Greg Newman Altagas Ltd ALA-T TOP PICK Feb 27, 2025

Really likes it as a mid-streamer and for its natural gas distribution. Nat gas distribution in the US is its growth engine. Extremely well managed. Dividend can grow annually. Good infrastructure asset. Solid growth.

Has been cheap relative to growth rate for several years. If the company executes well and interest rates fall, this can get to his target of $39. Just reported, outlook was as expected. New products coming online in 2026 & 2027. Nice dividend, probably growing at 6% for 2025, and 5% thereafter. Trades at 13.4x, reasonable growth rate ~7%.

Still likes it, though GEI may look better right now on price to growth.

We're all trying to figure out which stocks tariffs will either impact or leave unscathed. There's a thirst for natural gas, and we need to get it offshore as part of the bridge to totally clean energy. Q3 beat. Midstream continues very robust, pricing tailwinds. Trades ~15x for 8% growth. Nice dividend.

Lower-hanging fruit is gone, but it still works from here so you can buy it. GEI is a better choice now.

Shares have nearly tripled from their bottom a few years ago. Their cross-border exposure benefit further from the strong USD and is often reflected in their strong Q3s and Q4s. He expects outperformance on currency alone as they advance their midstream projects on the west coast.

Excellent opportunity for rising gas prices. Believes demand for transition fuel will continue to rise. A.I. demands for power generation will increase natural gas demand. A.I. data centers requiring more power than can be provided. Excellent dividend yield with new projects on the West Cost. Good for long term investors. 

Problem with the chart is that it's arcing up, making a sharp angle up. Sharp angles up almost always correct, by a little bit or a lot. The trend's been in place long enough that it will probably correct just to the trendline, around $35 or so. As long as it didn't crack $35, he'd continue to own.

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.