Looking back I realize that Westport isn't the best comparison to Cummins. Sorry for my misjudgement in that area; but I still believe that Cummins is a solid value at these price levels.
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I could charge you a few bucks to open up a lemonade stand right next to my juice bar; but we're still competing against each other. And you could bet a whole lot of money that your little lemonade stand isn't going to hold up too well against the competition. And in this case, it hasn't.
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Earnings are great; but as long these companies can generate strong cash flows, their dividends should be safe. ETP has pretty volatile FCF, so the dividend is covered some quarters, but not in others. Also, ETP hasn't raised its dividend since the financial crisis so it seems that management is trying to stay somewhat conservative.
As long as Eaton maintains strong cash flows, they should easily be a able to pay off debt. And if you look at other industrials, like CAT, they hold $1.65B in cash and $35.96B in debt; so there are more concerning balance sheets out there. Eaton's balance sheet might not be perfect; but it shouldn't be a serious concern for investors.
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You bring up a good point about the valuation, but from late February to early April COP traded north of $75 (which I believe is a fair value) and was later sold off preceding the spin off. The price declined from around $77 in early April to $72 by the end of the month, although the S&P 500 and DJIA held steady around 1400 and 13200, respectively. And I definitely agree that COP and PSX have held value extremely well relative to the market; but that doesn't mean that the market isn't undervalued itself.
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That's a great point but my portfolio isn't that heavily weighted in oil and gas; I try to stay somewhat diversified. It just so happens that 3 of my 10 favorite stocks are in the industry.
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Haha definitely the latter. But some think that I do look like him a bit. And Jimmy I'm sorry you feel that way, just trying to get a head start like you apparently did.
I know exactly how you feel; and I absolutely agree with you about Joy flying under the radar. It's not really a stock on people's watchlist, but it really should be.
It's just something for short term investors/traders to keep in mind. And for those in it for the long haul, a buyout is far from the worst thing that can happen.
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