Hi Bruce,
I guess it depends on your timeframe. I've been long PPL for over a decade and have done quite well. Likewise, it is one of the top pipelines in the country, although it has dipped more than both ENB and TRP this year. Over the past decade all three have returned approximately 56% - that is not a typo. They almost identical performance over the past decade. This means that outside of this year, PPL was outpeforming those 2 quite consistently.
The entire energy industry has been under pressure in 2020. Demand for oil has cratered, and pipeline constraints remain - although that has somewhat abated given lower production in light of lower demand. Once the economy rebounds, the issue around pipeline capacity will resurface.
We like pipelines at these levels. Likewise, low interest rates bode well for this high capex industry. For its part, PPL has a sustainable (and attractive) 7.49% yield. It is trading at a respectable 15 times forward earnings and at only 1.3 times book value. Overall, it is good time to start accumulating shares. Eventually the economy will rebound, and PPL's stock price should rebound with it.
Investors will have to be patient however, which is why the 7.49% yield is attractive. Investors get paid a decent yield to wait for a rebound.
Mat