Group 1 - Antero Midstream Corporation declared a cash dividend of $0.225 per share for Q2 2025, amounting to an annualized rate of $0.90 per share [2] - The dividend will be payable on August 6, 2025, to stockholders of record as of July 23, 2025, marking the 43rd consecutive quarterly dividend since the company's IPO in November 2014 [2] - The company repurchased approximately 1.0 million shares for about $16.8 million during Q2 2025, with $426 million remaining under its $500 million share repurchase program as of June 30, 2025 [2] Group 2 - Antero Midstream plans to release its Q2 2025 earnings on July 30, 2025, after the close of trading on the New York Stock Exchange [3] - A conference call to discuss the financial and operational results is scheduled for July 31, 2025, at 10:00 am MT, with a Q&A session for analysts to follow [3] - The company provides access to the live webcast and related earnings conference call presentation on its website, with an archive available until August 7, 2025 [3] Group 3 - Antero Midstream Corporation operates midstream gathering, compression, processing, and fractionation assets in the Appalachian Basin, along with integrated water assets servicing Antero Resources Corporation's properties [4]

Targa's Value Proposition and Growth - Targa is the largest gatherer and processor in the Permian Basin, driving integrated returns through NGL pipeline transportation, fractionation, and LPG exports[9] - The company has experienced significant volume growth, with a +24% CAGR in fractionation volumes and +12% CAGR in LPG export volumes from FY 2019 to YTD 3Q24[12] - Permian natural gas inlet volumes have grown at a +25% CAGR from Q4 2019 to YTD 3Q24[16] - Targa's adjusted EBITDA has grown by +182% since 2019, driven by its integrated NGL business and strong business fundamentals[19] Financial Performance and Shareholder Returns - Management expects to recommend to Targa's Board of Directors an increase to the 2025 quarterly cash common dividend to $4.00 per share annualized for the first quarter of 2025, representing a +33% YoY increase[9, 10] - Targa has repurchased over 202 million shares since October 2020 at a weighted average price of ~$7069[19] - The company's 2024E fee-based volumes in G&P are approximately ~90%[9, 66] - Targa expects to return 40-50% of adjusted cash flow from operations across a multi-year horizon[75] Permian Basin and Infrastructure - Targa has a premier Permian asset footprint with ~88 Bcf/d gross processing capacity across 43 plants[26, 27, 80] - The company is expanding its Permian G&P footprint, with several new plants scheduled to come online between 1Q25 and 3Q26[32, 94] - Targa's Daytona NGL Pipeline has a capacity of 400 MBbl/d and was expected to be in service in 3Q24[95]

Core Viewpoint - Energy Transfer is positioned as a reliable income investment with a robust business model insulated from commodity price volatility, generating stable profits through its extensive pipeline network [1][2]. Company Overview - Energy Transfer operates over 135,000 miles of pipeline across 44 states, utilizing a "toll road" business model to charge upstream and downstream companies for infrastructure use [1]. - As a master limited partnership (MLP), it combines the tax benefits of a private partnership with the liquidity of a publicly traded stock, aiming to distribute most profits to investors [4]. Financial Performance - The company has seen a stock price increase of 155% over the past five years, with a total return of 293% when including reinvested distributions, significantly outperforming the S&P 500's total return of 116% during the same period [5]. - Energy Transfer's adjusted EBITDA grew at a compound annual growth rate (CAGR) of 7% from 2019 to 2024, while its earnings per public unit (EPU) and annualized distributions per unit (DPU) showed fluctuations [7][8]. Distribution and Cash Flow - The annualized DCF has consistently covered total distributions over the past six years, indicating strong cash flow management despite fluctuations in EPU [8]. - The annualized DCF figures from 2019 to 2024 are as follows: $6.3 billion, $5.7 billion, $8.2 billion, $7.5 billion, $7.6 billion, and $8.4 billion, while total distributions were $3.2 billion, $2.5 billion, $1.8 billion, $3.1 billion, $4 billion, and $4.4 billion respectively [8]. Future Outlook - The growth of the LNG export market, completion of the Lake Charles LNG project, and ongoing expansion in the Permian Basin are expected to drive adjusted EBITDA and DCF growth over the next five years [9]. - Analysts project adjusted EBITDA growth at a CAGR of 5% from 2027 to 2031, with the potential for the enterprise value to reach approximately $141 billion by 2030 [10].

Core Viewpoint - Energy Transfer LP is identified as one of the largest midstream master limited partnerships in the United States, with an extensive network of pipelines for natural gas, natural gas liquids, crude oil, and refined products [1] Company Overview - Energy Transfer LP operates a vast pipeline network that includes natural gas, natural gas liquids, crude oil, and refined products [1] Investment Strategy - The company aims to generate a 7%+ income yield by investing in a portfolio of energy stocks while minimizing the risk of principal loss [1] - A two-week free trial is currently being offered for the investment service, providing subscribers with early access to research and investment ideas [1]

Group 1: Ares Capital - Ares Capital is the largest publicly traded business development company (BDC) with over $17 billion invested since 2004, focusing on middle-market companies with annual revenues between $10 million and $1 billion [3][4] - The company offers a forward dividend yield of 8.63% and has maintained or grown its dividend for 63 consecutive quarters [3][4] - Ares Capital targets a total addressable market of approximately $5.4 trillion, benefiting from a shift towards private capital, and has a diversified portfolio with strong industry relationships and risk management [4][5] Group 2: Enterprise Products Partners - Enterprise Products Partners is a master limited partnership (MLP) leading the North American midstream energy industry, operating over 50,000 miles of pipeline [6][7] - The company has a forward distribution yield of 6.81% and has increased its distribution for 26 consecutive years [7][8] - Demand for oil and gas, particularly natural gas, is expected to grow for decades, ensuring strong demand for Enterprise Products Partners' pipelines [8][9] Group 3: Verizon Communications - Verizon Communications is a major telecommunications company serving millions globally, with a forward dividend yield of 6.22% and a history of increasing dividends for 18 consecutive years [10][11] - The company is expected to maintain its relevance in the market due to the high capital requirements for new competition in wireless services [11][12] - With the upcoming 6G technology, Verizon is anticipated to be a significant player, potentially leading to impressive growth opportunities in the future [12]

Core Viewpoint - The article discusses the renewed focus on "Made in America" as a significant investment theme, driven by geopolitical tensions and a push for domestic manufacturing and energy independence [2]. Group 1: Companies Highlighted - Cleveland-Cliffs Inc. is North America's largest flat-rolled steel producer, operating fully integrated steelmaking facilities in the U.S. and supplying steel to various domestic sectors [5][6]. - Newell Brands Inc. produces iconic American household products and maintains substantial U.S. manufacturing despite some global sourcing. The company is focusing on streamlining operations and has a forecasted 19% earnings growth in the next 12 months [10][11]. - Energy Transfer LP operates over 125,000 miles of pipelines for transporting crude oil and natural gas, positioning itself as a key player in U.S. energy security. The stock has a consensus price target of $22.64, indicating a 26% upside potential [13][15]. Group 2: Stock Performance and Market Indicators - Cleveland-Cliffs stock is trading around $8.71, showing a strong rebound and surpassing key moving averages, with a potential upside target of $10 [7][8]. - Newell Brands stock has seen a decline of over 40% in 2025 but has recently increased by about 17% in the last 30 days, nearing its 100-day moving average [12]. - Energy Transfer stock is currently at $17.91, just below its 100-day moving average, with analysts predicting a bullish trend and a dividend yield of 7.31% [16].

Core Viewpoint - Energy Transfer is a notable dividend stock with a yield significantly higher than the S&P 500 average, despite facing a challenging year in terms of stock price performance [1][2]. Company Structure and Operations - The energy industry is segmented into upstream, midstream, and downstream, with Energy Transfer primarily operating in the midstream sector, managing over 130,000 miles of pipeline across 38 states, making it one of the largest midstream companies in the U.S. [3] - The company generates revenue by charging fees based on the volume of oil and gas transported, often secured through long-term contracts exceeding 20 years, which contributes to stable revenue [4]. Dividend Considerations - Energy Transfer operates as a limited partnership (LP), allowing it to pass profits and losses to investors, thus avoiding taxes and enabling higher dividend payouts. Its current dividend yield is slightly below its three-year average but remains among the highest in the Fortune 500 [5]. - The dividend payout is influenced by distributable cash flow (DCF), with a target increase of 3% to 5% annually [7]. Financial Performance and Growth Prospects - In Q1, Energy Transfer experienced a 2.8% year-over-year decrease in revenue and a 4.1% decline in DCF to $2.31 billion, which is not unusual for the cyclical energy sector [8]. - Despite the revenue slowdown, the company reported a 7% year-over-year revenue increase to $1.32 billion, claiming its strongest financial position in partnership history, supported by ongoing growth projects and acquisitions [9]. Recent Developments - Energy Transfer has signed a 20-year contract with Chevron for additional natural gas supply, expanded its Permian Basin capacity, and entered agreements with CloudBurst and Kyushu Electric Power to enhance its service offerings [11].

Core Insights - Geopolitical risks persist in the energy sector, particularly affecting oil supply from the Middle East, but there are investment strategies to mitigate these risks while achieving yields up to 6.9% [1] Energy Sector Breakdown - The energy sector is divided into three segments: upstream, midstream, and downstream, with upstream and downstream being highly volatile due to energy price fluctuations [2] - Upstream involves the production of oil and natural gas, while downstream processes these into chemicals and refined products, both segments significantly impacted by commodity price swings [2] - Midstream companies, which own infrastructure like pipelines and storage, are less affected by price volatility as they charge fees for asset usage, making demand for energy more critical than price [4] Midstream Investment Opportunities - Midstream companies generally exhibit reliable cash flows, allowing them to pay generous dividends even during price swings in oil and natural gas [5] - Recommended midstream companies include Enterprise Products Partners and Enbridge, which have strong dividend histories compared to others like Kinder Morgan and Energy Transfer [5][9] Dividend Reliability - Enterprise offers a distribution yield of approximately 6.9%, while Enbridge provides a dividend yield of about 6.1%, with Energy Transfer having a higher yield of 7.2% but with a history of distribution cuts [6][7] - Kinder Morgan, with a lower yield of 4%, has also faced challenges in meeting dividend growth expectations, contrasting with the consistent performance of Enterprise and Enbridge [8][9] - Both Enterprise and Enbridge have maintained annual distribution increases for 26 and 30 consecutive years, respectively, highlighting their reliability as income investments [9] Conclusion on Investment Choices - For investors seeking trustworthy income stocks in the volatile energy sector, Enterprise and Enbridge are recommended due to their reliability and attractive yields, making them suitable for various investment amounts [10]

Core Points - Kayne Anderson Energy Infrastructure Fund, Inc. reported its net assets as of June 30, 2025, totaling $2.4 billion with a net asset value per share of $14.10 [2][4] - The asset coverage ratio for senior securities representing indebtedness was 714%, while the total leverage asset coverage ratio was 521% [2][4] - The company’s total assets amounted to $3.2891 billion, with total liabilities of $341.6 million, resulting in net assets of $2.3843 billion [4][5] Financial Summary - Total investments were $3,279.5 million, with cash and cash equivalents at $6.0 million and accrued income at $2.8 million [4] - The company had a total leverage of $563.2 million, which includes a credit facility of $45.0 million and notes amounting to $368.2 million [4] - The company’s long-term investments were primarily in Midstream Energy Companies (94%), with smaller allocations in Power Infrastructure (3%) and Other (3%) [5] Major Holdings - The ten largest holdings by issuer included The Williams Companies, Inc. ($373.3 million, 11.4%), Energy Transfer LP ($331.3 million, 10.1%), and Enterprise Products Partners L.P. ($315.6 million, 9.6%) [5] - Other significant holdings included MPLX LP, Cheniere Energy, Inc., and Kinder Morgan, Inc., with respective investments of $311.7 million, $274.2 million, and $225.9 million [5] Company Overview - Kayne Anderson Energy Infrastructure Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 [7] - The investment objective of the company is to provide a high after-tax total return with a focus on cash distributions to stockholders, investing at least 80% of its total assets in securities of Energy Infrastructure Companies [7]

Company Overview - Plains All American Pipeline, L.P. (PAA) is a publicly traded master limited partnership that operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids (NGL) [4] - The company owns an extensive network of pipeline gathering and transportation systems, along with terminalling, storage, processing, and fractionation assets serving key producing basins and major market hubs in the U.S. and Canada [4] - On average, PAA handles approximately 8 million barrels per day of crude oil and NGL [4] Schedule K-3 Announcement - PAA announced that its 2024 Schedule K-3, which reflects items of international tax relevance, is now available online for unitholders [1] - A limited number of unitholders, primarily foreign unitholders and those computing a foreign tax credit, may require the detailed information disclosed on Schedule K-3 for their specific reporting needs [2] - Unitholders can receive an electronic copy of their Schedule K-3 via email by contacting Tax Package Support [3] Related Entities - PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA [5] - Both PAA and PAGP are headquartered in Houston, Texas [5]