Stock’s fair value estimate of $17.50 unchanged.
Fair value estimate on Kinder Morgan’s stock is maintained; firm did well managing costs despite inflationary environment.
Fair value estimate on stock, no-moat rating both remain unchanged.
First-quarter market conditions have generally played directly into Energy Transfer’s ET strengths around optimization and marketing activities during times of oil and gas price volatility.
After strong first quarter, the company is seeing benefits across its business.
We see this scenario as highly unlikely, but looking at ways Europe could accomplish such a massive task has important insights for investors.
Energy Transfer ET reported a strong fourth quarter, primarily benefiting from wide natural gas and natural gas liquids marketing spreads.
While business is largely utility-like and highly stable, we do think there are some promising opportunities in 2022.
We focus on quality companies in an environment where investors are engaging in rank speculation.
We see a growth opportunity that could offer valuation upside.
It's been left behind in the runup in energy prices, and here's why.
We will maintain our $25.50 fair value estimate and wide moat rating.
Here's a playbook for exploration and production companies to restore investor confidence.
Our fair value estimate and moat rating remain the same, but we have increased our 2020 and 2021 forecasts to reflect a better-than-expected recovery.
Diversity of operations cushions results.
Here are two undervalued ideas to ride out the challenging times in energy.
Operational results will worsen, but most companies should muddle through.
Enterprise Products Partners reports another record-breaking quarter, with more good results ahead.
We see several negative implications for U.S. midstream, and we expect to reduce our fair value estimates substantially.
Environmental issues take center stage.
Cheniere and Plains All American Pipeline rank favorably on sustainabilty issues and are attractively priced.
This narrow-moat firm benefits from mineral rights royalties, attractive acreage, and its relationship with Diamondback.
We see some midstream opportunities, but much depends on the speed of recovery.
We favor Enterprise Products Partners, Tallgrass, and Magellan.
Are China and the U.S. headed for a new cold war?
We're not changing our outlook for our midstream coverage.
This wide-moat firm is well-positioned and high-quality.
The firms have agreed to expand crude oil takeaway capacity in the Rockies.
Lack of agreement on details, new negotiator’s hard line, and other complicated issues have made investors wary.
These companies are well positioned as demand from China and India should boost demand for natural gas in the years to come.
We believe it has a sizable opportunity in NGL exports.
The significant increase in China's credit to GDP ratio could lead to a sharp slowdown in the country's growth.
Research shows that the industry features many moat-worthy firms, and we look at what differentiates them.
Several high-quality hydrocarbon shippers are currently on sale.
We may modestly decrease our fair value estimates after proposed policy changes, but we think the market is overly punishing high-quality midstream energy firms.
REX plays an important part in the U.S. natural gas market.
We would be looking to purchase quality midstream firms at a discount.
The end game for the narrow-moat limited partnership is building out full control over a massive NGL market hub in the northeastern United States.
There are three reasons that oil and gas processor Enterprise Product Partners is compelling today.
A smattering of earnings plus consumption and housing data are due ahead of the holidays.
Despite a high uncertainty rating, this narrow-moat refinery MLP's Gulf Coast exposure should provide a benefit over the coming years.
The dominant position in the Permian can't be replicated.
It simplified its corporate structure with a midsummer merger.
Tax reform may still happen even as banking deregulation in the U.S. faces more hurdles.
The acquisition is the result of an opportunistic move by Santander's management picking up a strong franchise hurt by toxic real estate exposure, rather than a continuation of previous management’s acquisition streak.
The wide-moat firm has inked a memo of understanding with Saudia Arabia's Sovereign Wealth Fund.
We think the environment’s improving for the wide-moat firm.
Now that narrow-moat Lloyds has substantially completed its turnaround, its moaty retail and commercial bank will be the biggest driver of results going forward.
This weekend's referendum and the resignation of Prime Minister Matteo Renzi are neither Brexit nor Trump moments for European investors.
Although the wide-moat firm is unlikely to grow book value like it did in the past, future returns should still come in solidly and consistently above the firm's cost of capital.