Hi Pat: I have recently read about a company called El Paso Corp. They plan to split into two separate entities this year. Can you please provide your opinion on this company? Thanks.
El Paso Corp., $20.43, symbol EP on New York (Shares outstanding: 762.0 million; Market cap: $15.7 billion; www.elpaso.com), ships, gathers, processes and stores natural gas. It also produces and explores for natural gas and oil. The company owns or has an interest in 42,000 miles of pipeline.
El Paso’s profits have lagged so far this year, partly because of the weak economy in California and the southwestern U.S. As well, the cost of building new pipelines has been higher than El Paso expected. However, those new pipelines will start up soon, and the company should earn $1.10 a share this year. The stock trades at 18.6 times that estimate.
In an effort to unlock shareholder value, El Paso plans to spin off its exploration and production unit into a separate, publicly traded company by handing out shares to its shareholders. That spinoff could give El Paso’s stock price a boost, but it’s likely already largely reflected in the company’s current share…
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