For this particular security's risk profile, I believe at a minimum no
investor should accept less than a 10% IRR (annual rate of return) --
everyone on this message board seems to already understand the risk
profile so I am not going to belabor the various points (taxation,
conflicts of interest, etc.).

Simple evidence supporting a stock price in the range of $25-$30 per
share.

*At today's price of $69 per share, to earn a 10% rate of return
holding the security to maturity (presumably December 31, 2020), you
would have to earn a constant quarterly dividend of $2.48 per share
for the next 11.75 years (totaling $116.3 in dividends).  By
comparison, since the first dividend was paid on July 11, 1989 through
March 31, 2009 this security has paid in total $74.3 in dividends per
share -- a time period of 19.75 years.

*The average dividend over the last 19.75 years was $0.93/share.

*In only 4 quarters (December 31, 2007 through September 30, 2008) out
of the last 79 has this security  paid a dividend above $2.48 during
which time the price of oil was on its way up to $140/barrel.

*To summarize, one would have to earn 56% more dividends in the next
11.75 years than what were paid cumulatively during the past 19.75
years.

*If you were to buy this security today at $69/share, to just recover
your capital you would have to earn $69 in cumulative dividends if you
held this investment to maturity -- I hope the folks that own this
security understand that this security is not a bond -- there is no
repayment of principal.

*Hypothetically, if you earned the average dividend paid over the last
19.75 years ($0.93/share) until the security stops paying dividends in
2020, in order to earn a 10% rate of return holding to maturity you
would have to have bought this security at a price of $25 per share.

If you have any questions/comments or would like care to see the excel
file I have prepared with these facts, feel free to drop me an email
at livermor...@gmail.com