JotCast | June 2026 Capitalist Times Live Chat

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June 2026 Capitalist Times Live Chat

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Lawman

7:40

Do you like CMCSA after the spinoff?

Roger Conrad

7:40

As I indicated earlier in the chat, I'm taking a hard look at Comcast and I expect to have more in the July issue of Conrad's Utility Investor, which will post Monday.

Lawman

7:41

Is California Water Services a buy?

Roger Conrad

7:41

Great company now with regulatory concerns behind it with a long-term California rate deal. Stock is a buy at 40 or lower.

Lawman

7:42

What is your take on Eversource Energy?

Roger Conrad

7:42

I like it as a buy at 75 or less. They have multiple upside catalysts this year, starting with the apparent close of the Aquarion Water unit today--which will cut debt significantly.

Guest

7:44

Roger, I believe you like Vistra vs. CEG, correct? Why is that? Thank you.

Roger Conrad

7:44

Yes I prefer Vistra as a buy at 160 or lower for several reasons. It's heavier in Texas than CEG and it's cheaper than CEG. It also has a stronger presence in energy storage and its nuclear plants are younger. I would be interested in Constellation at a lower price, however.

Lawman

7:48

Are the pipelines helpped or hurt by lower crude and nat gas prices? Which of the pipelines do you find especially attaractive at this time?

Roger Conrad

7:48

The pipelines are helped when the producers maintain output, and especially when they raise it. That's how they're able to lock in long-term contracts on favorable terms. Lower crude and gas prices don't directly impact earnings that are set on a volumes or capacity basis. But if lower energy prices cause producers to cut output and the result is not renewing or worse defaulti9ng on contracts--then the result is negative for pipelines.

I highlight my favorite pipeline stocks in the EIA issue that posted today. I've raised buy in prices on a number of top tier names and added a couple of names as recommendations in the second tier, as risk has dropped at this stage of the cycle.

Lawman

7:52

Are you a fan of BKV?

Roger Conrad

7:52

I don't know it well. Carbon capture is a real technology. And the CO2 can be repurposed for a range of uses, including oil and gas drilling. It looks like BKV is developing a number of projects in Texas. It does not yet pay a dividend, which is a negative for me. But it's on my list to watch. I don't know when there will be a more CO2 restrictive federal government. But there will be one eventually. And companies like BKV could be big winners then.

Lawman

7:54

Many of the power companies appear to have run up due in part to the power needs of AI. Are there any power comanies you find especially attactive at current levels?

Roger Conrad

7:54

I like the proposed Dominion Energy/NextEra Energy merger a lot. It joins the most developed power generation supply chain in the US with the largest backlog of data centers. It should win regulatory approval and close early next year--just after the Coastal Virginia Offshore Wind facility comes on line.

See the July issue of CUI that posts Monday for more on my favorite utilities.

Lawman

7:55

Why have D and Exc not followed the market higher? Which do you prefer at today's prices?

Roger Conrad

7:55

Dominion is up close to 20% year to date. But it's still a cheaper stock than Exelon, which is up around 10%. Both have been beating the S&P 500 so far in 2026.

Maynard D

7:59

Hello everyone. In the daily emails I get from my stock brokerage, one of the investment houses had downgraded Hess Midstream (HESM) to "underweight" with a price target of $38. Does that sound reasonable? And should we give much credence to these price targets? Thank you

Roger Conrad

7:59

Hi Maynard. A price of 38 in 12 months combined with Hess' 8.3% dividend yield--which will be increased four times the next 12 months by a total of at least 5-6%--will equal a return of more than 10% in HESM. I think what we'll see will be more like 20%, possibly 30% if Chevron decides to buy in the minority shareholders. But even an assured 10% that the high and growing yield locks in is a pretty decent return, so I'm not sure what the "underweight" rating means if anything.

But in any case, analysts' 12-month price targets get my vote for "most useless stock market indicator." They're always set reactively, raised after a stocks' price rises and cut when it falls.

Lawman

8:01

Why has BEP performed so poorly of late? What is thre market missing?

Roger Conrad

8:01

Brookfield Renewable MLP units are up 32% so far in 2026 and 43% the last 12 months. That's 3X the return on the S&P 500. I think the market has rewarded the stock for strong company performance and a potential conversion to the C-Corp shares traded as BEPC.

Lawman

8:04

Roger, when you publish your dream prices, you do not list the current prices for these stocks. Is there any chance of showing the current price along with the dream price in some way?

Roger Conrad

8:04

Both the current prices/yields as of the posting date and the Dream Buy prices can be found in the Utility Report Card table. I also include the price at which I'd take at least a partial profit. The shorter Dream Buy table in CUI compares the Dream Buy price to the 52-week low price, mainly to show how low certain stocks have gone in the last year relative to those Dream Buy prices.

That's how I do it now. I will consider your suggestion to add a column.

Lawman

8:06

Is PBA a takeover target was was AETUF? Are there any Canadia energy plays you think could be bought out by American or International energy companies?

Roger Conrad

8:06

They're kind of apples and oranges--Pembina being a midstream company and ARC a producer. I wouldn't rule out a merger of Pembina with Enbridge Inc (TSX: ENB, NYSE: ENB), one of two Canadian midstreams that's larger. TC Energy (TSX: TRP, NYSE: TRP) would be a less likely candidate, as it spun off its liquids operations as South Bow.

Lawman

8:17

TTE has performed poorly of late. Is TTE a buy aaaaat this price? Are there any oil comany majors you favor at this time?

Roger Conrad

8:17

TotalEnergies' ADRs are still up 22% year to date. Like all energy companies, the stock has dropped since the Memorandum of Understanding was reached between the US and Iran, raising hopes the Strait of Hormuz would return to normal. The company actually stands to gain from that, as the close of the Strait shut in 15% of its output. But near term energy producer stocks move with energy prices. It's still a little above my buy in price of 75. But I continue to like the strategy of balanced renewables and oil and gas CAPEX. Other best supers CVX, E and XOM.

Lawman

8:18

WTRG is way below your buy price. Is this a screaming buy at this price?

Roger Conrad

8:18

Essential Utilities is tracking the price of its merger partner American Water Works. I like that merger a lot long-term and would use weakness as an opportunity to add to positions.

Lawman

8:19

Do you like RGC Resources?

Roger Conrad

8:19

The company is well run. The 1% stake in the Mountain Valley Pipeline is paying off. The stock is a little expensive.

Fred L.

8:24

Hello gentlemen, I have really enjoyed Elliott’s Sunday deep dives. I hope you can keep those coming.
What are your thoughts on Siemens and BASF? I’ve held them for some time and BASF paid off quite handsomely back in its better days. Another question I have is regarding First Atlantic Nickel and Cobalt, FANCF. I received some information on the firm and thought their argument for production of nickel and cobalt on this continent was fairly convincing. The stock looks to have gained momentum in the last three months. Curious if you know anything about the company? As always, thank you for all you do!

Elliott Gue

8:24

Thanks for the questions and the kind comments about the Sunday Deep Dives -- I plan to continue those. I am also working on setting up a potential livestream "show" on Substack -- hope to have details on how that works in the next few weeks. I think Siemens is interesting -- they are a legitimate global player in industrial automation technology and their Smart Infrastructure division is an AI and data center play. BASF is a bit more of a complex story. Their core EU businesses have struggled with profitability due to elevated EU energy prices and let's call it "aggressive" EU regulation. Their Verbund site in Ludwigshafen, Germany with history dating back well over 100 years. However, it's experiencing a structural loss of competitiveness, it's really a symbol of the wider de-industrialization problem in Europe right now. BASF is pivoting to invest on the US Gulf Coast (Geismar and Freeport in LA and TX respectively) Also, China and Malaysia. As you might expect, there are some hiccups with a capital

Elliott Gue

8:24

re-allocation of that magnitude. To be honest, I haven't looked at the stock in great depth in 6+ months, but I'll add it to the list.

eric

8:33

would u comment on ma

Roger Conrad

8:33

I don't know it. I do like MAA MidAmerica Apartment Communities, which has turned the corner as a business in my view. I expect solid Q2 results and guidance at the end of July.

eric

8:34

would u comment on the growth prospects and safety of the dividend of mnr. thanks

Roger Conrad

8:34

I don't know MNR but will take a look. The dividend is variable and depends on commodity prices. i think that will be a positive long term. But be ready for volatility in the share price and the payout in the near term.

Robert P

8:35

Elliott and Roger, I'd like to also appreciate and thank you for all these webchats. IN these volatile times since EpicFury actually, your advice and explanations on investments is reas

Is reason enough to keep our investments and not panic. A recent quote from legendary Benjamin Graham stated, 'The true investor...will do better if he forgets about the stock market and pays attention to his dividend returns'.

Roger Conrad

8:35

Thank you Robert. That's certainly what we strive to do.

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