Trading like utility WCP is perceived rightly or wrongly as a low beta dividend paying energy stock which has advantages and disadvantages. With interest rates going up stocks akin to utilities are much less attractive. Look at what is happening to stocks like BCE, Emera, etc. You can get right now with limited risks a 4%+ 2 year GIC. Soon it will be 5% +. Many institutions will increasingly choose to park their money in those instead of risking capital in stocks. Sure they will miss possible capital appreciation but in increasingly incertain equity markets that is what more and more investors will do.