February 19, 2026 05:01 AM GMT AI Infrastructure Identifying Key Beneficiaries Across the Natural Gas Value Chain from AI/Data Center Development M Leveraging the insights of AlphaWise, we estimate that AI data center development will drive +4.8 Bcf/d of incremental domestic natural gas demand by 2030, concentrated in Appalachia/PJM. We identify key beneficiaries across the natural gas value chain. Key Takeaways We introduce a new geospatial analysis of AI-driven data center development that provides increm ...

Broad-Based Growth in 4Q25 Midstream/MLP Dividends## Summary- Midstream indexes have kicked off 2026 with exceptionally strong performance, generating double-digit total returns year-to-date through February 18 that handily outpace the broader market.- Both MLPs and corporations drove sequential growth in payouts for 4Q25. No AMNA constituent has cut its regular dividend since July 2021.- On a year-over-year basis, 92.7% of the Alerian Midstream Energy Index (AMNA) by weighting have grown their dividends.Fo ...

Group 1: Wildfire Impact on Oklahoma - The Ranger Road Fire has expanded to over 280,000 acres, nearly 20 times the size of Manhattan, with more than 300,000 acres burned in Oklahoma this week due to extreme heat and winds [1] - State officials reported 33 incidents of fires and hotspots across nearly two dozen counties, with changing winds posing new challenges for firefighting efforts [2] - Established wildfires are expected to spread rapidly, increasing the risk of new blazes due to embers carried by the wind [3] Group 2: Oil and Gas Infrastructure - Oklahoma is a key hub for US oil infrastructure, with approximately 25 million barrels of crude stored in Cushing, the largest onshore storage facility in the nation [4] - Initial reports indicate that the wildfires have not significantly impacted oil and gas production, with no reports of damage to energy assets from the Oklahoma Corporation Commission [5] - Major energy companies, including Kinder Morgan and Enbridge, reported normal operations with only minor issues related to power outages and surface damage [6] Group 3: Refining Capacity - Refineries operated by Valero Energy Corp., Phillips 66, HF Sinclair, and CVR Energy, which collectively refine 550,000 barrels of oil daily, are not located in the areas most affected by the wildfires [7] Group 4: Regional Fire Weather Conditions - Red flag fire weather warnings are in effect across a wide area, with humidity dropping to single digits and winds gusting up to 40 miles per hour near active fires [9] - Other regions, including the Texas panhandle and Kansas, are also experiencing significant wildfires due to similar dry conditions and heavy winds [10]

NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions ...

Core Insights - Enbridge and TC Energy reported Q4 2025 results, with both companies showing positive share price gains and increased trading volumes [1][2] Financial Performance - Enbridge reported a free cash flow of CAD$3.30 billion ($2.41 billion) with a 34% increase in capital expenditures, while TC Energy's free cash flow was CAD$2.08 billion ($1.52 billion) after a 16% decrease in capital expenditures [5] - Enbridge paid out CAD$8.22 billion ($6.0 billion) in dividends in 2025, marking the 30th consecutive annual increase, with a 9% compound annual growth rate (CAGR) over those years [3] - TC Energy paid out CAD$3.51 billion ($2.56 billion) in dividends in 2025, achieving its 26th consecutive annual increase, with an expected annual dividend growth of 3-5% [4] Capital Expenditure Plans - Enbridge plans to deploy CAD$10 billion ($7.3 billion) in growth capital in 2026 as part of a CAD$39 billion ($28.5 billion) secured capital program, while TC Energy anticipates annual spending between CAD$5.5 billion ($4.02 billion) and CAD$6.0 billion ($4.38 billion) through 2030 [6] Analyst Ratings - Of the 25 analysts covering Enbridge, nine rate it a Buy with a median target price of $52.81, while 14 of 25 analysts covering TC Energy rate it a Buy with a median target price of $60.57, both targets being below current trading prices [7]

We recently published an article titled 11 Best Canadian Growth Stocks to Buy According to Hedge Funds. On January 28, Morgan Stanley raised its price target on TC Energy Corporation (NYSE:TRP) to C$93 from C$92 while maintaining an Overweight rating, as part of a broader reassessment of North American midstream and renewable infrastructure equities. The firm noted strong sector performance amid favorable commodity pricing and constructive earnings results, supporting continued investor interest in high-q ...

Core Insights - TC Energy reported a strong fourth quarter with comparable EBITDA growth of 13% year over year, reaching nearly CAD 3 billion, driven by high delivery records in pipeline businesses and a focus on safety and operational excellence [3][8] - The company anticipates continued growth in 2025, with a 9% year-over-year increase in comparable EBITDA attributed to improved operational execution and safety performance [4][5] Financial Performance - EBITDA for Mexico increased by CAD 163 million, a 70% increase year over year, due to the completion of the Southeast Gateway project [2] - U.S. Natural Gas EBITDA rose by CAD 188 million, primarily from a Columbia Gas settlement and higher realized earnings in the natural gas marketing business [2] - TC Energy's fourth-quarter results included a reaffirmation of 2026 guidance of CAD 11.6–11.8 billion and 2028 guidance of CAD 12.6–13.1 billion, alongside a 3.2% increase in dividends [8][22] Project Execution and Capital Management - The company placed CAD 8.3 billion of projects into service in 2025, over 15% under budget, and shifted CAD 500 million of capital into 2026 to optimize returns [7][10] - TC Energy has a growth pipeline of approximately CAD 8 billion in high-conviction pending approval projects and CAD 12 billion in origination, with significant interest in the Columbia Gas project [6][15] Strategic Positioning and Market Demand - The company expects North American natural gas demand to increase by 45 Bcf/d from 2025 to 2035, driven by LNG exports and rising power generation needs [17] - TC Energy serves seven LNG facilities, representing 30% of North American LNG feed gas, and is positioned near 60% of projected U.S. data center growth [18] Bruce Power and Future Outlook - Bruce Power's availability is targeted in the low-90% range for 2026, with each available unit generating approximately CAD 1 million per day in revenue [20] - The company is engaged in pre-FEED work for Bruce C, with federal funding supporting current activities and expectations of significant cash flow post-MCR program completion [21][22]

Core Thesis - TC Energy Corporation (TRP) is viewed positively due to its disciplined execution, conservative risk management, and long-term growth potential, despite current market valuations [1][5]. Financial Performance - TRP's share price was $59.91 as of February 5th, with trailing and forward P/E ratios of 22.59 and 21.64 respectively [1]. - The company reported a steady Q3 2025 performance, aligning with expectations and guiding capital expenditures at the low end of the $5.5–$6.0 billion range for 2025 [2]. - The dividend remains secure, with growth anticipated at the lower end of 3–5%, which is sufficient to keep pace with inflation [3]. Growth Outlook - Management indicated that long-term growth is sustainable beyond 2028, although they are cautious about extending guidance further until project returns are clearly understood [3]. - Upcoming initiatives are expected to increase spending to approximately $7 billion annually by 2028–29, indicating a robust pipeline of opportunities [3]. Market Position - TRP shares are currently trading at a price-to-earnings ratio of 23.5, reflecting market expectations, while the dividend yield of 4.45% is below the five-year average of 6.02% [4]. - The company's regulated and infrastructure pipeline assets are considered high-quality holdings in North America, providing dependable cash flow and capital discipline [5]. Investment Perspective - Although TRP is not currently a bargain, its operational competence and long-term growth potential make it a cornerstone holding, with opportunities for accumulation if yields rise closer to 5.5–6.0% [5]. - The company's performance exemplifies reliable, compounding competence without excessive risk [5].

Group 1 - Major earnings reports are scheduled for next Tuesday from AstraZeneca PLC, Coca-Cola Company, and S&P Global Inc., with a focus on healthcare and technology sectors [1] - Wednesday will feature earnings from McDonald's Corporation, T-Mobile US Inc., and Shopify Inc. pre-market, followed by Cisco Systems Inc. after market close [1] - The week will conclude on Friday with significant energy reports from Enbridge Inc and TC Energy Corporation [1]

分组1 - Bloom Energy reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.25 per share, and showing an earnings surprise of +80.00% [1] - The company achieved revenues of $777.68 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 19.81%, compared to $572.39 million in the same quarter last year [2] - Bloom Energy has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] 分组2 - The stock has increased approximately 69.6% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $447.12 million, and for the current fiscal year, it is $0.95 on revenues of $2.64 billion [7] - The Zacks Industry Rank for Alternative Energy - Other is in the top 39% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]