Seeking Alpha

Roger S. Conrad

 
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  • Kinder Morgan Inc.'s Mega-Deal: Lower Cost Of Capital And Maximum Optionality
    Yesterday, 1:16 PM KMR, EEP, EPB 27 Comments

    Summary

    • KMI's consolidation of EPB, KMP and KMR shouldn't be viewed as a repudiation of the MLP structure.
    • Strategic move aligns with actions taken by BWP - L, ETP - ETE and EEP - ENB to drive distribution growth and lower cost of capital.
    • Consolidation removes IDR burden and maximizes KMI's options. Company can acquire assets that don't generate MLP-qualifying income or spin off assets as smaller, rapidly-growing MLP to further reduce capital costs.
  • NextEra Energy Partners LP: Plenty Of Steak, But Priced For Sizzle
    Wed, Aug. 13 NEE, NEP 1 Comment

    Summary

    • NEP IPO well-timed considering investors' appetite for solar power and dividend-paying equities such as MLPs.
    • General partner NEE gives NEP a highly visible source of cash flow and distribution growth by virtue of its extensive renewable-energy assets.
    • We like NEP's business model, but not the valuation. Investors should wait for a pullback or consider BEP.
  • AT&T's Tie-Up With DirecTV Is All About Scale
    Wed, May. 21 AMX, CHTR, CMCSA 6 Comments

    Summary

    • Incremental cash flow from acquisition of DTV gives T more financial firepower in an industry where network investment has differentiated winners from losers.
    • Increased scale gives combined company more leverage in negotiations with content providers.
    • Deal approval faces fewer regulatory hurdles than expected with consolidation within U.S. wireless space.
    • AT&T is a good buy on pullbacks for conservative investors seeking a steady income stream.
  • Exelon Corp. Peps Up With Proposed Acquisition Of Pepco
    Mon, May. 5 POM, EXC 15 Comments

    Summary

    • EXC's takeover offer for POM would ensure that regulated operations cover dividend, improving safety of payout and setting stage for future growth.
    • EXC will spend almost $21 billion on upgrades and expansions to its regulated asset base over next five years, driving dividend growth.
    • Regulatory approval may not face as many roadblocks as some expect.
  • Forget T-Mobile U.S.: Telecom Is Still For Spenders
    Thu, Apr. 3 DTEGY, S, SFTBY 10 Comments

    Summary

    • TMUS's efforts to win subscribers have worsened margin contraction.
    • Questions about stickiness of new subscribers, given importance of network quality.
    • Combination of S and TMUS makes sense, but regulatory hurdles.
    • Telecom industry rewards those who spend on building out their networks.
  • Keystone XL: Investment Opportunities Amid The Controversy
    Editors' Pick • Wed, Mar. 5 CNQ, CVE, TRP 22 Comments

    Summary

    • Approval of Keystone XL won't make or break TRP.
    • TRP has extensive and growing project backlog that should drive growth in coming years.
    • Expect consolidation among smaller E&P companies, which will feel pain if Keystone XL isn't approved.
  • Kinder Morgan Energy Partners: Still Not A House Of Cards
    Thu, Feb. 27 BWP, DO, L 116 Comments
  • Separating Turnaround Stories From The Value Traps In The MLP Space
    Thu, Feb. 20 BPL, ETE, ETP 13 Comments
  • 5 Forecasts For Income Investors
    Thu, Jan. 23 BPL, EPB, LINE 5 Comments
  • Pullback In US REITs Creates Buying Opportunities
    Fri, Jan. 3 HCP, PLD, WPC 25 Comments
  • High-Yield Telecom Stocks: The Short Sellers' Dilemma
    Dec. 21, 2013 VZ, FTR, WIN 19 Comments
  • M&A Activity Accelerates In The Utility Sector -- Who's Next?
    Dec. 17, 2013 FRTSF, NVE, PNW 1 Comment
  • Do Rooftop Solar And Rising Interest Rates Pose A Credible Threat To Utility Stocks?
    Dec. 13, 2013 BEP, D, EIX 17 Comments
  • What's Rate Sensitive And What's Not
    Nov. 19, 2013 AMPS, ETR, LINE 4 Comments
  • Challenges And Opportunities In Canada's Oil And Gas Industry
    Nov. 14, 2013 PGH, CVE, PBA 16 Comments
  • My Top 3 Canadian Midstream Stocks
    Oct. 14, 2013 ATGFF, KEYUF, PBA 2 Comments
  • Why I Prefer AT&T To Apple
    Oct. 10, 2013 AAPL, T 22 Comments
  • Utility Investors Keep An Eye On Washington
    Sep. 25, 2013 AEP, SO, FE 20 Comments
  • Dominion Resources Catches MLP Fever
    Sep. 23, 2013 D 10 Comments
  • Kinder Morgan Energy Partners LP: Not A House Of Cards
    Sep. 16, 2013 KMP 17 Comments
  • Mortgage REITs: Risky With A Chance Of Dividend Cuts
    Aug. 28, 2013 MFA, AGNC, CMO 9 Comments
  • Verizon Communications: Best Of The Bunch And The Market Knows It
    Aug. 7, 2013 CNSL, TMUS, S 2 Comments
  • Gauging The Safety Of Telecom Dividends
    Jul. 18, 2013 ALSK, CTL, FRP 13 Comments
  • When To Hold And When To Fold: Atlantic Power Corp. And Just Energy Group
    Jun. 30, 2013 AT, JE 50 Comments
  • Refresher Course: Master Limited Partnerships And Taxes
    Jun. 11, 2013 CPLP, EEP, EPD 36 Comments
  • Rating Berkshire's Offer For NV Energy
    Jun. 2, 2013 BRK.A, BRK.B, NVE 2 Comments
  • Navios Maritime Partners LP: Charter Expirations And Industry Fundamentals Suggest Distribution Cut Is Likely
    May. 29, 2013 NMM 23 Comments
  • Atmos Energy: A Quality Company That's Overvalued
    May. 6, 2013 ATO 6 Comments
  • Infrastructure Shortage Should Hasten M&A Activity In The MLP Sector
    Feb. 12, 2013 CMLP 5 Comments
  • Freeport-McMoRan's Long-Term Potential Not Blighted By Energy Acquisition
    Feb. 2, 2013 FCX 6 Comments
  • 3 MLPs To Watch In 2013
    Jan. 23, 2013 KMI, MMP, NGLS 10 Comments
  • Major MLP Trends For The New Year
    Jan. 15, 2013 ETP, APA, CVX 25 Comments