Absolutely. APL margins protected by hedges but further out and upside is gone for a little while. ATLS has a major growth engine in APL currently stalling. Best case is if NGL prices do not increase is some minor increases in distribution account organic growth. It will get better but current environment makes growth for ATLS pushed out a while. I think ATLS current value probably is fair. A few more deals for ARP and my opinion will change. Great time to be buying gas assets IMO.
yes, but ...the author says ARP's yield is too low. But he also says that it will be paying 60c/qtr by next year and the units have downside risk to $20. In which case, the yield would be 12%. So the author seems a little confused to me.