I don't think so. Total revenues dropped to $1.3 Bil. For nine-month period net loss ($1.23). Net loss at gas utility up 12%, profit at electric utility down 26%. Company paying $52M dividend this quarter with $25M profit. (Most utllities pay 30-50% of profits in dividends). IF they keep the dividend unchanged they are basically paying 90% of 2011 forecast earnings in dividends. Very odd for a common stock.
P/E ratio for industry is about 12.5, consequently this stock should be trading in mid-twenties based on forecast earnings, IMHO.
Before I am attacked by the people-in-the-know(?) or non-ignorant posters, here are few more points. Five-year, per annum, return for this stock is negative 12%. High dividend and consistent increases was no net value. Book value is meaningless unless you are a utility considering a take over. Can't make condos out of a coal plant. Tangible book value is a little more useful (sans goodwill, etc) and is probably in the twenties for this stock. Professional short sellers are not a factor as they usually buy something else against their short position. For example if they are short this stock, they may be long equal amount of another utility like WEC. They would have a 1-yr gain of about 30%. Or they may be long S&P, basically removing this component and have a gain as well. Just giving food for thought, hate to see another February massacre down the road.