Believe you are right in that we are due for a pullback and I am totaly out for now. Waiting to see earning from some others and also looking at the nice dividend at BWP. They will always have to use a pipeline.
I expect to see this the rest of the year, that is, $0.01 quarterly increases to the dividend just so they can say they have raised dividends every quarter for the last ___ (fill in the blank) quarters. They are going through some tough times as confirmed in the last conference call on 3Q06 earnings. It will be interesting to see what the CEO, CFO and the new COO have to say in the next quarterly analyst call. I am holding for now (need to wait for long-term capital gains tax to kick in) and I think you can buy anytime this year and get a good deal before it moves up in 2008. I don't see a major pullback given the strong underlying assets but it won't be topping $33.33 ($100 pre-split) soon either. Wait until 2008. If they can fix their South LA problems this year, next year should look much brighter. Range-trading for this year between $30 and $33 I'm afraid.