I did not own the stock back then but had a friend who owned Duke. I always thought that when SE was spun off that it was way too high and quickly sank to a more fair value.
I may be wrong, but I thought Duke got sucked into trading when they saw what Enron was doing. None of these utilities had any business getting involved in that business. Most of those that jumped into trading got there clocks cleaned, including Duke. Both companies, DUK & SE struggled for years to dig out from under.
SE has been increasing their cash flow the last few years and investing in their businesses. A lot of people I think forget that they have over one million distribution customers in Canada.
Midstream services and natural gas liquids will help drive this stock higher.
In the short run it seems to be resistence. But SE has a relatively low PE compared to other non MPLs in this sector. They are also spending a lot of capital dollars, which will translate into higher earnings down the line. They are also back to raising the dividend every year.
The stock has also rallied from just under $12 at the market low in March 2009. My average buy is high teens. I look at this as a bond that increases the coupn every year and over time raises the issue price.