Core Viewpoint - The investment stance on Antero Midstream Corporation (AM) has remained neutral since July 2024, despite an appreciation of its fundamentals [1]. Group 1: Company Overview - Antero Midstream Corporation is categorized as a midstream vehicle, indicating its role in the transportation and storage of oil and gas [1]. Group 2: Analyst Background - Roberts Berzins has over a decade of experience in financial management, focusing on helping top-tier corporates with financial strategies and large-scale financings [1]. - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1]. - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1]. - Berzins holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [1].

Core Insights - The third-quarter earnings season is underway, with energy companies like Comstock Resources Inc., Williams, and Marathon Petroleum Corp. expected to report better-than-expected earnings due to a favorable energy business environment in the September quarter [1] Oil & Gas Pricing Analysis - Average WTI spot prices for July, August, and September were $68.39, $64.86, and $63.96 per barrel, respectively, indicating a healthier pricing environment compared to the previous quarter [2] - Year-over-year, the pricing environment was less favorable, with average prices in July, August, and September 2024 at $81.80, $76.68, and $70.24 per barrel, respectively [3] - Natural gas prices in the September quarter of 2025 were higher than in the same period of 2024, with Henry Hub average prices at $3.20, $2.91, and $2.97 per million Btu [4] Stock Selection Strategy - Identifying stocks with potential for better-than-expected earnings is challenging, but a combination of positive Earnings ESP and Zacks Rank can help [5] - Stocks with this combination have a 70% chance of delivering an earnings surprise [6] Company-Specific Insights - Comstock Resources, a leading natural gas producer, is expected to benefit from favorable commodity pricing, with an Earnings ESP of +2.86% and a Zacks Rank of 3, scheduled to report on Nov. 3 [8] - Williams, known for its midstream operations, is anticipated to benefit from stable cash flows and higher natural gas prices, with an Earnings ESP of +0.56% and a Zacks Rank of 3, also reporting on Nov. 3 [9] - Marathon Petroleum, a leading refiner, is likely to gain from lower year-over-year oil prices, with an Earnings ESP of +8.68% and a Zacks Rank of 3, set to report on Nov. 4 [10]

Core Insights - Antero Midstream Corporation reported a revenue of $294.82 million for Q3 2025, marking a year-over-year increase of 9.3% and an EPS of $0.24 compared to $0.21 a year ago, slightly missing the consensus EPS estimate of $0.25 by 4% [1][3] Financial Performance - Revenue of $294.82 million exceeded the Zacks Consensus Estimate of $293.8 million, resulting in a surprise of +0.35% [1] - The company experienced a -9.4% return over the past month, contrasting with the Zacks S&P 500 composite's +3.8% change, and currently holds a Zacks Rank 3 (Hold) [3] Key Metrics - Average Daily Volumes for Low Pressure Gathering were 3432 million cubic feet per day, surpassing the estimate of 3371.62 million cubic feet per day [4] - Average Daily Volumes for Compression reached 3421 million cubic feet per day, exceeding the estimate of 3343.72 million cubic feet per day [4] - Average Daily Volumes for High Pressure Gathering were 3170 million cubic feet per day, slightly above the estimate of 3158.69 million cubic feet per day [4] - Average Daily Volumes for Fresh Water Delivery stood at 92 million barrels of oil per day, compared to the estimate of 84.26 million barrels per day [4] - Revenues from Water Handling for Antero Resources were $62.13 million, below the estimated $64.19 million but reflecting an 18.8% year-over-year increase [4] - Revenues from Gathering and Processing for Antero Resources were $249.83 million, exceeding the estimate of $245.72 million, with a year-over-year change of +6.4% [4] - Revenues from Gathering and Processing were reported at $240.56 million, above the estimate of $235.76 million, showing a +6.6% year-over-year change [4] - Revenues from Water Handling were $54.27 million, slightly below the estimate of $55.5 million, with a year-over-year change of +22.5% [4]

Group 1 - The ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) is a closed-end fund focused on providing investors exposure to midstream operators and their distributable cash flows without requiring a K-1 tax filing [1] - The fund offers a robust distribution, appealing to investors seeking income from midstream investments [1] Group 2 - Analyst Michael Del Monte has over 5 years of experience in the investment management industry and previously worked in professional services across various sectors including Oil & Gas, Midstream, and Information Technology [1] - Investment recommendations are based on a comprehensive view of the investment ecosystem rather than evaluating companies in isolation [1]

Group 1 - The ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) is a closed-end fund focused on providing investors exposure to midstream operators and their distributable cash flows without requiring a K-1 tax filing [1] - The fund offers a robust distribution, appealing to investors seeking income from midstream investments [1] Group 2 - Analyst Michael Del Monte has over 5 years of experience in the investment management industry and has worked across various sectors including Oil & Gas, Midstream, and Industrials [1] - Investment recommendations are based on a comprehensive view of the investment ecosystem rather than evaluating companies in isolation [1]

Core Insights - Kinder Morgan (KMI) reported third-quarter results that met consensus expectations, with adjusted EBITDA of $1.991 billion, aligning with the forecast of $1.99 billion, and maintained its dividend [2] - The company highlighted a robust growth outlook, particularly through its "shadow backlog" and the recently announced binding open season for the Western Gateway pipeline project [1][2] Financial Performance - KMI's adjusted EBITDA for the third quarter was $1.991 billion, consistent with market expectations [2] - The company affirmed an expected budget beat for 2025, attributed to its $640 million Outrigger acquisition [2] Project Developments - The Western Gateway pipeline will transport refined products from Texas to Arizona and California, addressing product demand as California refineries close [2] - The project includes new pipeline construction between Borger and Phoenix, connecting to KMI's existing SFPP pipeline, which will reverse flow into California [3] - KMI's project backlog remains steady at $9.3 billion, with a notable "shadow backlog" representing a $10 billion opportunity set, primarily in natural gas investments [4] Market Position and Growth - KMI has contracts to transport 8 billion cubic feet per day (Bcf/d) of natural gas to LNG export facilities, with plans to increase this to 12 Bcf/d by 2028 as U.S. export capacity grows [4] - The company possesses ample free cash flow and leverage capacity, allowing it to pursue growth opportunities without compromising its balance sheet [5]

Group 1 - The article discusses the ongoing interest in high-quality defensive stocks amid the AI craze, indicating a strategic shift towards midstream investments [1] - The author has extensive experience in finance, particularly in the oilfield and real estate sectors, which enhances the credibility of the insights provided [1] - The focus on equity research and analysis of public companies is emphasized, highlighting the author's role in providing valuable insights for investment decisions [1] Group 2 - The article does not contain any specific stock recommendations or positions held by the author, maintaining an objective stance [2] - There is a clear disclaimer regarding the lack of compensation for the article, reinforcing the independence of the analysis presented [2] - The article also clarifies that past performance does not guarantee future results, which is a standard caution in investment discussions [3]

Group 1 - The article discusses the ongoing interest in high-quality defensive stocks amid the AI craze, indicating a strategic shift towards midstream investments [1] - The author has extensive experience in finance, particularly in the oilfield and real estate sectors, which enhances their ability to conduct due diligence and M&A transactions [1] - The author has recently focused on equity research, providing services for a Dubai-based family office with over $20 million in assets under management, showcasing a commitment to informed investment decisions [1] Group 2 - The article does not provide any specific stock recommendations or investment advice, emphasizing the importance of individual investor suitability [2][3] - There is a clear disclaimer regarding the lack of any current stock positions in the companies mentioned, although there is a potential for future investment in OKE [2]

Company Overview - Summit Midstream Corporation (NYSE: SMC) has experienced a challenging year, with its stock declining nearly 50% [2] - The company is facing chronic underutilization of its assets despite a significant demand for natural gas [2] Investment Strategy - The Value Portfolio focuses on constructing retirement portfolios using a fact-based research strategy, which includes thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

Core Insights - Kinetik Holdings Inc. is identified as a promising infrastructure stock with significant upside potential [1] - Recent price target adjustments by Goldman Sachs and Scotiabank reflect concerns over operational challenges and market conditions [2][3] Group 1: Price Target Adjustments - Goldman Sachs lowered its price target for Kinetik Holdings from $47 to $46 while maintaining a Buy rating, citing increased operating expenditures and lower volume growth [1] - Scotiabank also reduced its price target from $53 to $51, maintaining an Outperform rating, indicating operational turbulence in 2025 [2] Group 2: Company Overview - Kinetik Holdings operates as a midstream company in the Texas Delaware Basin, with two main segments: Midstream Logistics and Pipeline Transportation [3]