Gloomy 2015 Overshadows Halliburton's Solid Quarter
But our valuation already accounts for deteriorating conditions.
Jason Stevens
Jason Stevens is an energy strategist for Morningstar, covering oil services. He has also served as director of energy equity research and as senior analyst, covering midstream energy and master limited partnerships. He has covered stocks in the energy sector for Morningstar since 2005. Before joining Morningstar, he co-founded a healthcare consulting firm and worked as a financial analyst for Zurich North America, a large property-casualty insurer.
Stevens holds a bachelor’s degree in philosophy and mathematics from St. John’s College. He also holds a master’s degree in international management from Thunderbird School of Global Management and a master’s degree in business administration, with a concentration in finance, from the University of Houston.
Latest
Schlumberger Preparing for Downturn
The oil-services firm showed strength in the fourth quarter, but management is preparing to cut costs to ride out weakening market conditions, writes Morningstar’s Jason Stevens.
Energy: Oil Price Collapse Takes Center Stage
The rapid decline in oil prices has created significant investment opportunities, but downside risk remains in the short term.
Midstream Energy Sell-Off Has Been Overdone
OPEC’s decision to maintain production quotas has sent oil prices lower and created a number of good opportunities to buy quality businesses, writes Morningstar’s Jason Stevens.
Halliburton and Baker Hughes Make Combination Official
A windfall to Baker Hughes' shareholders, the deal should create a formidable force in oil services.
Opportunities Opening Up in the Energy Sector
We're not convinced the aggressive E&P sell-off, triggered by falling oil prices, is well-founded.
Our Top Picks in the Energy Patch
Plus, our take on the prospects for Canadian energy, where insufficient pipeline capacity is limiting access to export markets.
Consolidation Considerations in Kinder Deal Aftermath
We see upside for Kinder and an exit strategy for other master limited partnerships.
Kinder More Valuable Together Than Apart
We’re boosting our fair value estimate of Kinder Morgan as the firm’s new structure removes the burden of incentive distributions and will likely support 10% annual dividend growth, says Morningstar’s Jason Stevens.
Congrats, Mr. Kinder, You Solved the Growth Problem
The firm's consolidation deal eliminates the incentive distribution structure entirely, allowing the combined KMI to sustain more rapid dividend growth than our previous forecast.
3 Key Themes, and 3 Picks, in the Energy Sector
Geopolitical tensions have sent oil higher amid a rising tide of U.S. crude.
Where to Shop in the Energy Sector
U.S. tight oil production continues to set the pace for the industry, but the companies most levered to it are either fully valued or overvalued.
Crumbling Boardwalk Empire Doesn't Shake MLP Foundation
Though midstream energy's shifting fundamentals challenge Boardwalk, these same changes create opportunities for the majority of pipeline operators we cover.
This MLP Is Positioned to Shine
A recent transaction shifts this MLP from a marginal investment vehicle into a major player in natural gas transportation.
Our Outlook for Energy Stocks
U.S. tight oil remains front and center for investors and market observers, for good reason.
Kinder Quibbles No Cause for Concern
Research firm's claims don't change our opinion of this wide-moat group of companies.
Potential MLP Tax Rule Changes Aren't That Taxing
Absent a complete corporate tax overhaul, master limited partnerships' tax status looks safe.
Potential MLP Tax Rule Changes Aren't That Taxing
Absent a complete corporate tax overhaul, master limited partnerships' tax status looks safe.
Spectra's Footprint Results in Wide Moat
Experience and expertise keep projects on time and on budget, says CFO Pat Reddy.
Our Outlook for Energy Stocks
Macro concerns could pressure near-term outlooks--creating excellent buying opportunities for energy investors.
Our Outlook for Energy Stocks
Headlines focus on oil, geopolitics, and $4-per-gallon gasoline. We're more focused on natural gas below $4 per mcf.
Our Outlook for Energy Stocks
Rumbling clouds on the horizon overshadow relative strength in energy stocks.
Kinder Morgan Does the Midstream Two-Step
The merger with El Paso will create value for almost all stakeholders.
Kinder Morgan-El Paso Merger a Massive, Savvy Deal
The combination should facilitate more rapid growth of Kinder Morgan Energy Partners as well as provide clear upside for El Paso shareholders.
Our Outlook for Energy Stocks
Short-term volatility has clouded the market's view of longer-term fundamentals in energy.
Our Outlook for Energy Stocks
Following our updated oil and gas mid-cycle prices, we have several 4- and 5-star stocks to recommend this quarter.
Our Outlook for Energy Stocks
Geopolitical events are amplifying underlying oil market tightness.
Three Ways to Invest in Kinder Morgan
KMI's IPO provides investors with a way to invest in KMP's general partner.
Is There More Value in the Pipeline for MLPs?
MLPs had a great run this year but may still be attractive to income investors.
Does Carried Interest Affect MLPs?
The new budget may tax carried interest, but we think it's a nonevent for MLPs.
Finding True Value in Master Limited Partnerships
A roadmap to identifying the best investments in midstream energy.
Three 5-Star Stocks to Energize Your Portfolio
Cash in on these undervalued firms' powerful incentive structure.