The ProShares UltraShort Silver ETF ( ZSL ) is an inverse leveraged strategy designed to provide investors with exposure to -2x the daily performance of the price of silver. Following a year-long bull run and a rocky start to 2026, I believe investors areMonte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent over a decade in profes ...

After covering all of the largest names in the midstream industry and, more particularly, MLPs, I want to dive into how investors can get a basket exposure to all of those great companies without the hassle ofAs a detail-oriented investor with a strong foundation in finance and business writing, I focus on analyzing undervalued and disliked companies or industries that have strong fundamentals and good cash flows. I have a particular interest in sectors such as Oil&Gas and consumer goods. Basically, anythin ...

Midstream's Current Leverage Ratios Are in Line With Targets Midstream Leverage Ratios Vary, With Canadian C-Corps at the Higher End The U.S. 1099-issuers shown in the chart are uniformly below 4x leverage, with the exception of Venture Global (VG), driven by its capital-intensive buildout of liquefied natural gas (LNG) terminals. DT Midstream (DTM)has seen its leverage come down to 2.9x. The company was upgradedto BBB- by S&P in July 2025, achieving a long-held goal to become investment-grade rated. Antero ...

20 March 2026 | 3:28PM EDT Equity Research Energy, Utilities & Mining Pulse: Investors Asking: What Are the Largest Debates Across Natural Resources? This week in the Pulse, we ask our senior analyst team to discuss the largest debates in their sector so far this year. Teams discuss debates within their sector, and how they see the debate playing out from here and impacting their coverage. Debates team discuss include: E&Ps: Where Can One Still Generate Double Digit Returns in US Upstream Amid Sharp Rally? ...

Kinetik Holdings Inc. (NYSE:KNTK) is included among the 13 Oil Stocks with Highest Dividends. Scotiabank Increases Kinetik Holdings (KNTK) Price Target by $2 Kinetik Holdings Inc. (NYSE:KNTK) is the premier midstream operator in the Delaware Basin, providing gathering, compression, processing, transportation, and water management services. On March 17, Scotiabank upped its price target on Kinetik Holdings Inc. (NYSE:KNTK) from $49 to $51, while maintaining an ‘Outperform’ rating on the shares. The revis ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Power & Utilities sector, highlighting the impact of AI on various companies and segments within the industry, including utilities, power producers, EPC/industrial firms, and renewables [1][2][3][4]. Utilities Sector - Electric demand growth is projected to increase by 2-3% annually, driven mainly by data centers, which is creating a challenge for consumer affordability and grid reliability [2]. - A new trend of "socially responsible" data center contracts is emerging, where hyperscalers are shifting from being price-makers to price-takers, agreeing to cover their generation costs [2]. - Regulated utilities that can manage flat customer bills while investing in infrastructure are well-positioned to benefit from this growth [2]. - Key companies in this sector include Entergy (ETR), NiSource (NI), Xcel Energy (XEL), and American Electric Power (AEP) [2]. Power Sector - Incumbent power producers are generating strong cash flows and securing long-term contracts, which is a shift from previous cycles [3]. - Companies are rewarding shareholders through buybacks and pursuing M&A opportunities while maintaining modest leverage levels [3]. - The need for additionality in power generation is becoming critical, leading to a more balanced operational profile [3]. - Notable companies include NRG (growth) and Vistra (VST) [3]. EPC/Industrial Sector - The construction of natural gas power plants and transmission lines is becoming increasingly critical, leading to pricing power for EPC firms [4]. - There is a heightened risk of execution due to limited availability of essential equipment and skilled labor, but this is also expanding margins and creating backlogs [4]. - Companies like Quanta Services (PWR) are positioned to benefit from utility capital expenditure upcycles [4]. Renewables Sector - The renewable energy sector is seen as a solution to grid constraints, with hyperscalers financing their own clean energy infrastructure [4]. - Solar and storage technologies are highlighted as the most cost-effective and rapid deployment options [4]. - The demand for localized clean energy solutions remains strong, despite some challenges with utility-scale battery optimization [4]. - NextPower (NXT) is identified as a standout investment opportunity in the clean energy space [4]. Company-Specific Insights - **NiSource (NI)**: Implementing a "GenCo" structure in Indiana, expected to yield significant returns and savings for residential customers [7]. - **Entergy (ETR)**: Anticipating over 11% EPS growth driven by infrastructure developments from major tech companies [8]. - **Xcel Energy (XEL)**: Offers a low-cost, diversified footprint and is well-positioned for decarbonization [9]. - **American Electric Power (AEP)**: Has a strong data center pipeline and has secured large-load tariffs to protect ratepayers [10]. - **Vistra (VST)**: Successfully contracting its generation portfolio with major tech firms, showing resilience in a challenging market [11]. - **NRG Energy (NRG)**: Positioned for growth in Texas with a strong free cash flow yield, despite facing investor attention challenges [12]. - **Quanta Services (PWR)**: Benefiting from construction capabilities and utility capital expenditure opportunities [13]. - **GE Vernova (GEV)**: Viewed positively due to federal support for additionality in energy generation [14]. - **NextPower (NXT)**: Positioned as a lower-risk investment in clean energy with significant market cap and repurchase plans [16]. Conclusion - The Power & Utilities sector is undergoing significant transformations driven by AI and changing market dynamics, with various companies positioned to capitalize on these trends. The focus on sustainability and infrastructure development is critical for future growth and investment opportunities [1][2][3][4].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of the ongoing conflict in the Middle East on various sectors within the Energy, Utilities, and Mining industries, highlighting the dispersion among energy sectors and stocks since the conflict began [1][5]. Key Companies and Their Performance Leaders - **Ovintiv (OVV)**: Outperformed the E&P sector, with a focus on its sale of Anadarko assets, positioning it well below a $4.0 billion long-term debt target. The stock is expected to continue outperforming due to a 14% free cash flow (FCF) yield compared to a peer average of 11% [10][11]. - **Marathon Petroleum (MPC)**: Noted for its strong performance due to elevated refining crack spreads and higher jet fuel prices, with a potential capital return of approximately $4.6 billion to $4.8 billion in 2026/2027 [12]. - **Duke Energy (DUK)**: Benefited from defensive qualities during geopolitical uncertainty, with a projected EPS growth of 8% through 2030 and a robust capital plan [15]. Laggards - **Viper Energy (VNOM)**: Underperformed due to lower beta to commodity price changes, but still rated as a Buy with a 34% upside potential [10][11]. - **ExxonMobil (XOM)**: Trailing behind peers due to greater exposure to Middle East supply disruptions, with shares trading at a lower free cash flow yield compared to competitors [12]. - **SLB**: Experienced a decline of approximately 13% due to offshore activity exposure in the Persian Gulf, but remains rated as a Buy for long-term fundamentals [18]. Sector Performance - **Refining and LNG Stocks**: These sectors have shown the best performance since the conflict began, with specific stocks like PARR and PBF seeing significant percentage increases [5]. - **Utilities and Clean Technology**: These sectors have underperformed relative to refining and LNG stocks, with notable declines in companies like NRG and AYI [9][19]. Market Dynamics - The conflict has led to a significant reduction in average daily flows through the Strait of Hormuz, down 97% from normal levels, impacting supply chains and market expectations [23]. - Investors are closely monitoring the potential long-term impacts on oilfield services companies operating in the Middle East, particularly regarding supply chain disruptions [45]. Financial Metrics and Projections - OVV is projected to maintain a strong FCF generation, while MPC's capital returns imply a ~7% yield [10][12]. - NRG's stock trades at approximately 7x EV/EBITDA, indicating potential undervaluation despite recent business mix changes [15][48]. Conclusion - The ongoing geopolitical tensions in the Middle East are creating a complex landscape for energy and utility companies, with varying impacts on stock performance and investor sentiment. Companies with strong balance sheets and strategic positioning, like OVV and MPC, are expected to thrive, while those with higher exposure to geopolitical risks, like XOM and SLB, may face challenges. Investors are advised to consider these dynamics when making investment decisions.

Core Viewpoint - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst specializing in technology, energy, industrials, and materials sectors, emphasizing his extensive background in professional services across various industries [1] Group 1: Analyst Background - Michael Del Monte has over a decade of experience in professional services, working in industries such as Oil & Gas (O&G), Oilfield Services (OFS), Midstream, Industrials, Information Technology, Engineering, Procurement, and Construction (EPC) Services, and consumer discretionary [1]

Core Viewpoint - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst specializing in technology, energy, industrials, and materials sectors, emphasizing his extensive background in professional services across various industries [1]. Group 1: Analyst Background - Michael Del Monte has over a decade of experience in professional services, working in sectors such as Oil & Gas (O&G), Oilfield Services (OFS), Midstream, Industrials, Information Technology, Engineering, Procurement, and Construction (EPC) Services, and consumer discretionary [1].

Core Insights - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst specializing in technology, energy, industrials, and materials sectors [1] Group 1: Analyst Background - Michael Del Monte has over a decade of experience in professional services across various industries including Oil & Gas, Oilfield Services, Midstream, Industrials, Information Technology, EPC Services, and consumer discretionary [1]