Our Research

Happy Sunday –  Hope you are having a nice weekend. With the end of summer rapidly approaching, we thought it would be timely to roll out a simple product to help you get caught up with…

Within we provide a performance summary of 1) Our model portfolio (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas.  We closed out O/W KMI (+optional WMB/TRPG) vs. U/W TRP &…

…We have been getting recently. Going to Guns N’ Roses concert today at Wrigley in what is likely hottest day in a decade in Chicago so may not make it BUT here you go… Why…

***For those wanting to reduce some risk exposure around a potential OKE/ MMP deal break (not our base case) we like: 1) U/W OKE vs. 2) O/W MMP (~50% sized) + O/W KNTK (~40% sized) +…

That ‘Merger Fest,’ is, in fact, very real. And to be sure, despite varying opinions depending on transaction, we are not complaining. Extensive M&A activity and Strategic Initiatives had been one of our key investment…

***Excel Data Available Upon Request*** Shares on Loan (‘SOL’) are simply shares that lenders (agent + other) have lent to market participants wanting to ‘short’ a particular security. Generally speaking ‘utilization’ is the ratio of demand-to-supply…

But you can’t win much either! For your Sunday night reading, we are including our top three most read notes so far for August. We are also working on a new trade idea that would…

Within we provide a performance summary of 1) Our model portfolio (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas.  We closed out O/W KMI (+optional WMB/TRPG) vs. U/W TRP &…

On the heels of ET’s proposed acquisition of CEQP announced yesterday (link), within we are re-circulating some of our previous thematic pieces on Energy Sector M&A/ Strategic Initiatives. With respect to the ET/ CEQP transaction…

Now that we have your attention… much has been written and said recently about the presumed ‘death’ of domestic shale. We won’t attempt to answer that question within this note, but we do believe Q2 Upstream…

While we generally present this data on a w/w basis, this edition takes a closer look at ‘SOL’ Utilization and respective changes from 7/17/2023 (our pre earnings marker) to today 8/14/2023 (our post earnings marker)…

Within we provide a performance summary of 1) Our model portfolio (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas. We closed out O/W KMI (+optional WMB/TRPG) vs. U/W TRP…

…for our recent pair trade idea of Overweight MMP versus Underweight OKE, initiated on 6/30/2023 (link). The trade is currently two percent underwater as shares of OKE have fared better than we expected. We added…

The domestic natural gas storage market continues to reinvent itself from an oversupplied sector that often lacked both attractive 1) intrinsic; and 2) extrinsic value propositions over the past several years.  As storage asset have…

OKE reported earnings tonight. A beat & raise. We believe this was expected by the Buy-Side. Adjusted EBITDA (mid) went up ~$100mm and 2023 capex went up $200mm. OKE shares will likely be up on…