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

To: Paul Senior who wrote (51188)	6/13/2013 3:34:38 PM
From: E_K_S	1 Recommendation Recommended By Bocor Read Replies (1) \| Respond to of 78673

DCP Midstream Partners LP (NYSE: DPM) - peeled off 50% of shares PVR Partners, L.P. (NYSE: PVR) - peeled off 50% of shares ONEOK Partners, L.P. (NYSE: OKS) - doubled up position w/ proceeds from PVR & DLM goo.gl I originally bought DPM 2/28/2013 at $40.59/share since they were a profitable NG gathering unit servicing the East. Their $EBITA/share was 12x at the time and now is at 15x. I also like the ng gathering business OKS has (more at the source in North Dakota) and at the current price of $49.96/share is now selling at 10.8x $EBITA. The yield for both is around 5.7% so to me OKS looks like the better bargain. PVR at $27.00/share is selling at 9.5x its $EBITA/share but they have exposure to coal. The company recently has acquired several NG distribution pipelines so I will continue to hold my shares but cut my position by 50%. So I decided to book 50% of my gain in DPM (25% gain in 4 months!) and on any further run higher will close out that position and try to find a less expensive NG gather. EKS