George still likes it and still has an outperform rating as well as a $10 price target. Here is his July 31 summary.

Rico

Company Profile

.Recent Update Text as of 31JUL13 . Crius Energy Trust is expected to report Q2/13 results on August 7. We are looking for sales of $109.7M and EBITDA of $12.8M, below consensus of

. $125M and $13.6M, respectively. We are looking for a normalized operating environment starting in Q2/13: gross

margins to revert to 25.2% (in line with the midpoint of company's guidance)

from 17.6% last quarter. We believe this is supported by the lack of power price

volatility and unlikelihood of volumetric risk in the company's operating

markets. Based on 23.5% gross margin assumption, KWH's 2013E payout ratio is 89% . We expect KWH to add 35k RCEs this quarter, below last quarter's +48.5k RCEs

(due mainly to the seasonally weaker Viridian network in Q2). We expect an

acceleration in customer additions starting in 2H/13 as FTR (Exclusive Marketing

channel) fully ramps up. . Direct Energy's Q2/13 results point to robust organic growth and improved

retention rates in Crius' key Northeastern U.S. market, but at the cost of

. margin compression (increased competition). We expect Q2 and 2H/13 to be more indicative of the company's earnings power

(irregular weather patterns and an under-hedged energy position in Q4/12 and

Q1/13). Moving forward, we are confident in the trust's ability to: (1)

gradually pass through recent spikes in prices, (2) add RCEs organically, and

(3) execute accretive and strategic acquisitions.