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October 2026 Capitalist Times Live Chat
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AvatarRoger Conrad
5:58
Nabors stock certainly had a good day today (up 10.5%). That follows better than expected Q3 results, though like other services companies (SLB etc) results still reflect the early stages of this energy upcycle--with producer customers generally keeping a tight rein on CAPEX and focusing on profit per barrel rather than expanding output as a bet on high oil and gas prices,

I think the company clearly improved its resilience by redeeming $100 mil of notes paying 9.125%. And it seems to be benefitting from one of the major trends we highlighted resulting from Operation Epic Fury--producers and suppliers reducing dependence on the Middle East. This stock, however, has come up a lot this year and we continue to prefer BKR and SLB in the sector.
Al C
6:05
During your discussions of T,VZ,TMUS and SPCX  you mentioned that SPCX's telecom venture would be telecom #6. Whom do you consider to be #4 and #5 and are they investable? Always love these chat sessions. Al C
AvatarRoger Conrad
6:05
Four and five are Comcast Corp and Charter Communications, which became a lot larger with the Cox merger. They are basically reselling service on Verizon's network under negotiated long-term MVNO agreements, which appear to be mutually beneficial. And the additional revenue though low margin is also CAPEX-free.

Both Comcast and Charter are currently being punished in the stock market for their ongoing losses of broadband customers--primarily to the Big 3 of AT&T, T-Mobile and Verizon. I think that trend is likely to continue--and Q3 losses did in fact accelerate for both. But Comcast is also approaching a spinoff of its NBC Universal unit that should unlock considerable shareholder value. And the end game for Charter may be a takeover for SpaceX--the big issue being whether the Verizon MVNO would still hold on the change in ownership. In any case, I think both CHTR and CMCSA are certainly investible for those who can live with potential downside and volatility--they're both cheap.
Ben F.
6:11
Good afternoon -

Any thoughts on Texas Land Corp (TPL)? Seems to have recently underperformed, but has an interesting royalty business model. Should be doing well with oil prices up. Cheers
AvatarRoger Conrad
6:11
It's not one we currently cover. And to tell the truth, the yield of less than 1% isn't really much of a royalty--compared to the royalty companies we've recommended in EIA like Black Stone Minerals (natural gas), Dorchester Minerals (oil and gas) and Viper Energy (oil).

I do like what this company is doing and its partnership, such as providing land and water "solutions" for Chevron's large scale power projects. And it's an interesting bet on Texas, the state I'm most comfortable with investing in oil and gas projects by far. But again, the other royalty companies are obviously preferable for anyone who needs income.

Thanks for your question.
AvatarRoger Conrad
6:15
Well that looks like all we have in the queue this time. What a great assortment of questions! And thanks again to everyone who participated today.
6:16
As I said at the outset, we will be sending everyone a link to a transcript of the complete Q&A tomorrow morning. Have a great evening and Happy Halloween!
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