong and it all checks out.

What is BTE.TO?  Their full name is Baytex Energy Corp.  Yes, it’s another oil/gas producer!  It is in a slump like all other companies in the sector.  That’s why I’m jumping in now than later.  Might as well catch the wave and ride it out.

Once my position in Suncor is in the positive territory, I sell out for a small profit and seek better alternatives to increase my portfolio.  I’ve been holding since mid-February 2013 and it’s been giving me nothing but losses up to my eyes.  We shall see how this plays out.

My Virtual Brokers account has been set up with my equities transferred from Questrade.  Questrade charged me $125 + $6.25 (GST) for transfer out fees.  Virtual Brokers will reimburse me $131.25 within 60 days.  But why so long?  To make sure, I stick around?

Side Notes:  Virtual Brokers does really charge you as they advertise!  No more paying extra ECN/Exchange fees that Questrade was charging from time to time!

Now I’m really considering transferring my RRSP over to Virtual Brokers now.  Here is my today’s trade on margin:

BAYTEX ENERGY CORP BUY CAD 100 $1.00 40.750 ($4,076.00)