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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (34563)	5/22/2009 1:12:24 AM
From: Spekulatius	Respond to of 78744

re NG. WMB is not bad play with infrastructure and exploration assets. They will have to write off their Venezuelan assets, i think. The NG pure plays are not exceptionally cheap at this point, except maybe SWX which is very cheap with respect to its cash flow multiple. Most unregulated Power producers would be good plays on NG i think, ironically the best one would be those that don't burn NG, but uncorrelated fuel like coal, nuclear of hydro power. The reason being that the power prices strongly correlate with NG so if fuel input cost is independent of NG prices, you are essentially long NG. Amongst the utilities, D and SRE have substantial pipeline assets, so you get a second angle there besides just the power prices.