高盛：能源、公用事业与矿业动态_ 投资者从财报中可汲取哪些关键经验

Investment Ratings - The report maintains a Buy rating for several companies including Kinder Morgan (KMI), Devon Energy (DVN), Par Pacific Holdings (PARR), Eversource (ES), Shoals Technologies (SHLS), Patterson-UTI Energy (PTEN), and Nucor (NUE) [1][2][5][6][8][10][40]. Core Insights - Increased investor interest has been noted in various sectors, particularly in midstream, E&Ps, majors & refiners, utilities, clean technology, energy services, and metals & mining [1][2][5][6][8][10]. - The earnings season has highlighted diverse responses from E&P operators to the weaker oil price environment, with some maintaining activity while others reduce it [4][27]. - The report emphasizes the importance of capital efficiency and free cash flow generation in the current macroeconomic context, particularly for E&Ps and energy services [4][9][31]. Midstream - Kinder Morgan (KMI) is experiencing heightened interest due to steady EBITDA generation and project announcements, closing the growth rate gap with peers [1]. - The company is expected to outperform due to its insulated growth backlog and significant discount to gas peers [1]. E&Ps - Devon Energy (DVN) has garnered attention due to strong 1Q25 results and lower capital spending guidance for FY25, with a focus on maintaining operational efficiencies [2][4]. - Investor sentiment is mixed regarding E&P adjustments, correlating with oil demand outlook and potential recession risks [4][27]. Majors & Refiners - Par Pacific Holdings (PARR) has seen increased investor interest, particularly regarding refining margins and capital allocation priorities [5]. - The company has returned its Wyoming refinery to normal operations ahead of schedule, contributing to positive sentiment [5]. Utilities - Eversource (ES) is attracting investor interest as it trades at a significant discount compared to more defensive utilities, despite regulatory uncertainties [6]. - The earnings season has shown confidence in utilities' earnings execution and growth for 2025 and 2026, with ongoing capital investment opportunities [6]. Clean Technology - Shoals Technologies (SHLS) has seen a stock increase of approximately 28% following a strong earnings report and positive guidance for 2025 [8]. - The company’s shift to a domestic manufacturing strategy is viewed as a competitive advantage [8]. Energy Services - Patterson-UTI Energy (PTEN) reported a 1Q earnings beat and is expected to maintain a steady rig count due to high contracted rigs [9]. - The company remains committed to share buybacks, which could lead to a significant payout ratio [9]. Metals & Mining - Nucor (NUE) is favored due to its scale and operating leverage, with a solid balance sheet and attractive valuation compared to historical averages [10]. - The US steel industry outlook is constructive, supported by order backlogs and market share gains [10].