AMEN Properties is a rare beast in the OTC market this week — a micro-cap oil and gas royalty company trading near $496 per share that just paid a special dividend and is simultaneously drawing fresh short interest for the first time in months.
The most notable story this week is the dividend. AMEN declared a $3.20 special dividend in mid-March, payable April 10. That follows a long history of episodic, often large cash returns — the company paid $7.50 specials in both early 2022 and December 2021, alongside a $10.80 distribution in March 2022. With a dividend factor score ranking in the 88th percentile, AMEN's commitment to returning capital is its clearest calling card. The enterprise value, based on the most recent available data, is approximately $23 million — a modest figure for a stock priced nearly $500 per share, reflecting a tightly held, illiquid structure.
The borrowing picture has shifted abruptly this month. Short shares outstanding jumped from 5 to 54 over the course of April — a tenfold increase — pushing the ORTEX short score to 32, up from 25 in early March. That said, at just 0.1% of the free float, this is a tiny absolute position; the float itself is extremely limited. Borrow costs remain negligible at roughly 0.58% annualised, and availability data is sparse on a name this thinly traded. The spike in short shares is notable in context but does not point to meaningful institutional conviction against the stock.
Valuation and analyst coverage are essentially absent for a name of this size and structure. No price targets are available, and no recent analyst activity is on record. The stock's price has slipped about 0.75% on the week and 1.05% on the day to close at $495.73, following a modest 1.2% gain over the past month. The days-to-cover rank is in the first percentile, consistent with a stock that rarely attracts short selling at scale and where existing positions could be unwound almost instantly.
The correlated peer group offers limited insight — correlations top out at roughly 38% with names spread across Singapore, Canada, Australia, and Hong Kong, reflecting more coincidental statistical overlap than a meaningful sector cluster. This is a name that trades on its own idiosyncratic rhythm, driven by asset sales, royalty distributions, and the periodic decision to pay a special dividend rather than by macro oil and gas themes.
What to watch is whether the company's next asset review or royalty realisation prompts another special dividend announcement — those events have historically been the primary price catalyst for a stock that otherwise trades in a near-vacuum of news flow and analyst attention.
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