Our Research

A few weeks ago we published a comprehensive M&A survey. Who gets bought, who is the buyer etc. Full details on website. In this note we take a look at CEO CIC (Change in Control)…

Realize some folks don’t like the EIA (or IEA) data, but the new drilling productivity report just got released yesterday. Also out earlier this morning (U.S. Time), the IEA Monthly Oil Market report. Happy to talk through…

***Excel Data Available Upon Request. Full Company Level Details (~200 Corporates) Within*** The following equities exhibited notable w/w changes in their active shares on loan utilization… (we are using end of October as a benchmark…

Happy Saturday, I will be in the West Village today for the Penn State game if anyone is around and wants to chat Energy. Ping me. Within we provide our updated performance metrics for 1)…

Shares of PLUG are down ~40% on the day and ~68% since 6/30/2023, the inception of our Core Model Portfolio. We are closing our Underweight position, effective immediately, following the company’s Q3 earnings release and…

Biggest Single Stock Losers (Since Inception): UW VLO (-7%) OW KMI (-4%) UW BP (-3%) Biggest Single Stock Winners (Since Inception): UW PLUG (+57%) UW NEE (+25%) OW PXD (+16%; This position has been closed)…

…The runners (NYC marathon today). Though I believe Marathon (MPC + MPLX) are well run entities, so I guess good luck to them as well! Also, I had some last minute engagements pop up in…

Following ET’s Q3 1) earnings release; 2) guidance update(s); and 3) conference call, we are maintaining our ‘Overweight’ call as part of our Core Model Portfolio (Book 1). Recall we closed out our OW on…

Recall we initiated the OW call on 6/30/2023 at a price of $26.35 per unit. We are closing it out today at a price of ~$26.20 (at time of this writing), for a loss (per unit;…

At a very high level – and we don’t want to read too much into EPD’s ‘hot’ capex – but with E&P companies doing more with less broadly speaking (costs/ capex down and production at…

We received a lot of inbounds after publishing our M&A Survey Results yesterday. If you missed the initial publication, you can access it via the website here: (Part 1) Within, we provide a table that…

***Excel Data Available Upon Request. Full Company Level Details (~200 Corporates) Within*** The following equities exhibited notable w/w changes in their active shares on loan utilization… Higher: SUN/ GEL/ PAGP/ NPWR/ BE/ RUN/ FCEL/ VTLE/ SD/…

Thank you for the well over 200 responses! This is one of the most comprehensive M&A surveys we have ever performed! Affiliation of survey takers: 1) ~37% Portfolio Company/ Corporate; 2) ~21% Long-Only; 3) ~17%…

…For the boos… Happy Sunday! 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,…

Effective immediately, we are removing DVN as an Overweight from our Model Portfolio Number 1 (our Core Portfolio), for a one percent relative loss since inception. ***We are adding SHEL to replace DVN*** We believe…