What I found interesting in the CS comments was mention of ETE buying the remaining interest in RGP and merging it with ETP in time. Since I own ETP along with RGP I could have too much of the new entity.
These 3 MLPs grouped together have been doing nothing but financial engineering exercises that has led to zero distribution growth. Better to dump this group and buy into KMI/KMP/KMR. What good is higher than market yield when there is negative capital growth creating a subpar total return?
Regencey has had a variety of headwinds it has faced over the past few years. They have faced a huge drop in drilling in the Haynesville, huge capital outlays on numerous growth projects both directly at RGP and also at Lonestar.
Starting in 2013 they should start seeing some of the benefits from those investments. Once their DCF coverage improves, I think the market will take notice and begin bidding up the price. $26 seems reasonable...