I see that back in June the estimates were for $1.91. The price was $71. Today the price is $71 and the estimates have been lowered to $1.85. With a PE over 123 what will keep KMP from selling off hard if the company has another earnings miss? Is $64 a better buy in point?
Chief, No, earnings don't matter much. Do you think we would all be here if the yield were being paid from a P/E of 123? That would only provide for less than 1% yield. It's the $ 4.53 paid from cash flow that brings in investors. That said, I have no feeling how the new acquisition will affect distributable cash. I trust management on this.