I agree with you. Unless they cut the distribution to zero (like XTEX), you would think this is a $4. stock earning 12-14%. I bought another 2K shares today at $1.58/share. Guess we will see what happens.
Natural gas pricing is falling through the floor due (currently at $3.74/mcf) to an over supply. Constellation is located in the mid continent and they receive even lower prices than Henry Hub on any volumes that are not hedged. 2009 will be a difficult year for the industry as rigs are idled and the oversupply is worked off. I question whether they can maintain the distribution if the downturn lasts more than a year. Ideally, CEP and QELP would be great merger candidates with overlapping assets. This company needs to be recapitalized in the long run.