Our Research

…SUN/ TRP/ WES/ UAN/ BEP/ MAXN/ VTNR/ VTLE/ EQNR/ DK/ RNGR/ FTI/ CLB/ AGR/ OGE/ IDA/ VST with largest w/w % moves (details within). ***Excel Data Available Upon Request. Full Company Level Details (~200 Corporates) Within***…

We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However, in order to access the…

C3 = Propane. Naturally! October 7th is National Propane Day. Hope you are out celebrating! …OW DVN Is a (painful) Drag. UW Plug & NEE Drive Outperformance. OW KMI Keeps Lid on Tactical Trade. Is it…

We are reiterating our OW PXD vs. UW XOM tactical call as part of our broader model portfolio. Please see within for a collection of early investor feedback to the WSJ article from last night,…

Links work for active subscribers only ***Please see within for a list of E&P short interest (active utilization; as of yesterday). Several Permian SMID caps are heavily shorted in terms of active utilization. PXD is…

We initially started our scenario analysis with 13 potential buyers for Plains. We quickly whittled this down to five. Within we detail why we eliminated certain companies. Recall the impetus for our analysis was our…

Ugly day in (public) Energy Equities today. The XLE (S&P 500 Energy) finished the day down ~3.37% versus the S&P overall up ~0.80%. E&P companies fared worse, down ~4.16% (XOP) on the day. Oilfield Services…

…PAA/ PAGP/ TRP/ WES/ CEQP/ NS/ GEL/ NEXT/ NPWR/ AMTX/ VTNR/ PR/ NOG/ EQNR/ ACDC/ PR/ HE with larges w/w % moves (either higher or lower; see inside) ***Excel Data Available Upon Request. Full Company…

We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However, in order to access the…

scha*den*freu*de. Noun. German. Pleasure derived from another’s misfortune. …Model Portfolio up ~12% in Q3 as UW NEE (+30%) & UW PLUG (+37%) add outsized gains. Refining UW was biggest loser in Q3. Refiners overall were…

…As promised on Wednesday (If Pushback to UW Plains (PAA/GP) is ‘They Are a Takeout’… Who Could (Would) Buy Them?!). So far: Realizing this was a lot more fun (for me) when I had an…

We published a trade idea on Friday: OW OKE vs. UW PAA/GP (link) Today we published feedback to the trade idea: The ‘Bakken Sucks’ and ‘Plains is a Takeout Candidate…’ Ok great! So you think…

…has been one piece of pushback that has been lobbed at us on the heels of our OW OKE vs. UW PAA/PAGP call (link). Truth be told, this isn’t a new thesis and has simply…

***Excel Data Available Upon Request. Full Company Level Details (~200 Corporates) Within*** Shares on Loan (‘SOL’) are simply shares that lenders (agent + other) have lent to market participants wanting to ‘short’ a particular security. For…

On Friday September 22nd, we moved OKE to an OW (Moving OKE to OW. Is Permian Oil the Fitting UW?). We spent the weekend contemplating various underweight ‘match-ups,’ following our initial comments from Friday. Quick…