I think API is on the high side. At a PE of 20.8 its certainly...

I think API is on the high side. At a PE of 20.8 its certainly not a value proposition at this time, though it about equals the sector PE. Having said that, earnings growth rates have been reasonable over the past 5 years, especially last year, and forecast to grow this year. Divvy growth rates have been commensurately positive.

EPPS for 2016 are forecast to be 10.4cps, cf 8.7cps last year, 12cps in 2017, and 12.5cps in 2018, all else being equal. At a market average PE of 15.2 its SP should be about $1.90 in 2018 - about what it is now, suggesting it has some falling to do. At a current sector average of 20.7 the SP may climb to $2.59. Take your pick!

HOWEVER, PE, EPS, and DY aren't everything: they don't take into account speculative value (ie, where is the company investing for growth). I see nothing spectacular on the horizon, just a solid business. I am eyeing sub $1.60 to buy back in.