Our Research

The bifurcated share structure at VG makes it a tough takeout target if it does not want to be acquired. That said, our most recent Energy Infrastructure outlook survey had some voters pick VG as…

~15 brokers initiated on Venture Global (VG) yesterday as the mandatory post-IPO research embargo period expired. Target prices range from ~$16 on the low end to ~$29 on the high-end, with a Long (Buy) bias….

Following the announcement of Diamondback Energy’s (FANG) $4.1 billion acquisition of 40,000 net acres and ~27,000 boepd production from Double Eagle IV, investor reactions have been mixed, with many questioning the valuation, strategic fit, and long-term…

The potential M&A landscape in energy infrastructure is heating up, and our latest proprietary 2025 M&A Outlook Survey (Part 3) delivers the most intriguing deal combinations – straight from our survey takers. No offense to…

…if one were to go on our proprietary M&A survey! Thx again to all who responded. Yesterday we published Part 1 of our proprietary 2025 Energy sector M&A Outlook survey, highlighting our respondent’s highest conviction…

For the news, we include a brief summary description for each headline. 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…

…according to our proprietary 2025 Energy M&A Outlook survey. Thanks to all who participated. There are 12 transactions across Upstream, Midstream, and Services. We are breaking the survey down into two parts. In Part 1,…

Our note from earlier in the week (Read on) set a TSCG (The Schneider Capital Group) readership record of well over 3,000 readers in the first 24 hours. We have some thoughts within… To refresh,…

Please see withing for ‘Less Hated’ and ‘More Hated’ equities w/w… We changed it from ‘Most Loved’ and ‘Most Hated.’ It seemed too aggressive. Within, we share with you real-time 1) Current Absolute Shares-on-Loan Utilization; 2)…

Please see within for a quick summary of the Q4 earnings call and a collection of ‘notable quotables.’ We have received most questions on 2025 capex guide so far (which was above consensus). Will investors…

full details within on: 1) General Outlook and Growth Strategy; 2) Fuel Distribution and Retail Outlook; 3) Pipeline and Terminal Operations; 4) M&A and International Expansion; and 5) Market Trends and Industry Outlook. Happy to…

…Our initial thoughts on Elliott’s ~50-page slide deck and proposal to unlock value at PSX. Link to the dedicated ‘Streamline 66’ website: Streamline66 | Elliott Management Leading with the Conclusion: PSX’s (Midstream) separation is not…

please see within for some initial thoughts. We had pointed out the leverage in VG’s business model (for better or for worse – the sword cuts both ways) in several previous notes. We published a…

Natural Gas Futures have had a bullish start to February, currently trading at ~$3.55/mmbtu (NG1) versus a recent bottom (for the March contract) of ~$3/mmbtu on Jan-31. We just put a small-short position on at…

We will keep the survey open through tomorrow post-close. Within we show ~100 M&A transactions that survey takers highlighted so far, sorted by 1) Acquiror; and by 2) Target. We have combined 1) ‘should happen;’…