John Stephenson Altagas Ltd ALA-T BUY Aug 11, 2025

A place to hide, even if tariffs go on. Great growth in utilities and mid-stream. Increased dividend. Outlook for nat gas is very strong. Earnings come out around March 7. Growing about 11%, trades at 12x. A 10% tariff would impact sentiment across the board, but not its business as much. Yield is 3.6%.

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.

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.