Here's a playbook for exploration and production companies to restore investor confidence.
Our fair value estimate and moat rating remain the same, but we have increased our 2020 and 2021 forecasts to reflect a better-than-expected recovery.
Diversity of operations cushions results.
Here are two undervalued ideas to ride out the challenging times in energy.
Operational results will worsen, but most companies should muddle through.
Enterprise Products Partners reports another record-breaking quarter, with more good results ahead.
We see several negative implications for U.S. midstream, and we expect to reduce our fair value estimates substantially.
Environmental issues take center stage.
Cheniere and Plains All American Pipeline rank favorably on sustainabilty issues and are attractively priced.
This narrow-moat firm benefits from mineral rights royalties, attractive acreage, and its relationship with Diamondback.
We favor Enterprise Products Partners, Tallgrass, and Magellan.
We're not changing our outlook for our midstream coverage.
This wide-moat firm is well-positioned and high-quality.
The firms have agreed to expand crude oil takeaway capacity in the Rockies.
Lack of agreement on details, new negotiator’s hard line, and other complicated issues have made investors wary.
These companies are well positioned as demand from China and India should boost demand for natural gas in the years to come.
We believe it has a sizable opportunity in NGL exports.
The significant increase in China's credit to GDP ratio could lead to a sharp slowdown in the country's growth.
Research shows that the industry features many moat-worthy firms, and we look at what differentiates them.
Several high-quality hydrocarbon shippers are currently on sale.
We may modestly decrease our fair value estimates after proposed policy changes, but we think the market is overly punishing high-quality midstream energy firms.
REX plays an important part in the U.S. natural gas market.
We would be looking to purchase quality midstream firms at a discount.
The end game for the narrow-moat limited partnership is building out full control over a massive NGL market hub in the northeastern United States.
There are three reasons that oil and gas processor Enterprise Product Partners is compelling today.
A smattering of earnings plus consumption and housing data are due ahead of the holidays.
Despite a high uncertainty rating, this narrow-moat refinery MLP's Gulf Coast exposure should provide a benefit over the coming years.
The dominant position in the Permian can't be replicated.
It simplified its corporate structure with a midsummer merger.
Tax reform may still happen even as banking deregulation in the U.S. faces more hurdles.
The acquisition is the result of an opportunistic move by Santander's management picking up a strong franchise hurt by toxic real estate exposure, rather than a continuation of previous management’s acquisition streak.
The wide-moat firm has inked a memo of understanding with Saudia Arabia's Sovereign Wealth Fund.
We think the environment’s improving for the wide-moat firm.
Now that narrow-moat Lloyds has substantially completed its turnaround, its moaty retail and commercial bank will be the biggest driver of results going forward.
This weekend's referendum and the resignation of Prime Minister Matteo Renzi are neither Brexit nor Trump moments for European investors.
Although the wide-moat firm is unlikely to grow book value like it did in the past, future returns should still come in solidly and consistently above the firm's cost of capital.
The U.S. Department of Justice's proposal that Deutsche Bank pay $14 billion to settle claims of mis-selling mortgage securities is an extravagant negotiating tactic.
Reforms are finally coming, but at a stiff price.
The Brexit vote will have wide-reaching implications for our European financials coverage universe.
Few competitors can match its profit margins or breadth of product offerings in custody.
The Department of Labor's proposed rule could affect around $3 trillion of client assets and $19 billion of revenue at full-service wealth management firms.
Investors see banking crises as the result of extraordinary circumstances--chiefly, unforeseeable economic shocks. We disagree.
Apollo is one of the best-positioned alternative asset managers in credit today, writes Morningstar’s Stephen Ellis.
Many of these misunderstood firms are currently undervalued.
We think that as alternative asset flows consolidate around a few select global managers, Ares will benefit.
In today's market, we think careful stock-picking will be rewarded. Plus, we look at the impact of rising interest rates on banks and of ETFs on the traditional asset management industry.
Positioned to benefit from the shift to nontraditional lenders, narrow-moat Apollo now needs to ensure the success of the Athene merger.
Bargains are still hard to find in financial services, as the U.S. mortgage market is stuck in limbo and housing bubble concerns rise in Canada.
This structurally attractive and generally misunderstood industry offers investors opportunities in a fairly valued market.
The sector is feeling the pressure from regulators and appears to be fairly valued overall.