DT Midstream (NYSE:DTM) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsDavid Slater - Executive Chairman and CEOJeff Jewell - EVP and CFOJohn Mackay - VP of Equity ResearchKeith Stanley - SVP and DirectorRobert Mosca - VP of Equity ResearchSamantha Banerjee - Equity Research AssociateTodd Lohrmann - Director of Investor RelationsZack Van Everen - Director of Infrastructure ResearchConference Call ParticipantsJean Ann Salisbury - Md and Senior Research AnalystJeremy Tonet - Md and Se ...

Key Takeaways Enbridge posted Q4 EPS of 63 cents, topped estimates and rose from 53 cents a year ago.ENB's revenues climbed to $12.32B, driven by higher EBITDA in Liquids Pipelines and Gas units.Enbridge reaffirmed its 2026 EBITDA and DCF outlook and expects around 5% annual growth beyond 2026.Enbridge Inc. (ENB) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate of 60 cents. The bottom line improved from the year-ago quarter’s level of 53 cen ...

Group 1 - TC Energy (NYSE/TSX: TRP) is a midstream company that has not yet been reviewed, despite a bullish outlook on the energy infrastructure sector [1] - The energy infrastructure landscape experienced a significant structural shift in 2025 [1] - The focus is on analyzing undervalued and disliked companies or industries with strong fundamentals and good cash flows, particularly in sectors like Oil & Gas and consumer goods [1] Group 2 - Energy Transfer is highlighted as a company that was previously overlooked but has shown potential for substantial returns [1] - The investment strategy emphasizes long-term value investing while also considering deal arbitrage opportunities [1] - There is a preference for businesses that are easily understandable, avoiding high-tech and certain consumer goods sectors [1]

Kinetik Holdings Inc. (NYSE:KNTK) is one of the 12 Dividend Stocks With High Insider Buying. Jefferies Downgrades Kinetik Holdings (KNTK) to Hold After Rally Shares On February 6, 2026, Jefferies downgraded Kinetik Holdings Inc. (NYSE:KNTK) from Buy to Hold, while keeping a price target of $43 on the stock. The firm pointed to valuation for the downgrade and noted that a 21% rally makes shares less compelling. Jefferies anticipates a muted Q4 update and sees few near-term catalysts. The firm’s analyst, J ...

Group 1 - Demand for electricity, which relies heavily on natural gas, is projected to reach record highs by 2026, highlighting the importance of the midstream sector [1] - The midstream sector is characterized by a large number of assets, indicating potential investment opportunities [1] Group 2 - The article emphasizes the need for a balanced portfolio of U.S. securities, suggesting a focus on macro-economic analysis combined with real-world trading experience [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Energy sector**, highlighting a significant repricing of energy equities in 2026, with the XLE index up **23%** compared to the S&P 500's **1%** increase. This strength is attributed to positive GDP revisions, a tech rotation, and favorable oil momentum amid geopolitical uncertainties and smaller-than-expected surpluses [1][2]. Core Investment Ideas - The report identifies **10 stocks** with attractive total return potential, averaging **19%** total return, based on a mid-cycle view of **$70** Brent and **$3.75** Henry Hub prices [1][5]. Key Stocks and Their Investment Thesis 1. **HF Sinclair Corporation (DINO)** - Current Price: **$58.76**, Price Target: **$64** (9% upside) - Expected total return of **12%** with a **3%** dividend yield. - Strong balance sheet, non-refining earnings contributions, and exposure to a tighter West Coast market are key drivers [6]. 2. **ConocoPhillips (COP)** - Current Price: **$111.21**, Price Target: **$120** (8% upside) - Expected total return of **11%** with a **3%** dividend yield. - Major growth projects and cost reductions expected to generate **$7 billion** in incremental free cash flow by 2029 at **$70/b** WTI [7][9]. 3. **EQT Corporation (EQT)** - Current Price: **$56.93**, Price Target: **$66** (16% upside) - Expected total return of **17%** with a **1%** dividend yield. - Strong inventory position in the low-cost Appalachian Basin and improved cost structure post-acquisition are highlighted [10]. 4. **Viper Energy, Inc. (VNOM)** - Current Price: **$43.85**, Price Target: **$54** (23% upside) - Expected total return of **29%** with a **5%** dividend yield. - No-capex business model and commitment to return **75%** of cash available for distribution to shareholders are key factors [11]. 5. **Diamondback Energy, Inc. (FANG)** - Current Price: **$169.01**, Price Target: **$187** (11% upside) - Expected total return of **13%** with a **2%** dividend yield. - Strong operational execution and commitment to return capital to shareholders are emphasized [13]. 6. **Kinder Morgan, Inc. (KMI)** - Current Price: **$31.45**, Price Target: **$32** (2% upside) - Expected total return of **6%** with a **4%** dividend yield. - Significant natural gas-focused backlog and recent earnings beat are noted [14]. 7. **Cheniere Energy, Inc. (LNG)** - Current Price: **$219.41**, Price Target: **$275** (25% upside) - Expected total return of **26%** with a **1%** dividend yield. - Highly contracted asset footprint provides insulation from commodity price downside [15]. 8. **Golar LNG Limited (GLNG)** - Current Price: **$44.20**, Price Target: **$56** (27% upside) - Expected total return of **29%** with a **2%** dividend yield. - Shift towards floating liquefaction business and potential for significant EBITDA growth are highlighted [18]. 9. **Halliburton Company (HAL)** - Current Price: **$35.03**, Price Target: **$40** (14% upside) - Expected total return of **16%** with a **2%** dividend yield. - Strong performance in international markets and potential for margin expansion are noted [19]. 10. **Vistra Corp. (VST)** - Current Price: **$160.15**, Price Target: **$205** (28% upside) - Expected total return of **29%** with a **1%** dividend yield. - Upside potential from contracting remaining nuclear generation and favorable valuation metrics are discussed [21]. Additional Insights - The report emphasizes the importance of monitoring macroeconomic factors, commodity prices, and operational execution as key risks for the companies mentioned [26][27][29][30][31][34]. - The overall sentiment in the energy sector remains constructive, with expectations of continued strength in energy services and integrated oil stocks, despite some relative weakness in gas exploration and production [23]. This comprehensive overview captures the essential insights and investment opportunities within the energy sector as discussed in the conference call.

Core Thesis - Brookfield Infrastructure Partners L.P. (BIP) is viewed positively due to its strong performance and growth potential, with shares trading at $37.03 and trailing and forward P/E ratios of 40.86 and 156.25 respectively [1][2] Financial Performance - BIP reported a Q4/25 FFO of $0.87 per unit and increased its annual distribution by 6% to $1.82, marking a 17-year streak of distribution increases [2] - Management anticipates that 2026 will be an inflection year, with FFO growth expected to exceed 10% driven by new investments and a growing backlog of data-related capital projects [2] Transaction Activity - The company has robust transaction activity, including the first Bloom Energy project delivering 55MW of power to a U.S. data center, and secured additional hyperscaler projects, bringing total AI and data center exposure to approximately 230MW [3] - Capital recycling is progressing well, highlighted by a $150 million sale of Brazilian electricity transmission that generated a 45% IRR, alongside monetization of stabilized North American data centers to fund further development [3] Strategic Focus - BIP's approach to AI and data infrastructure emphasizes disciplined growth with long-term, inflation-protected contracts and investment-grade counterparties, allowing for upside capture without excessive risk [3] Liquidity and Valuation - The company maintains $2.7 billion in corporate liquidity and offers a current yield of 5%, positioning it among the top TSX60 dividend payers, while its valuation remains below its long-term mid-range despite recent 52-week highs [4] Investment Outlook - With accelerating earnings, strong transaction momentum, and active capital recycling, BIP is well-positioned to deliver reliable income and capital appreciation, presenting a compelling risk/reward profile for long-term holders [5]

Energy Transfer LP (NYSE:ET) is one of the 11 Best Pipeline and MLP Stocks to Buy in 2026. RBC Capital Lowered Price Target on Energy Transfer (ET) On January 28, 2026, RBC Capital lowered its price target on Energy Transfer LP (NYSE:ET) from $22 to $21 while maintaining an Outperform rating on the shares. The update was part of RBC’s broader research note previewing the fourth quarter for the U.S. Midstream industry. RBC Capital noted underperformance in stocks focused on natural gas compared to those r ...

Core Viewpoint - Sunoco LP (NYSE:SUN) is recognized as one of the best pipeline and MLP stocks to buy in 2026, with a maintained Buy rating and a price target of $64 from RBC Capital [1][2][8]. Financial Performance - Sunoco LP announced its fifth consecutive quarterly distribution increase, raising the quarterly distribution by 1.15 cents per common unit, resulting in a cash distribution of 93.17 cents per common unit for the quarter ended December 2025, which is a 1.25% increase from the previous quarter [3]. - The company provided its full-year 2026 adjusted EBITDA guidance, estimating it to be in the range of $3.1 billion to $3.3 billion, with anticipated synergies of approximately $125 million from the acquisition of Parkland Corporation being a key assumption for this guidance [4]. Company Overview - Founded in 1886, Sunoco LP is one of North America's largest independent distributors of motor fuels, operating a vast network of pipelines and refined-product terminals, and providing wholesale fuel distribution and energy infrastructure services globally [5].

Core Viewpoint - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst specializing in technology, energy, industrials, and materials sectors, emphasizing his extensive background in professional services across various industries [1]. Group 1 - Michael Del Monte has over a decade of experience in professional services, which includes sectors such as Oil & Gas (O&G), Oilfield Services (OFS), Midstream, Industrials, Information Technology, Engineering, Procurement, and Construction (EPC) Services, and consumer discretionary [1].