Pembina Pipeline Corp (PPL.TO)

Really likes this name as with many smaller pipeline names. It is hard to say buy more because valuation is so stretched in this name. It is a defensive holding and benefited a lot from geopolitical uncertainty. Take some money off the table.

These pipelines are still very good dividend growth stories. He expects mid to high dividend growth for this company. They have a lot of CapX growth ahead of them, which is really underpinned by “take or pay” contracts. The only concern he has is the valuation. If you have a longer-term perspective, what do these contracts get revalued at when they come up for renewal?

Stretched in terms of valuation. To protect yourself from increases in interest rates, look for demonstrable ability to increase dividends, which this one has. But this one has much more commodity exposure compared to the others.

(Market Call Minute.) An absolutely stellar performer. Pretty much fully priced right now but still a nice yield. If it drops, people should buy it.

This company has had a great run in the last 5 years. Really likes the businesses they are in. The midstream business especially has been a good one for them. Valuation is a bit rich, but the dividend is still hovering around 4%.

Well-run, well-financed, well-capitalized and has a good solid predictable cash flow. Pays a good sustainable dividend. The caveat is that the interest rate shock is looming out there somewhere. It is wholly possible that a US midstream player takes you out.

This is in an area that she really likes. Energy infrastructure is one of the strongest growth areas right now. In the shift in the basin from dry gas towards natural gas liquids, there is a whole slew of infrastructure needs that come along with it. This company is exceptionally well-positioned in that they have basically assets across that entire value chain. She feels their growth is poised to continue and prospects look good for these companies for the next number of years.

Had a good run recently, but has pulled back a titch because they had made huge profits out of the fractionating side, the midstream, which is really a 3^rd of the business. For a conservative pipeline, this is too much. Still thinks they have great opportunities in the oil sands development and other areas. (See Top Picks.)

Since its last quarter, which was very strong, they upped the dividend and a lot of analysts have moved their targets up into the $48 range. This has gotten to be a big position for him so he will be looking to trim it a little. A solid core holding for the long-term.

Just reach an all-time high. Great yield and a wonderful balance sheet. This company can do no wrong. Comparing it to the other pipelines, it outpaces anything else.

They have a lot of good growth projects. The valuation is just too high for him to hold. You might do okay over a few years.

At an all-time high today on good results and an increase in the dividend. The whole midstream area has just been a great adder of value for shareholders.

Energy infrastructure. With LNG coming there is room for growth.

The whole group looks expensive, but has a really good growth profile. The growth is driven mostly by liquids rich gas. This company does the separating of the gas in the liquids and continues to be in high demand. (See Top Picks.)

(A Top Pick April 26/13. Up 35.25%.) To him the pipelines are solid monopolies because we have to get the energy out to the rest of the world and we have to ship it. (See Top Picks.)