Industries
Energy Infrastructure
All research in Energy Infrastructure — 5 reports.
43/100
Energy Transfer LP: A Discounted Midstream Cash Cow Turning Its Asset Empire Into Disciplined Gas-Led Growth
Energy Transfer is a roughly $66bn K-1 master limited partnership that owns about 140,000 miles of integrated U.S. gas, NGL, crude and export infrastructure across 44 states, throwing off $8.20bn of distributable cash flow to partners against a $4.56bn payout, or about 1.8x coverage. Its 2026 EBITDA guidance has been raised twice to $18.2bn-$18.6bn as a gas-and-NGL project backlog converts to cash, yet a 2020 distribution cut, MLP governance frictions and heavy reinvestment keep the units on a roughly 7.1% yield and a persistent structure discount. Rating Hold: integrated bottlenecks support a safe payout and organic reacceleration, but the discount closes only partly until disciplined execution is proven through repetition rather than another deal.
51/100
Texas Pacific Land: A Deep Value Investment Study
A West Texas surface-rights plus Permian perpetual-royalty platform, built on irreplaceable 1888 legacy assets carried at zero book value. At $406 the stock already trades above the $340 top of an optimistic valuation, with an ideal buy range of $140-220. Rating Watch: a wonderful business at a poor price, worth tracking but not buying here.
42/100
ONEOK In-Depth Value Investing Analysis
A North American midstream energy platform with 60,000 miles of pipeline plus ~90% fee-based revenue; at the current $90 the dividend yield is 4.7%, with an ideal buy zone of $75-85 and an acceptable hold range of $85-95.
47/100
In-Depth Value Analysis of Targa Resources
Targa Resources is an integrated Permian and Mont Belvieu midstream leader with roughly 90% fee-based earnings exposure. The core thesis is that fair value is around USD 300-360 per share, while the current USD 276.75 price sits between conservative and fair value and only the USD 220-245 range would offer clear undervaluation. Report rating Watch: a high-quality midstream compounder worth tracking closely, but without enough margin of safety at the current price.
43/100
Kinder Morgan: A Long-Term Owner's Perspective
North America's largest energy transportation and storage infrastructure company, with 78,000 miles of pipelines and a natural gas segment that generates 65% of revenue; at the current $33.79 the stock trades at 22.7x P/E and 15-16x P/Owner Earnings, with a 3.5% dividend yield below the 10Y Treasury's 4.57%, earning a Watch rating.