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Albert Alfonso

 
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  • Kinder Morgan: Is The Trans Mountain Pipeline Becoming The New Keystone? [View article]
    monkey see,

    I provided a link in the article to every incident on the Trans Mountain pipeline since 1961.

    http://bit.ly/1q60uEa
    May 5 03:42 AM | 23 Likes Like |Link to Comment
  • Senate Democrats consider Keystone pipeline vote next week [View news story]
    It is a shame that the keystone pipeline has become such a political football. Canadian producers are now having to use rails to get the product to market. How is this more environmentally friendly?
    Apr 28 07:27 PM | 19 Likes Like |Link to Comment
  • Intel Owes Its Shareholders An Explanation [View article]
    Shareholders are owed an explanation? Of what? Intel basically admitted that it was not ready for the mobile prime-time in its 2014 guidance.

    Unlike with PCs where the company is dominate AND best in class, Intel is rightly viewed as a suspect provider of parts for tablets and smartphones.

    Do you really think buyers want to beta test unproven "Intel inside" mobile devices?
    Feb 26 05:02 AM | 19 Likes Like |Link to Comment
  • Bears Attack Kinder Morgan [View article]
    Want to know what has me livid? Hedgeye moved the stock without even putting out a report. They seem to want to make their case about valuation. However, Kinder Morgan is hardly overvalued when using the widely accepted method to value MLPs: adjusted EBITDA.
    Sep 5 09:40 AM | 18 Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan's Response To Barron's [View article]
    JPZ11,

    What is eerie about Barron's coverage of KMP is that this is the same sort of stuff that got LINE into trouble in early 2013.

    Was LINE overvalued then? Most likely yes. Based on DCF, it was trading at a 20% premium to all of its peers.

    Was the dividend/distribution cut? Nope. It may actually have some upside this year. That did not stop Hedgeye from calling it a house of cards though.


    Was the berry merger delayed? Most certainty it was. LINE actually had to issue more equity than was expected dueto its depressed unit price which almost nixed the deal. A self-fulfilling prophecy?

    The end result for LINE is that its access to the equity markets was limited for months due to a lowered unit price due to the Barron's/Hedgeye hit pieces.
    Feb 25 01:07 PM | 17 Likes Like |Link to Comment
  • Penn West: The Chickens Have Come Home To Roost [View article]
    Marco,

    Do you have some facts backing up your claim regarding PGH?

    As for the journalism dig, you seem to be missing the point. I write about stocks that I find interesting.

    If I were in in for the money you would see me write about Apple, tesla, netflix, etc. How many people do you really think read about Canadian income stocks?
    Jul 30 07:51 AM | 13 Likes Like |Link to Comment
  • Kinder Morgan: Is The Trans Mountain Pipeline Becoming The New Keystone? [View article]
    Why should the article be rejected?

    The Trans Mountain pipeline expansion is relatively unknown and is just now starting to draw attention. The MSNBC report was watched by several thousand people -- more than enough to cause problems.

    If the report was unbiased, then maybe you have a case. However, Rachel refereed to the pipeline as "spongecake", "leaky", "unsafe" and call the product as "tar sands". That is just plain hyperbole and needs to be called out.
    May 5 03:58 PM | 13 Likes Like |Link to Comment
  • Apple's Last Chance To Dominate The High End [View article]
    Ashraf,

    Obviously I did, hence my reply.

    If you want a more specific critique I would argue you are not making a good case with the market share data.

    Apple is a US focused company while Samsung is more international. Of course Samsung is going to do well overseas, that is their territory. You should be incorporate US market share data to get a better picture.

    Also, you are missing a key detail: Apple's volumes grew y/y. This was the case even with the "smaller" 5s. Size of phones is only one factor for consumers.
    Jan 6 01:10 AM | 13 Likes Like |Link to Comment
  • Linn Energy Just Can't Catch A Break [View article]
    I would argue Hedgeye/Barron's had much more of an impact on LINE than the SEC.
    Mar 24 01:14 PM | 12 Likes Like |Link to Comment
  • Kinder Morgan: The Trans Mountain Pipeline Has Become The New Keystone XL [View article]
    Bruce,

    You usually make good bearish points. However, this well seems to have fallen short.

    MLP stocks you mention have risen due to multiple expansion, well outpacing DCF growth. In contrast, KMP has been now trading at its lowest multiple since 2010. More apt comparisons would be OKS, ETP, WPZ.
    Jun 9 11:25 AM | 11 Likes Like |Link to Comment
  • Kinder Morgan: The Signal-To-Noise Ratio Is Out Of Whack [View article]
    Bruce,

    Tell me how MWE with its 5.60% yield and 8% long-term growth trades at 30% premium to KMP which has similar metrics?

    You do understand that the market is targeting pretty much only KMP. Heck, even ETP trades at a 10% premium (15x vs 13.70x) to KMP. Did the market forget when ETP failed to raise its distribution for 5 years (2008 to 2013)?
    May 27 05:54 PM | 11 Likes Like |Link to Comment
  • Realty Income: Buy The Dip? [View article]
    AP,

    The demise of the brick and mortar store has been grossly hyped up. Certain segments of retail are actually very much in a growth phase, including the drug stores and dollar stores.

    As for some of the retailers that are on the way out (JC Penny, Radio Shack, Toys R Us), the company basically has zero exposure.
    Mar 27 10:51 AM | 11 Likes Like |Link to Comment
  • Linn Energy Just Can't Catch A Break [View article]
    elliot,

    I've also been asked to do interviews regarding MLPs multiple times.

    I really think the media wants to find the next MLP "blow up". Funny enough, most MLPs are unlikely to cut the dividends unless under severe duress.
    Mar 24 01:33 PM | 11 Likes Like |Link to Comment
  • Apple's Last Chance To Dominate The High End [View article]
    Apple is hardly dead money. Instead it has faced PE contraction as its growth prospects decline. It is simply too big to grow fast and is priced with an appropriate PE ratio. Also, Apple is number one where it counts, namely the US.

    Want an example of dead money? Take a look at Intel's 10 year chart.
    Jan 6 12:38 AM | 11 Likes Like |Link to Comment
  • Atlantic Power: A 10% Dividend Yield And Potential Sale Could Yield An Additional 70% Capital Gain [View article]
    This article seems to be glossing over or ignoring several factors about AT.

    1. It is still not clear what changed between November 2012 and February 2013 that resulted in the company to eliminate the majority of its explicitly promised and investor coveted dividend.

    Really, it is not clear what happened? The company sold off its FLA assets which generated about 33% of EBITDA but over 60% of cash flow. The new assets, while generating EBITDA, generate virtual no cash flow.

    2. The new dividend is safer, as it is a lower percentage of EBITDA and operating cash flow.

    If by safer you mean 100% of cash flow, then yes. AT's dividend is unsustainable, especially considering its debt due in 2014, which it plans to fund partly with equity.

    3. We do not believe that management will put the company up for sale without shareholder pressure.

    Put the company for sale? I doubt it. They seem to want to hold onto their jobs more than create shareholder wealth.

    4. Finally, as management and directors own few shares, an activist investor will be able to initiate a sales process easier than if management held a significant stake.

    Umm, AT's shareholder rights plan, AKA poison pill, will snuff out any activist shareholder http://prn.to/12keywQ
    Jul 9 07:25 PM | 10 Likes Like |Link to Comment
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