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    Timothy Winter

    Portfolio Manager and Research Analyst at Gabelli Funds

    Timothy Winter, CFA, is a Portfolio Manager and Research Analyst at Gabelli Funds, specializing in utility company investments with a focus on income-producing securities and infrastructure. He covers a range of domestic and international utility companies, leveraging over 25 years of industry experience to manage The Gabelli Utilities Fund, The Gabelli Utilities Trust, and The Gabelli Global Utility & Income Trust, consistently emphasizing total return and tax-advantaged dividend income strategies. Winter joined Gabelli Funds in 2009 after more than 15 years as a research analyst, and he holds the Chartered Financial Analyst (CFA) designation. His credentials and performance are further demonstrated by his long tenure overseeing multi-year fund returns and active industry coverage.

    Timothy Winter's questions to NATIONAL FUEL GAS (NFG) leadership

    Timothy Winter's questions to NATIONAL FUEL GAS (NFG) leadership • Q3 2025

    Question

    Timothy Winter of Gabelli Funds sought to understand the potential for larger regulated pipeline investments beyond current projects and asked if the company has considered floating a minority stake in Seneca to fund a regulated acquisition.

    Answer

    President & CEO David Bauer emphasized that organic growth is the top priority and sees opportunities for more projects near retired coal plants, but noted large-scale projects require permitting reform. Regarding a Seneca stake sale, he stated that while the company reviews all financing options, he would not comment on that specific scenario.

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    Timothy Winter's questions to NATIONAL FUEL GAS (NFG) leadership • Q2 2025

    Question

    Timothy Winter of Gabelli sought clarification on the M&A focus, asking if 'regulated' meant pipelines or utilities, and also questioned the long-term infrastructure potential in Pennsylvania to meet growing demand.

    Answer

    CEO David Bauer clarified that their focus for larger-scale M&A is on regulated utilities (LDCs), while 'bolt-on' acquisitions are more relevant to the E&P business. Regarding Pennsylvania, he acknowledged that significant new infrastructure would be needed to support all contemplated demand growth but expressed confidence that the state's pro-energy stance would facilitate the necessary build-out.

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    Timothy Winter's questions to NATIONAL FUEL GAS (NFG) leadership • Q1 2025

    Question

    Timothy Winter requested more detail on the 'full suite of services' National Fuel can offer to data centers and asked about the potential for the Northern Access pipeline project to be revived given the improved sentiment for natural gas.

    Answer

    David Bauer, President and CEO, detailed that services for data centers range from basic pipeline transportation to fully integrated solutions including long-term gas supply contracts and potential partnerships with power developers. Regarding the Northern Access pipeline, he noted it is not a near-term priority but could be restarted over time if sufficient interest emerges.

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    Timothy Winter's questions to RGC RESOURCES (RGCO) leadership

    Timothy Winter's questions to RGC RESOURCES (RGCO) leadership • Q4 2024

    Question

    Inquired about the rate base number in the Roanoke rate order, the effective rate base for the Mountain Valley Pipeline (MVP) post-write-down and the company's considerations on potentially selling its stake, and the company's forward-looking equity needs.

    Answer

    The net rate base for the Roanoke rate order is approximately $200 million. For MVP, the balance sheet investment is very low (around $21 million) after a significant impairment, which would lead to tax consequences in a potential sale, an issue management considers. The company feels well-capitalized, particularly the regulated utility with a 59% equity layer, and has very light equity issuance plans for 2025, with no large infusion factored into the EPS guidance.

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    Timothy Winter's questions to RGC RESOURCES (RGCO) leadership • Q4 2024

    Question

    Timothy Winter from Gabelli Funds asked for specifics on the rate base for the Roanoke rate order, the effective rate base of the Mountain Valley Pipeline (MVP) investment post-writedown, considerations for a potential sale of the MVP stake including tax implications, and the company's anticipated equity needs.

    Answer

    SVP Lawrence Oliver stated the net rate base for the rate order is approximately $210-$220 million. President and CEO Paul Nester explained that after an 80% impairment, the balance sheet investment in MVP is now only about $21 million, and acknowledged a sale would have complex tax consequences but is something management considers. Nester also noted that equity issuance plans for 2025 are currently 'very light'. CFO Timothy Mulvaney added that the company is planning for debt maturities in fiscal 2026.

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