Our Research

Full caveat – I was never an investment banker. I cut my teeth in the space with Halliburton in the Middle East in 2003 and then made the transition to equity research, where my interaction with…

Here is a ‘freebie’ from our time on the Sell-Side and working at large Bulge Brackets for the past (almost) 20 years:  When a Bulge Bracket’s investment bankers work on a transaction, it is placed…

Post today’s drop in OKE shares, we now estimate OKE ‘Pro-Forma’ trades at 1) ~11.9x 2024 P/E; 2) ~9.5x 2024 EBITDA; 3) a ~10% 2024 FCF Yield; 4) an implied 2024 ~6.7% dividend yield assuming an ~80%…

It’s late so will make this quick. OKE for MMP in the news earlier today. Conference call tomorrow morning 8:30AM ET. All the details here: link. We are being somewhat cheeky with the title –…

Sunday Funday… Two Tulsa Titans join forces… Funny enough, for those of you who remember, MMP used to be part of WMB (also Tulsa based) back in the day. Will have more detailed thoughts out…

Hope you are having a nice weekend! So first of, I was on my way back from CT when someone (random stranger) pulls up next to me and frantically motions for me to roll down…

We are back to the weekly cadence for our proprietary ‘Shares on Loan’ – or SOL – Analysis. In NYC and CT the rest of the week. Please reach out with any questions. Key Observation:…

So ‘SOL’ Fridays (‘Shares-On-Loan’) has become ‘SOL’ Thursdays. We didn’t publish this last week because the website was down as we were making the switch over to the new platform. All changes are relative to…

Please see below for a summary of our most recent thoughts on some other items. As always, thank you for reading! Please let us know if you have any questions or want to catch-up. Timm…