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Thursday, September 22, 2005


Good Morning. Always start the morning with your favorite chart...and you all know what mine is!!!

Rita's track has shifted eastward which means a direct threat to the Galveston Bay and the Houston Ship channel and some of the rigs further east. I would imagine that this has more implications for companies in the MLP space than did Katrina but i will dig around and see what i can find. I would also say the opposite is true..companies that have no hurricane exposure will benefit from an intact infrastructure. CNN says $5.00 gas if Rita hits hard.

Atlas Pipeline should be a big mover today with yesterday's late news of an accretive purchase from OGE....will add 10 to 20 cents to distributions next year. Right now the stock pays 3.08 annual based on the June payout. Lets say it increases the next two payouts by 2 cents per...so by december we're at $3.24 per. If Atlas is saying they could be at 3.44 by dec 2006 than the stock should climb to 55-60 assuming the ten year is stable. Remains a strong buy in my never to be humble opinion. And in the interest of disclosure...i own it.

From a few days ago...another new ipo is coming...and Duke Energy is the company forming it.

The energy complex is sharply higher this morning ( a shocker i know). No other corporate developements. Plains All American should be pricing their offering i would assume today. News when it arrives.

2 comments:

PRINTEAM BLOG said...

Joe,
Did you trade your position on XTEX? I still hold my (small) buy.

joewxman said...

added to XTEX yesterday...I think we will move to new 52 week highs at some point soon.

Also bought some Martin Midstream today on the sell-off