Like Enbridge Jr., where debt's crowding them out and they can't afford the dividend. Dividend cut never good for long-term investors. Highlights the difference from quality companies. Problem with utilities is that rates are higher, so ALA has to live with what they have. Not a quality company, reduction in credit rating. If you want quality, this is not one to own.

(A Top Pick Jan 04/18, Down 47%) He continues to support this even though 2018 was difficult for their investors. You must take the long view, and ALA has long-term assets, with over 66% of their assets being contracted utilities. ALA's U.S. acquisition will continue to grow. Utilities typically have weak Q3s because of weaker heating/cooling demand, but Q4 should be stronger. ALA needs to execute growth in northern BC with the new propane export terminal that'll come on in Q2; he expects growth here. Compare to Transcanada when they cut their dividend in 1998: their stock plunged from $30 to $10, then they increased their dividend 2.5x; and today shares are over $50. ALA can do the same with sharp execution. He continues to average down.

As it declined he would not go long. It would be a case of getting out quick enough. It is trying to base now, since Dec 24th. It needs to get above the $16-17 range. They reduced their dividend, which the market expected. He uses a drip on this.

It was a disappointment in 2018. Their acquisition caused them to take on a lot of debt. People's appetite for debt laden companies came off the table. They restructured and took some debt off the table. The market didn't like their reduction in investment rating by a ratings company. It is still yielding 7% and they have an export terminal and they bought some gas assets that will generate some cash. The only issue is how they will raise money to address their remaining debt.

A lot of the pain is now behind them. But don't expect a quick recovery. They just cut their dividend and are selling their Canadian divisions to reduce their heavy leverage. They might be fine. But this could be in $10-15 for some time. It takes time to de-leverage. But the worst is certainly behind them.

Was the decision to cut the dividend a dumb move? That was necessary. Management is like a gang that can't shoot straight. They destroyed this business by making an acquisition in the US. Very disappointed investment. They sold it at around $20. They are trading utilities companies like day trading. Only investment bankers are making money off this company in the last 5 years.

They are paying too much in a dividend – twice what they are earning. It is trading at 40% of book value, which is cheap. If the earnings forecast of $1.09 per share comes through next year, it is really cheap today and could bounce back to $21.