Inter Pipeline

Recovered quite nicely, but not to pre-pandemic levels. They're going ahead with their chemical plant, which has some risk. Better names in Canada like Keyera, TC Energy, Enbridge. Lower risk names that are priced at a bit of a premium, but have less execution risk.

Hold ENB and PPL instead, which have more robust cashflows and can sustain the dividend. Cut dividend, and still looking for partner for their chemical plant. Overhangs on the stock. Wouldn't add at current levels in this environment. Yield is 3.7%.

Execution and funding risk. There are safer names like ENB and PPL. If they pull off this execution on time and on budget, there's meaningful upside. Balance sheet pretty levered. Not as cheap as peers. It can work, but it's a riskier play.

Prefers Enbridge, Keyera and others in pipelines. IPL had no choice but to cut their dividend to fund their ambitious projects. Selling their storage business in Europe, announced today, helps. There are safer, better dividend-paying stocks.

Attractive yield. Overhang on the stock is still to find a partner for a large chemical plant. She's happy instead to own ENB and PPL.

IPL-T vs. ENB-T. IPL-T is a mid-carrier. It moves between facilities. ENB-T is international and moves between Canada and the US. ENB-T also owns a local gas utility in Southern Ontario. He owns ENB-T because it is a higher quality company and has bigger projects that are somewhat deferred due to environmental assessments. The dividend is stable and was not at risk.