The firms are bullish, given the Company’s above-average dividend yield of 6.6%.  Accordingly, the firms believe the stock remains an attractive dividend play offering defensive appeal.  According to these firms, PGN remains an appropriate holding for long-term utility investors seeking yield and modest capital appreciation.  They believe the Company has transformed itself from a diversified energy company into a much more traditional electric utility.  It has essentially become a pure, large, regulated utility, operating in solid service territories.