Stephen Ellis

This midstream company is beginning to see the financial benefits from its Permian asset base.

The project should serve as a new platform to build off for growth as it links assets through the system.

We do think it heralds a bit of a reset as it enters what should be a much more promising year.

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.

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.

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.