COC RBC_Industry_Note_2008_10_24_Target_Price_Changes.pdf

INDUSTRY |COMMENT
OCTOBER 24, 2008
Market Conditions and Mild Weather Prompt
Price and Estimate Revisions
Revising Target Prices and 3Q08 Estimates Only for
Now
Based on current market conditions and the expected economic woes for
2009, we are lowering our target prices across our coverage universe. Our
calculated net asset values (CNAVs) and ratings remain unchanged for now,
since we view the revisions detailed in this note as largely based on market
sentiment rather than on company-specific fundamentals.
We are also lowering our 3Q08 adjusted EPS estimates for AES, AYE, DUK,
DYN and PNM due to mild weather and lower expected electricity demand
during the quarter, among other reasons. We will review our 4Q08, FY08 and
FY09 estimates and expect to introduce our 2010 estimates in our
company-specific 3Q08 earnings notes.
Priced as of prior trading day's market close, EST (unless otherwise noted).
All values in USD unless otherwise noted.
RBC Capital Markets Corp.
Lasan Johong (Analyst)
[phone]; [e-mail]
Emily Christy (Associate)
[phone]; [e-mail]
Ella Vuernick (Associate)
[phone]; [e-mail]
For Required Disclosures, please see Page 9.
2
Details
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
3
Valuations and Price Target Impediments
AES
Valuation:Our target price is $25, our CNAV is $56 and our rating is Top Pick. We believe that the stock will be pushed towards our
target price over the next 12-18 months by a strong pipeline of growth projects, robust global economic outlook, and removal of
accounting uncertainties. Also, the "decks have been cleared" for AES to resume its growth story. While the rest of the utility sector
may be challenged in 2008 and beyond, we believe that investors will favorably view the value proposition that AES brings in due
course, given the company's multi-year high-growth EPS and cash flow story. Therefore, we believe there is significant upside left to
the stock. And, given our CNAV, the upside potential could be well above our target price. We determine our CNAV based on a full
discounted cash flow model, while our target price is based on what we believe the stock performance will be through the end of the
year. Specifically, we discount our target to our CNAV due to the company's growth profile, investor concern for global risk, and
credit market turmoil.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 6.89%. Our terminal value multiple of 14.6x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediments:Coordinated or unexpected global recession, bad acquisitions/investments, terrorism, negative headlines,
political/currency risk, commodity prices, weather.
AYE
Valuation:
Our CNAV for AYE is $67 and our target price is $48 per share. Our target price is set at a discount to our CNAV due to regulatory
uncertainty and macroeconomic weakness anticipated in 2009. We estimate strong organic growth over the next three years, based on
strong FCFAID, good growth prospects, a strong balance sheet and strategic options. This potential is balanced against strategic risks
of cash deployment, outstanding regulatory issues, potential for over-hedging, potential for increasing the cost of capital due to lower
leverage ratio, and project delays or changes.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
currently valued at 6.93%. Our terminal value multiple of 11.9x is calculated at 297 months from March 2008.
Price Target Impediments:Economic recession, regulatory interference/change, operations outside of management's control, lack of
growth projects in the future, weather, interest rates, and commodity prices.
BKH
Valuation:Our CNAV for Black Hills is $42 per share, and our target price is $36. We set our target at a discount of 14% to CNAV
due to macroeconomic issues and current market conditions, as well as uncertainty around the future of oil and gas production.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 8.59%. Our terminal value multiple of 10.5x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediments:Integration of Aquila acquisition; rate regulations may not be favorable, particularly for gas utilities
(post-ILA deal close); higher volatility due to commodity-price exposure from E&P business and other unregulated businesses could
derail move towards target; moderate weather patterns could be damaging; economic turmoil, interest rate risk, tied to capital market
access.
CNP
Valuation:Our target price is $16, which is set at approximately a 36% discount to our calculated CNAV of $25 per share. We
determine our CNAV based on a full discounted cash flow model using an average of Free Cash Flow to the Firm and Free Cash Flow
to Equity. We apply a multistage growth rate with a terminal multiple of 15.8x based on a dynamic WACC with an initial rate of
4.59%. The terminal value is calculated at approximately 25 years from June 2008.
Our 36% discount is predicated on our belief that more visibility is needed for certain long-term projects before the full value of CNP
will be realized by investors, as well as uncertainty around macroeconomic issues and current market conditions. We look for
continued development and investments in growth projects, potential accretive acquisitions, and the steady increase in earnings and
dividend that characterizes a strong utility.
Price Target Impediments:Poor economic performance in Texas and other states in which CNP has operations, moderate weather,
unexpected transmission and distribution outages, poor acquisitions, spiking commodity could have an indirect effect; inability to
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
4
expand its electric and natural gas transmission and distribution system.
DUK
Valuation:Our CNAV is $22, and our target price is $20. We assign our target at a discount to CNAV due to macroeconomic issues
and current market conditions. We determine our CNAV based on a full discounted cash flow model using an average of Free Cash
Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple of 10.7x based on a
dynamic WACC with an initial rate of 8.52%. The terminal value is calculated about 25 years from June 2008.
As a pure-play electric utility with a small fleet of commercial generation, Duke Energy continues to perform as expected with solid
operations, reliable earnings, and steady dividends.
Price Target Impediments:Decline in value of power portfolio, unfavorable regulatory rulings, onerous carbon emission legislation,
cost overruns on capex projects, unwise acquisitions, and unforeseen operational setbacks or shutdowns.
DYN
Valuation:Our target price is $8 and our CNAV is $13 per share. We determine our CNAV based on a full discounted cash flow
model using an average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a
terminal multiple of 11.6x based on a dynamic WACC with an initial rate of 7.75%. The terminal value is calculated roughly 25 years
from the most recently reported quarter. Our target price is discounted to our CNAV due to macroeconomic woes anticipated for 2009.
We believe that given its minimalist hedging strategy, valuation upside is the strongest with Dynegy among its peers, which could
make it the most enticing investment vehicle in an upward bound commodity fundamental environment. Also, in such a scenario,
higher financial leverage should work to the benefit of DYN investors and not against, which adds more to the upside potential, in our
view. However, we believe timing is key.
Price Target Impediments:Lower than modeled natural gas prices, economic recession, reduced demand, lack of opportunities for
growth, regulatory interference, slow or no deregulation, weather, change of strategy, basis differentials, and M&A.
EIX
Valuation:Our CNAV is $69. Our target price is $49 and represents a discount to the CNAV due primarily to general market and
economic weakness in the U.S., need for capital to finance growth, need for regulatory approval for projects and settlement of the
lease tax issue with the IRS. We determine our CNAV based on a full discounted cash flow model using an average of Free Cash
Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple of about 11.4x based on a
dynamic WACC with an initial rate of 7.37%. The terminal value is calculated approximately 25 years forward.
As SCE is a regulated electric utility with what we consider to be solid growth prospects and a favorable regulatory structure, we
expect it to outperform its peers. The upside of the Edison Mission Group adds shareholder value while minimizing additional risk, in
our view. We believe that strong operations, proven cost controls, solid financial metrics, and favorable power fundamentals should
result in steady earnings growth for EIX.
Price Target Impediments:Weather, economy, interest rates, environmental concerns, regulatory risk, access to capital markets, IRS
tax settlement, and development cost increases, among others.
HTM
Valuation:Our target price is $3 and our CNAV is $4. We determine our CNAV based on a full discounted cash flow model using an
average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple of
about 8.6x based on a dynamic WACC with an initial rate of 10.00%. The terminal value is calculated approximately 24 years
forward. Our target price is discounted to our CNAV due to macroeconomic woes anticipated in 2009.
As a geothermal operator and developer, HTM should benefit from the considerable federal and state support of renewable energy, in
our view. Although a relatively start-up operation, its projects in the pipeline have secured contract commitments from utilities. As
global warming fears continue, concerns over energy security persist, and carbon legislation becomes a reality, HTM should have
power plants coming online and ready to capture the upside from geothermal energy. We believe the upside potential outweighs the
risks at this time. We have modeled conservatively and increased the beta to account for the risk profile.
Price Target Impediments:Contract risks, tax law risks, access to capital markets, construction cost overruns, exploration risks,
commodity prices, operational risk, and regulatory risk.
IDA
Valuation:Our CNAV is $38 and our target price is $33. We determine our CNAV based on a full discounted cash flow model using
an average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple
of 11.0x based on a dynamic WACC with an initial rate of 8.10%. The terminal value is calculated approximately 25 years forward.
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
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As a pure-play electric utility with a significant hydroelectric generation fleet, IDA operates in a heavily regulated environment.
Considering the risk management policies of IDA, the Idaho regulatory structure, solid operations and the above-average population
growth for the service territory, the company continues to perform as expected. Due to hydrology and regulatory risk and
macroeconomic weakness anticipated for 2009, we assign our target price at a discount to CNAV at this time.
Price Target Impediments:Volatile hydrology, unfavorable regulatory decisions, poor growth project selections, operational setbacks,
changes in credit ratings, environmental regulations, cost overruns with the capex projects, and weather.
LNG
Valuation:Our target price is $7 and our CNAV is $13. We determine CNAV based on a discounted cash flow model, using an
average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple of
about 12.2x based on a dynamic WACC with an initial rate of about 6.78%. The terminal value is calculated approximately 25 years
forward. Our target price discount of $6 to our CNAV is due to uncertainty around the timing of the arrival of steady cargos and
continued investor skepticism about the company's business model.
Cheniere has stable cash flows from its contracts with third parties, and potential upside from its marketing business. However,
without marketing revenues upside is limited. Therefore, much volatility surrounds the stock. In the long term, we believe Cheniere
should be well positioned to capitalize on the arrival of LNG to North America, given its business model.
Given its objective of developing a pure-play LNG company, its business model, and aspirations for cargo deliveries, we believe
Cheniere should be able to provide value to shareholders; however, not without risk. We will continue to assess both risk and
opportunity as the company commences operations of Sabine Pass, and continues its efforts to attract significant cargos.
Price Target Impediments:Chapter 11 filing risk, start-up nature, commodity prices, ability to secure contracts (under favorable
terms), ability to secure steady supply, regulatory risk, weather, access to capital markets, increasing construction costs, and potential
environmental legislation.
MIR
Valuation:Our CNAV for Mirant is $45 per share, but our target price is $33. The discount is due to uncertainty around the company's
risk management practices, hedging strategy and difficulties due to current economic environment.
On a stand-alone basis, we believe that cash return to shareholders, development of its brownfield projects, and increase in macro
fundamentals are positives, which are offset by its hedging program and lack of a long-term cohesive growth program.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 8.05%. Our terminal value multiple of 11.3x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediments:Potential high cost of capital, decreasing margins from high fuel costs, political risk, high levels of
environmental capital spending, economic recession, and risk management complications.
NRG
Valuation:Our calculated net-asset-value (CNAV) is $45, but our price target is $37. We determine our CNAV based on a full
discounted cash flow model using an average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage
growth rate with a terminal multiple of 12.7x based on a dynamic WACC with an initial rate of 6.77%. The terminal value is
calculated about 25 years from June 2008. The target discount to our CNAV is due to ongoing financial market disruption, increased
risk premium, and poor asset valuations in the current market.
Despite our longer-term reservations on NRG's hedging, PJM capacity payments and greenfield strategies, we believe that the market
currently undervalues the stock and we expect that the quarterly results and certain financial engineering practices justify our valuation
at this time.
Price Target Impediments:Interest rates, leverage, fuel prices, weather, economy, hedging, strong fundamental uplift, and regulatory
risk.
OKE
Valuation:Our CNAV for ONEOK is $56 per share and our target price is $40. In the short term, we expect strong fundamentals to
serve as a tailwind for OKE, particularly at OKS. Also, increasing LP distributions and incentive sharing of GP distributions should
drive growth in the near term. Over the next five years, we expect good opportunities, growth, and increasing dividends, bolstered by
increasing demand for natural gas, especially in the generation sector. However, as LNG is introduced into North America in large
quantities, we believe that opportunities and risks in natural gas businesses will present themselves as they do in any transition period.
Due to this uncertainty, as well as macroeconomic issues and current market conditions, we assign our target price of $40 at a discount
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
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of 29% to CNAV of $56 at this time.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 6.46%. Our terminal value multiple of 13.1x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediments:Long-term commodity fundamentals and LNG, which may lead to obsolescence of certain business,
near-term commodity price risk, access to growth opportunities or acquisitions for OKS, regulatory interference or short-sightedness,
demographic shift, economic malaise, and weather.
ORA
Valuation:Our CNAV is $74. Our target price of $60 is set at a discount until more visibility on future projects is realized, and
general market recovery occurs in the U.S. economy. We determine our CNAV based on a full discounted cash flow model using an
average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple of
9.4x based on a dynamic WACC with an initial rate of 9.86%. The terminal value is calculated at about 25 years forward.
Price Target Impediment:Drilling difficulties for new projects, thermal reservoir problems, execution risk, economy, permitting, land
management, legislative risk and regulatory risk.
PCG
Valuation:Our CNAV for PG&E is $50 per share. Our target price of $44 is at a 12% discount to our CNAV. The discount is based
on cost pressures, slowed customer growth and the loss of investor confidence stemming from the disappointing 3Q07 results. Longer
term, we believe additional rate-based growth projects will provide additional upside to management's stated long-term EPS growth
rate of 8%, and a rational regulatory regime should continue to support consistent earnings for electric and gas distribution. We
believe PCG value will be fueled by strong rate-based growth, high management credibility, good strategic vision, solid execution to
date, and strong regulatory relationships. In the near term, there are financial considerations posed by the current state of credit
markets. If debt market conditions worsen, earnings could suffer as a result of increased interest expense, and the stock could drop
before reaching our target. However, we believe these credit concerns are temporary, and in our view PCG is well positioned given its
investment grade ratings, credit quality and strong regulatory relationships.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 6.02%. Our terminal value multiple of 13.1x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediment:Near-term credit market concerns, poor economic performance in California, regulatory and legislative
risks and impediments, activists (environmental, legislative, regulatory, among others), warmer than normal summer weather or colder
than normal winter weather, unexpected transmission or distribution outages (electricity and natural gas), inability to expand
transmission and distribution system (electricity and natural gas), and volatility in commodity prices.
PNM
Valuation:Our CNAV is $18 per share and our target price is $13. We determine our CNAV based on a full discounted cash flow
model using an average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a multistage growth rate with a
terminal multiple of 11.5x based on a dynamic WACC with an initial rate of 7.51%. The terminal value is calculated at approximately
25 years from the last reported quarter.
Our discount is predicated on our belief that investors will not look past the immediate regulatory concerns and towards the potential
growth until the matters are resolved in 1H09. We believe that the company is capable of achieving these objectives with time and
regulatory understanding.
Price Target Impediments:Valuation of PNM assets for JV, plant availability, bad regulatory outcomes, turbulent wholesale markets,
NIMBY issues, and regional economic recession.
RRI
Valuation:We determine our $20 CNAV based on a full discounted cash flow model using an average of Free Cash Flow to the Firm
and Free Cash Flow to Equity. We apply a multistage growth rate with a terminal multiple of 9.3x based on a dynamic WACC with an
initial rate of 10.35%. The terminal value is calculated at about 25 years forward. We set our target price at $15 – a discount to our
CNAV of $20 – based on unquantifiable retail risks, market uncertainty, and commodity-price expectations.
We believe that RRI's approach to achieving wholesale upside, combined with higher pricing in the PJM, tightening supply/demand
fundamentals, and flexibility with investments and growth strategies will continue to drive solid earnings.
Price Target Impediments:Regulatory and political interference, higher than expected decay in retail gross profit due to higher
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
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defection of price-to-beat customers, lower than expected increase in customer conversion to RRI outside of the Houston area,
economic recession, particularly in Texas, credit risk, moderate weather, difficult wholesale market environment, and worsening
electricity market liquidity.
SE
Valuation:Our CNAV for Spectra is $40 per share; our target price is set at $28. Spectra's asset base serves areas of increasingly high
demand. The target price discount to our CNAV is due to risks associated with an expansion program, as well as macroeconomic
issues and current market conditions. Existing operations and growth projects in response to strong demand should produce good
earnings growth into the foreseeable future. Additionally, rate-based pipeline businesses provide stability to the platform, while MLP
has the ability fund future growth projects. Strategically, the company is well positioned to take advantage of the inflow of LNG into
North America. In our view, the strong asset base and growth plan, as operated by an experience management team, indicate the
potential for further upside value in the stock price over the next 12 months. We believe the intrinsic value of the company is higher
due to extensive growth projects than the short-term upside; accordingly, we set our target of $28 at a discount of approximately 30%
to our CNAV of $40.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 7.29%. Our terminal value multiple of 11.9x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediments:Unfavorable commodity prices, project cost overruns, poor acquisitions, operational setbacks,
environmental concerns, lower demand, and weather.
SRE
Valuation:Our CNAV for Sempra Energy is $77 and our target price is $65. The discount exists due to capital spending requirements,
construction in progress, and other capital projects that are in progress or in the planning stages, as well as macroeconomic issues and
current market conditions. In the longer term, we believe SRE exhibits strong organic growth potential over the next four years, fueled
by the growing need for risk management products, LNG and generation growth opportunities, utility sector consolidation and
tightening reserve margins.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 7.50%. Our terminal value multiple of 11.2x is calculated at roughly 25-years from the most recent quarter.
Price Target Impediments:California risk (political, regulatory, environmental, legislative and activist)
NIMBY issues, poor infrastructure in California, moderate or very extreme weather, poor acquisition decisions, poor economic
performance in California, cost escalations, and closing of Energy South.
SRP
Valuation:Our target price is $12, which is set at a discount to our CNAV of about $17 per share. We determine our CNAV based on
a full discounted cash flow model using an average of Free Cash Flow to the Firm and Free Cash Flow to Equity. We apply a
multistage growth rate with a terminal multiple of about 12.5x based on a dynamic WACC with an initial rate of 6.94%. The terminal
value is calculated at about 25 years from June 2008.
Our discount is predicated on our belief that SRP's organic growth potential will outweigh current economic concerns as projects
become more visible, but perhaps not in the next 12 months. Given our strong estimated CAGR over the next five years, our CNAV,
strong FCFAID, good growth prospects, improving balance sheet, strategic options, strong regulatory relationships, conservative
valuation and strong rate-based investment growth, we believe that our valuation is appropriate at this time.
Price Target Impediments:Equity issuances, commodity-price volatility, weather, economy, interest rates, access to capital markets,
credit rating initiatives and regulatory risks, among others.
SUG
Valuation:Our CNAV for Southern Union is $30 per share; we have set our target price at $20. Due to macroeconomic issues and
current market conditions, as well as near-term uncertainty, we assign our target price at a 33% discount to CNAV at this time. In the
longer term, we believe SUG's strategic objective is to be well positioned for the arrival of LNG to North America, and expand
delivery capability into the Midwest, Florida and the Northeast. While we do not think that forming an MLP to run the gathering and
processing business is optimal, we do believe that the MLP could create shareholder value, and that SUG should continue producing
steady earnings.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 7.20%. Our terminal value multiple of 11.9x is calculated at approximately 25 years from the most recently reported
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
8
quarter.
Price Target Impediments:Commodity price volatility, dependent on volatility of E&P business, changing fundamentals in natural
gas, moderate or very extreme weather, poor acquisition decisions, economic recession, and sub-optimal reasons for formation of
MLP.
TE
Valuation:Our CNAV is $22 and our target price is $18. We determine our CNAV based on a full discounted cash flow model using
an average of Free Cash Flow to the Firm and Free Cash Flow to Equity after the sale of Transport. We apply a multistage growth rate
with a terminal multiple of about 12.3x based on a dynamic WACC with an initial rate of 6.94%. The terminal value is calculated
approximately 25 years forward. Our target price is discounted due to macroeconomic weakness anticipated for 2009.
As a regulated electric utility, TE should produce consistent earnings and steady dividends for years to come, in our view. Although
the coal business and Guatemala investment divert managerial attention from the growing utility, the company's recent sale of its
transport business reduced the company's risk profile. This sale combined with the company's accelerated debt repayment plan
strengthened the balance sheet and led to upgrades from credit agencies in 2007.
Price Target Impediments:Commodity prices, weather, regulatory risk, access to capital markets, construction cost overruns, FL
economy, and potential environmental legislation.
WMB
Valuation:Our CNAV for Williams is $50 per share and our target price is $35. We believe that E&P will drive growth, with pipeline
operations bringing stability to the business model. We assign our target price of $35 at a 30% discount to our CNAV of $50, which
denotes longer-term value, due to macroeconomic issues and current market conditions.
We determine our CNAV using a full discounted cash flow model assuming a multi-stage growth profile, using a dynamic WACC
initially valued at 8.37%. Our terminal value multiple of 10.9x is calculated at approximately 25 years from the most recently reported
quarter.
Price Target Impediments:Reduction in E&P production and reserves, lack of takeaway capacity from the Rocky Mountains,
increasing costs, lower than expected gathering volumes, commodity price risk, decline in throughput on the company's pipelines,
weather and economic factors.
Companies Mentioned
AES ($8.42, Top Pick, Above Average Risk)
AYE ($29.84, Outperform, Average Risk)
BKH ($24.79, Sector Perform, Average Risk)
CNP ($10.78, Outperform, Average Risk)
DUK ($16.40, Sector Perform, Average Risk)
DYN ($2.96, Outperform, Above Average Risk)
EIX ($34.12, Outperform, Average Risk)
HTM ($0.79, Outperform, Speculative Risk)
IDA ($25.71, Sector Perform, Above Average Risk)
LNG ($1.15, Sector Perform, Speculative Risk)
MIR ($15.57, Sector Perform, Above Average Risk)
NRG ($21.86, Sector Perform, Average Risk)
OKE ($28.23, Sector Perform, Average Risk)
ORA ($25.14, Outperform, Above Average Risk)
PCG ($34.23, Sector Perform, Average Risk)
PNM ($8.80, Sector Perform, Above Average Risk)
RRI ($5.37, Outperform, Above Average Risk)
SE ($17.79, Outperform, Average Risk)
SRE ($39.11, Top Pick, Average Risk)
SRP ($7.58, Outperform, Average Risk)
SUG ($16.00, Sector Perform, Average Risk)
TE ($14.25, Sector Perform, Above Average Risk)
WMB ($17.41, Outperform, Above Average Risk)
Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
9
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Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008
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Market Conditions and Mild Weather Prompt Price and Estimate RevisionsOctober 24, 2008