Not even close to fully valued. This is good entry point and we will have wished we bought a little more under 80. I don't see kmp trading under 80 very much longer either. 2 weeks ago when big blocks of buying in after hours were the giveaway for me. We should be mid 80s by month's end. Use call options to risk less and never bet the house.
It totally depends if you fall into the 'house of cards' bear camp or the 'richard kinder is the man' bull camp. I fall into the latter and feel there are plenty of opportunities ahead for the well established and capitalized energy companies to continue to grow and generate increased cash flow for investors. For me, the sky is not falling.