JotCast | August 2026 Capitalist Times Live Chat

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August 2026 Capitalist Times Live Chat

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Roger Conrad

5:15

My most recent issue of Conrad's Utility Investor (August) addresses utilities' opportunity--electrics, gas, communications and water.

If you're interested in seeing it, please call Sherry 9-5 ET, Monday-Friday at 877-302-0749.

Brian

5:17

What do you think of PDI's Price and dividend sustainability,

Roger Conrad

5:17

Hi Brian. It's a fund, so what's paid is at management's discretion. And we're not going to know what's inside of it--other than on those dates the fund releases financials. but they have paid the same monthly dividend of 22.1 cents for over a decade so that's obviously a priority for them. And they have shown they can maintain it in different market environments. I prefer individual stocks though.

Lawman

5:19

Which industries and comanies would benefit most if there were to be a blue wave in November?

Roger Conrad

5:19

I think "green" energy stocks would get a big lift on a Blue Wave. They've actually done pretty well the past couple years though. I think we'd get a nice move in BEP for one.

Lawman

5:22

Do you have any estimate as to the value of CMCSA on a sum of the parts basis? Do yoiu expect CMCSA to sell or spin offs any of its assets, such as the parks? Why doesn't the market value CMCSA on the basis of its various parts?

Roger Conrad

5:22

I think it's probably north of $40. The broadband business is still under revenue pressure. But the spinoff of the content arm should be worth more than the current price.

I did write on this extensively a couple months ago in CUI when I went back into the stock. We're up a little bit so far.

Lawman

5:23

WTRG is trading well below your lowest buy price. What does the market not get regarding Essential?

Roger Conrad

5:23

I think there's some skepticism about the American Water Works merger--WTRG is going to trade in line with its merger offer in AWK stock until this deal closes. But this is a huge winner long-term.

Lawman

5:24

Current thoughts on Eversource Energy?

Roger Conrad

5:24

I like it up to 75. They're putting the offshore wind saga behind them. There's still a dispute with the FERC over transmission rates to work through. But this company is resilient and has a massive opportunity to invest in the New England power grid.

Lawman

5:24

Do you like any of the smaller banks such as FMNB, FRME, FULT, RFor WASH?

Roger Conrad

5:24

I like Arrow Financial (NSDQ: AROW) in this group at 40 or less.

Jimmy

5:28

Is there an available list of the fifteen deregulated states?

Roger Conrad

5:28

My February feature article in Conrad's Utility Investor has a list including 5-year electricity rate increases by state. Call Sherry 9-5 ET, M-F if you're interested 877-302-0749

Alex M.

5:31

Hi Roger. It seems like even if the Fed lowers rates, the longer end of the treasury curve is trending higher. Does this impact your thesis for REITs at all? It looks like many REITs may end up refinancing their upcoming debt maturities at much higher rates. What do you think? Thanks.

Roger Conrad

5:31

Hi Alex. It's a challenge for many REITs. But it's not a new one, as rates have been higher for longer for some time. Most are dealing with it by scaling back development CAPEX and dividend growth. Some have sold assets. And others are still earning investment returns that make borrowing at higher rates worth it.

I think it's a real differentiator in the REIT sector--between stocks we want to own and others we don't. Expect the next REIT Sheet early next week. If you're not familiar with the publication please call Sherry at 877-302-0749 M-F, 9-5 ET.

Lawman

5:32

Do you lke Mid American Apartment? Is the dividend safe?

Roger Conrad

5:32

Yes, I do like the stock at its current price. The dividend is well covered and it appears to be at a bottom for its business cycle. I will have more in the next REIT Sheet--along with earnings analysis of 83 other REITs.

Alex M.

5:34

Hi Roger. What are your thoughts on the recent takeover offer for UGI? Continue to hold, or is this an opportunity to take some profits? Thanks.

Roger Conrad

5:34

It's still early days on this takeover offer. I think we hold for now. Look for more on it in the September CUI.

Lawman

5:34

Is NWN a strong buy at this price?

Roger Conrad

5:34

It's a buy at 45 or lower--also tracked in my Utility Report Card in Conrad's Utility Investor.

Lawman

5:36

Do you expect copper to continue to increase in price? Would you buy the big copper producers such as Freeport, or small procers such as TGB?

Roger Conrad

5:36

I think the long-term prognosis for copper is very bullish. But i would not expect a straight line up. My favorite bet on it is BHP, which has major production expansion opportunities in copper as well as other materials. And it's the best positioned company to serve the Chinese market.

Lawman

5:37

You have never mentioned National Energy Services NESR which provides oilfield services in the middle east. Do you like this comany, and how would it fare if the Iran conflict were to be resolved?

Roger Conrad

5:37

We don't currently cover it but have an eye on it. At this point, we prefer the premier name in services, which is SLB.

Denisimo

5:39

Thanks again guys for hosting these monthly chats. I'm sure we all apprciate the time and effort you put into them. OK, I'll ask the softball question. Since you guys have a magic crystal ball, where do you think the MLP mid-stream stocks will be in say 12-18 months?

Roger Conrad

5:39

Hi Denisimo. I think the best in class MLPs will be on higher ground. I think they will have substantially closed the gap with C-Corps--which may actually be a bit lower. But the main thing is the industry is extremely healthy and shale discipline is in force. And North American energy is more attractive than ever post-Operation Epic Fury fallout.

Lawman

5:41

Any thoughs on Flotak, FTK?

Roger Conrad

5:41

We do not currently track it. It's a very competitive business that depends on contracts larger players tend to get. The Puerto Rico contract appears solid and needed. But the stock is going to stay volatile as it's been this month.

Lawman

5:43

Are the big 3 telecoms at risk of competition from SpaceX?

Roger Conrad

5:43

No. Satellite based Internet and communications can't compete head to head with terrestrial networks where they're available. I think Starlink can continue to make money by cooperating with the Big 3. But attempting to disrupt them won't make SpaceX any money and will take away from everything else they want to do.

Lawman

5:44

How will the trade war with Canada effect PBA?

Roger Conrad

5:44

I don't think much. Energy companies were largely exempt from last year's flare up on trade issues and should be this time. And in any case, Pembina's assets are basically in Canada--they will get a lift from expanded exports to Asia.

Lawman

5:46

Dominion and Excelon have not fared well of late. To what do you attribute this, and what catalysts could turns things around for the stock prices?

Roger Conrad

5:46

Utility stocks have been weak this summer for reasons I highlighted in the August Conrad's Utility Investor. A lot of them are still expensive. But I think we are seeing some opportunities. Dominion under 75 and Exelon under 45 are good entry points.

Lawman

5:46

As between T and VZ which do you favor and why?

Roger Conrad

5:46

I like them both and continue to recommend them both--AT&T up to 30 and Verizon below 55. They're cheap and growing and pay big dividends.

Lawman

5:47

How do you expect the fallout from the middle east war t o effect VET in the short and long term?

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