NGP Capital Resources Company (NGPC, Financial) filed Amended Quarterly Report for the period ended 2009-09-30.
Ngp Capital Resources Company has a market cap of $163.6 million; its shares were traded at around $7.56 with a P/E ratio of 36.1 and P/S ratio of 6.7. The dividend yield of Ngp Capital Resources Company stocks is 9.1%.NGPC is in the portfolios of Chuck Royce of Royce& Associates.
For the quarter ended September 30, 2009, as restated, operating expenses were $3.1 million compared to $7.0 million for the quarter ended September 30, 2008. The 2009 amount consisted of investment advisory and management fees of $1.5 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $1.1 million and credit facility interest and fees of $0.5 million. In comparison, for the quarter ended September 30, 2008, investment advisory and management fees were $4.5 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses totalled $1.0 million and credit facility interest and fees were $1.5 million. The third quarter of 2008 included approximately $2.5 million of incentive fees accrued with respect to the net realized gains associated with our investments in Rubicon Energy Partners, LLC (“Rubicon”) ($12.3 million) and Resaca ($6.0 million).
For the nine months ended September 30, 2009, as restated, the increase in net unrealized depreciation before tax benefit of $2.2 million was $17.7 million, comprised of a decrease in targeted portfolio fair value of $13.1 million and a $7.0 million decrease in the fair value of commodity derivative instruments, offset by a $2.4 million increase in the fair value of our corporate notes. This compares to an increase in net unrealized depreciation before tax benefit of $2.1 million of $3.9 million for the nine months ended September 30, 2008, as restated, comprised of a $5.4 million decrease in targeted portfolio fair values, a $0.7 million decrease in the fair value of corporate notes and a $2.2 million increase in the fair value of commodity derivative instruments.
For the quarter ended September 30, 2009, as restated, we had a net increase in stockholders equity (net assets) resulting from operations of $14.7 million, or $0.68 per share, compared to a net increase of $15.3 million, or $0.70 per share for the quarter ended September 30, 2008, as restated. The $0.6 million, or $0.02 per share net decrease is attributable to a $15.1 million decrease in unrealized depreciation on portfolio securities and a $1.6 million decrease in income tax benefits, offset by a decrease in net realized (after tax) capital gain on portfolio securities of $14.1 million during the third quarter of 2009, compared to the third quarter of 2008, as restated.
For the nine months ended September 30, 2009, as restated, the net decrease in stockholders equity (net assets), resulting from operations was $6.5 million, or $0.30 per share, compared to an increase of $23.1 million, or $1.09 per share, for the nine months ended September 30, 2008, as restated. The $29.6 million, or $1.39 per share net decrease is attributable to a decrease in net investment income before income taxes of $1.9 million due to lower overall investment income offset by lower management fees and interest expense, $13.7 million increase in unrealized depreciation on portfolio securities and a decrease in net realized (after tax) capital gain on portfolio securities of $14.0 million, compared to the third quarter of 2008, as restated.
For the third quarter of 2009, the combined increase in unrealized appreciation of our portfolio securities, corporate notes and commodity derivative instruments of $11.3 million was largely due to changes in the estimated market values of underlying assets totaling $12.0 million. This $12.0 million was offset by $0.7 million in reversals of prior year unrealized appreciation of commodity derivative instruments due to third quarter 2009 realizations. The $12.0 million net increase in fair value was comprised of increases of unrealized appreciation totaling $13.6 million offset by increases in unrealized depreciation of $1.6 million. The $13.6 million increase in unrealized appreciation consisted primarily of higher market values for Resaca common stock, $4.5 million; Alden term notes and royalty, $3.4 million; ATP Oil & Gas Corp. limited term royalty, $2.4 million and Venoco, Inc. senior notes, $1.3 million. The $1.6 million increase in unrealized depreciation consisted primarily of a decrease in market value for our investment in TierraMar Energy LP preferred units of $1.5 million.
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Ngp Capital Resources Company has a market cap of $163.6 million; its shares were traded at around $7.56 with a P/E ratio of 36.1 and P/S ratio of 6.7. The dividend yield of Ngp Capital Resources Company stocks is 9.1%.NGPC is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Investment income for the nine months ended September 30, 2009, was $20.1 million, primarily from $18.1 million in interest from targeted investments in portfolio companies. Additional investment income included $5.9 million attributable to income from commodity derivative instruments, a $4.6 million net loss attributable to royalty income, net of amortization, and $0.7 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. This compares to investment income of $27.6 million for the quarter ended September 30, 2008 with $21.4 million attributable to targeted investments in portfolio companies, a $0.3 million net loss from commodity derivative instruments, $3.6 million attributable to royalty income, net of amortization and $2.9 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates.For the quarter ended September 30, 2009, as restated, operating expenses were $3.1 million compared to $7.0 million for the quarter ended September 30, 2008. The 2009 amount consisted of investment advisory and management fees of $1.5 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $1.1 million and credit facility interest and fees of $0.5 million. In comparison, for the quarter ended September 30, 2008, investment advisory and management fees were $4.5 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses totalled $1.0 million and credit facility interest and fees were $1.5 million. The third quarter of 2008 included approximately $2.5 million of incentive fees accrued with respect to the net realized gains associated with our investments in Rubicon Energy Partners, LLC (“Rubicon”) ($12.3 million) and Resaca ($6.0 million).
For the nine months ended September 30, 2009, as restated, the increase in net unrealized depreciation before tax benefit of $2.2 million was $17.7 million, comprised of a decrease in targeted portfolio fair value of $13.1 million and a $7.0 million decrease in the fair value of commodity derivative instruments, offset by a $2.4 million increase in the fair value of our corporate notes. This compares to an increase in net unrealized depreciation before tax benefit of $2.1 million of $3.9 million for the nine months ended September 30, 2008, as restated, comprised of a $5.4 million decrease in targeted portfolio fair values, a $0.7 million decrease in the fair value of corporate notes and a $2.2 million increase in the fair value of commodity derivative instruments.
For the quarter ended September 30, 2009, as restated, we had a net increase in stockholders equity (net assets) resulting from operations of $14.7 million, or $0.68 per share, compared to a net increase of $15.3 million, or $0.70 per share for the quarter ended September 30, 2008, as restated. The $0.6 million, or $0.02 per share net decrease is attributable to a $15.1 million decrease in unrealized depreciation on portfolio securities and a $1.6 million decrease in income tax benefits, offset by a decrease in net realized (after tax) capital gain on portfolio securities of $14.1 million during the third quarter of 2009, compared to the third quarter of 2008, as restated.
For the nine months ended September 30, 2009, as restated, the net decrease in stockholders equity (net assets), resulting from operations was $6.5 million, or $0.30 per share, compared to an increase of $23.1 million, or $1.09 per share, for the nine months ended September 30, 2008, as restated. The $29.6 million, or $1.39 per share net decrease is attributable to a decrease in net investment income before income taxes of $1.9 million due to lower overall investment income offset by lower management fees and interest expense, $13.7 million increase in unrealized depreciation on portfolio securities and a decrease in net realized (after tax) capital gain on portfolio securities of $14.0 million, compared to the third quarter of 2008, as restated.
For the third quarter of 2009, the combined increase in unrealized appreciation of our portfolio securities, corporate notes and commodity derivative instruments of $11.3 million was largely due to changes in the estimated market values of underlying assets totaling $12.0 million. This $12.0 million was offset by $0.7 million in reversals of prior year unrealized appreciation of commodity derivative instruments due to third quarter 2009 realizations. The $12.0 million net increase in fair value was comprised of increases of unrealized appreciation totaling $13.6 million offset by increases in unrealized depreciation of $1.6 million. The $13.6 million increase in unrealized appreciation consisted primarily of higher market values for Resaca common stock, $4.5 million; Alden term notes and royalty, $3.4 million; ATP Oil & Gas Corp. limited term royalty, $2.4 million and Venoco, Inc. senior notes, $1.3 million. The $1.6 million increase in unrealized depreciation consisted primarily of a decrease in market value for our investment in TierraMar Energy LP preferred units of $1.5 million.
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