Boardwalk Pipeline Partners

It depends what your basis is and what your near-term goals are. They're an MLP so their unit price will fluctuate to interest rates similar to that of a bond and I think uncertainty over short-term rates has been putting pressure on their unit price recently. I've been following BWP the last 3-4 years and have been waiting for a sharp sell off following their recent run up into the low 30's.

Distribution growth has completely stopped, with no increases in sight. BWP has invested $1B+ in new assets in the last 24 months, half of it financed through dilution, but is still unable to achieve any growth. They are treading water - the incremental cash flow from acquired assets is being offset by declines in their base business, long-haul gas transmission, which has been suffering dramatically the last 3-4 years. Management has done their best to achieve growth through diversification without success, as the stagnant distribution proves.

The Bluegrass project would be a good boost and they do have a good partner in Williams, but it faces a lot of hurdles from regulators, competitors and overall market conditions. They just extended their open season for the Y-grade pipeline, which cannot be a good indicator of how the market has responded to the project at this point. The proposed LPG (not LNG) export terminal is barely off the drawing board.

If you got in at the recent top of $30+, I'd get out, but if you're in at $26-27 I'd hang on until Feb-March and see how the open season on Bluegrass performs.