Transports natural gas through interstate and intrastate pipelines. Stores natural gas in underground storage facilities. Now — the numbers.
The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.
Average growth of 16% a year over the last 4 years. Red columns mark years that ended in a loss.
At this burn rate the cash pile isn’t the pressing question — for now, time is on the company’s side.
The stock trades below its recent peak — about 15% off the top. A pullback, not a collapse.
Over the last 4 years, sales grew about 16% a year on average.
It pays out $0.56 per share each year — regular cash for whoever holds the stock.
A loss of $142M against $39.0B in annual sales. And on top of that, sales fell from the year before.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.