Saturday, November 9, 2013

Sold: SNC-Lavalin

I sold the last stock in my portfolio that I was no longer comfortable with: SNC-Lavalin ("SNC"). When SNC's CEO indicated the company would consider selling their interest in Altalink earlier this week, the shares surged enough for me to get out of the position with a small gain. After waiting out SNC's ethical issues of the last couple years, watching them only raise their dividend at a snail's pace, and then warn how their 2013 figures would likely disappoint on the downside, I was extremely happy to get rid of my investment in this company.

The plan is to the put the proceeds into shares of the Enbridge Income Fund ("ENF"). ENF currently yields close to 6% (vs SNC's yield of just over 2%) and recently raised their distributions by 3%. Knowing my Enbridge heating bill keeps going up, I look forward to growing my investment in ENF over the long-term. 

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