41% held by institutions--looks like some hedge fund is dumping the stock. This is not a heavy traded stock and today's volume is higher than average. Selling has been occuring since middle of March and stock even going down on good market days such as yesterday.
Current negatives include Ethane price drop, 1/2 of the NGL's in OK are ethane, propane price drop, SD currently Keep Whole and in negotiations to change to POP. Short term hit as it makes APL more net possitive on natural gas. Capital budget is stretched and any additions to projects may need to be funded with a secondary, short term negative. Capital projects have a short period of startup that is not efficient, 2 plants in the next 2 months. Big worry might be plants put on limits on tailgate for natural gas when storage fills up. I do not know how this will work out. Positives will come but the distribution increase will not occur until 2nd or 3rd Q and the glut of natural gas may cause it to be delayed a quarter. I hope APL admits a better use of capital and sells the NGL line. I expect the first Q report to be very positive on projects including new ones but short on commitment to increase distribution before product prices increase or new projects better better then 50% utilized in the quarter. I really think APL will need to fill the coffers again and will issue shares this year. If this is being telegraphed by the company then a sharp decline like recent would be expected. I have no problem owning through this but certainly want to get a better price then the last time at just a fraction of book value. jim