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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (62629)10/3/2019 7:00:18 PM
From: Spekulatius1 Recommendation

Recommended By
E_K_S

  Read Replies (2) of 78748
 
re Pipelines, I own WMB right now. it’s one of my larger positions. I have sold most of my KMI and all my ENB and bought WMB from the proceeds. I believe WMB‘s assets to be of higher quality than KMI‘s (they one CO2 tertiary oil recovery assets with pricing risk, as well as a a da lot of terminals, Jones tankers etc that are so lesser quality than WMB‘s pipeline assets. ENB has great assets too, but hard to handicap execution risk around Line 3 and others.

My thesis on WMB is that is basically and utility with a 6.4% dividend yield and. I’d single digit dividend growth rate. It’s no more complicated than that. To the extend that management stocks to the low risk utility model, I think shareholders will do fine. If management puts their cowboy hats on and goes on a rodeo and ramps of leverage with low quality expansion projects, than its time to sell. The latter seems to happen every decade, hopefully we have some time left.
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