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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (35085)	9/28/2009 3:34:39 PM
From: E_K_S	Read Replies (2) of 78773

Peeled off a few shares of CVX and bought the equivalent amount of shares in COP. COP to me is a better value with a forward PE of 7.6 and pays a slightly higher dividend than CVX. I like the NG holdings that COP has and after reading through their 2008 annual report, COP's mid stream business is well positioned for future growth. conocophillips.com I also increased my Black Hills Corp. (BKH) position by 30% even though I am buying at levels 25% higher than my previous buys. The company still yields 5.6% and I believe that their non-regulated energy business is undervalued. I specifically like their Oil & Gas subsidiary called Black Hills Exploration & Production. blackhillscorp.com I also started a small position in Williams Companies, Inc. (WMB) as this is another NG company involved in the production, gathering, processing, and transportation of natural gas in the United States. It's one I have watched for a long time and it continues to slowly move higher. The stock is not a screaming buy but at 14 forward PE it is not overly expensive either. They pay a 2.5% dividend. I like their core assets and at 1.25 BV you are not paying a huge premium for their facilities. Like BKH, WMB operates in the San Juan basin in northwestern New Mexico and southwestern Colorado. This area is ripe for NG development and WMB can transport the NG to California where demand continues to grow. EKS

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