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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (43473)	8/1/2011 11:20:06 AM
From: E_K_S	Read Replies (1) of 78520

Citi Report 8/1/2011 - Gas Pipelines & Utilities Adjusting Forward Estimates for AGL, ATO, NI, TEG and VVC citigroupgeo.com Re: AGL Resources Inc. (AGL) From their Report:"...AGL Resources – Our FY 2011 estimate is being lowered to $3.03 from $3.08. The main reason for the change is slightly lower-than-expected results within the Retail Energy Services during the first quarter but our view on Sequent is less negative than before. Although we don’t see fundamentals deteriorating significantly from here, we still view the wholesale segment as a potential drag to earnings potential for the company in the next few quarters...." ------------------------------------------------------------------------------------------ Pretty much neutral or lowered next year estimates for the entire industry. I currently own AGL and ATO and sold my NI. Based on current PE's, the only pure pipeline plays that may be possible buys (PE @ 14) are TCLP & AGL. Because of the NG glut, I figure the intra state and cross country (Canada/US) pipeline distribution carriers should do quite well. PVX, SEP & TCLP fit this category. _ finance.yahoo.com ) Provident Energy Ltd. Ordinary(NYSE: PVX) is one I have added to recently (any price below $8.00/share). They have a NG Midstream operation which serves both NW Canada and the U.S.. ( providentenergy.com ) Their NG gathering, storage operations and processing (liquids) plant(s) generate good cash flow. They have been selling off their NG & Oil assets to focus on their pipeline operations. In 2010 the company formed Pace Oil & Gas Ltd. with their remaining oil & gas assets and spun it off to unit holders. As a result, they have paired down their large debt and have created a premiere "pure" Midstream company. I also have Spectra Energy Partners, LP (SEP) on my buy list (hit new 52wk low last week) but TC Pipelines LP (TCLP) is looking interesting w/ it's 6.9% yield and forward PE of 13.64. Stock just went exdividend last Wednesday for $0.71/share and has almost gained it all back in the last few trading days. EKS

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