I wanted to buy another one half position in ENERPLUS RESOURCES (ERF.UN-T OR ERF-N). However it doesn’t want to get down to my buy price.  So, I’m looking at another stock.  Yes I’m deviating from ETFs but one has to hit opportunities where they happen to be.

Right now I’m looking to add a position in PFIZER (PFE-N) one of the largest Pharmaceutical companies in the world.  I bought PFE before at $23.00 and sold it at $27.00 but now it has sold off because they will lose their LIPITOR patent next year.  Already the vultures are in a feeding frenzy to produce and sell this product.  It will mean a significant loss of revenue to PFIZER but it will not be life threatening.  Another product is already adding to profits and a number of additional prospects are in the pipeline.

PFE pays a $0.72 dividend which is well covered by earnings per share of $1.36 and at the current stock price of $17.00 the yield is a respectable 4.18%.  I can live with that, knowing that Pfizer has been around for a long time and will prevail for a long time to come.  The P/E ratio is a decent 12.7 and the company last year earned 50 billion dollars. 

So, as long as I can buy it at less than US$17.25 I’ll grab some.

That’s it for today.  You’ll notice that when I said my twittering would be irregular I wasn’t kidding.

TL