Bruce Campbell (1) Altagas Ltd ALA-T COMMENT Aug 15, 2018

Place to hide that's somewhat immune from tariffs. High growth in both utilities and midstream. Q4 announced the next wave of growth projects to the end of the decade. Increased propane sales, expansion of the North. Decent yield of 3.2%, grows 5% a year.

Stock's had a move, but still a discounted valuation at under 14x. 

Half utility, half gas processing. Both segments doing well. Utility side rate base is growing 8%, which is higher than others. Working on large propane export projects off the West Coast. A lot of gas producers are looking for capacity outside the US; Asian markets, for example, have higher pricing. Yield is 3.16%.

Name to look at in the same space as FTS, but at a much better valuation.

You always have to be putting new $$ to work. If you're at your asset allocation on equities, you don't need to add.

But if building a portfolio, this name is pretty defensive with good upside. Actually benefits from tariff noise as producers look to diversify export markets. Gaining new contracts. Utility business doing really well on data centres. Great combination of offshore gas and onshore data centres.

At 16x, trades cheaper than peers; growing around 10%. 3.1% dividend yield, which is growing nicely.

An income stock. Strong dividend, executing well. Still likes it, still holds it.

It pulled off, and he exited. Worried about interest rates longer term. Nice mix of businesses, but not compelling right now. See his Top Picks for an infrastructure name at a slightly more compelling valuation. 

(Note the short timeframe.)  Plays right into the gas theme. Exciting part is the Washington Gas & Light subsidiary, which ships nat gas to the county with 15% of the world's data centres. Great yield. Best utility in NA.

The caller asked if she should continue to keep it as 10% of her portfolio. His concern is that 10% is too high and should be dropped by half to 4 or 5%. No stock should take up 10% of a portfolio. The company itself is a great one: stable and solid with a long history of dividends and modest growth.

He owns the preferreds. Is down 2% this week perhaps from a large seller, but he sees no other cause. Is for dividend investors, though don't expect big growth over time. It has risen his year on the AI rally, that data centres need energy. 

A larger position, as it's more stable. Half is gas infrastructure, and half is utilities. Working on a propane export facility off coast of BC. Good management. Dividend safe and increasing. Own forever.