Core Viewpoint - ONEOK, Inc. is a midstream service provider in the natural gas and natural gas liquids sector, with a market cap of $46.8 billion, and is set to announce its fiscal fourth-quarter earnings for 2025 soon [1] Financial Performance - Analysts expect ONEOK to report a profit of $1.52 per share on a diluted basis for the upcoming quarter, which is a decrease of 3.2% from $1.57 per share in the same quarter last year [2] - For the full fiscal year, analysts project an EPS of $5.35, reflecting a 3.5% increase from $5.17 in fiscal 2024, and an expected rise to $5.86 in fiscal 2026, marking a 9.5% year-over-year growth [3] Stock Performance - ONEOK's stock has underperformed significantly, with a decline of 31.5% over the past 52 weeks, contrasting with the S&P 500 Index's gain of 16.9% and the Energy Select Sector SPDR Fund's increase of 2.3% during the same period [4] - Following the Q3 results announcement, ONEOK shares closed down slightly, despite reporting an EPS of $1.49, which exceeded Wall Street expectations of $1.46, and a revenue of $8.6 billion, up 71.9% year over year [5] Analyst Ratings - The consensus opinion on ONEOK stock is moderately bullish, with a "Moderate Buy" rating overall; out of 19 analysts, 11 recommend a "Strong Buy," one suggests a "Moderate Buy," and seven give a "Hold" rating [6] - The average analyst price target for ONEOK is $88.11, indicating a potential upside of 18.4% from current levels [6]

Core Viewpoint - Hess Midstream LP (NYSE:HESM) has been downgraded by Raymond James to Market Perform from Outperform, reflecting a shift in investor expectations towards execution and cash flow reliability in the midstream sector [2] Financial Performance - In Q3 2025, Hess Midstream reported a net income of $176 million, slightly down from $180 million in Q2 2025, while adjusted EBITDA increased to $321 million from $316 million in the previous quarter [3] - The company's gross adjusted EBITDA margin remained strong at approximately 80%, exceeding its target of 75%, indicating effective cost management and operational leverage [4] Distribution and Shareholder Returns - Hess Midstream continued to meet its distribution framework, achieving a targeted 5% annual growth per Class A share in Q3, alongside an additional boost from a $100 million share repurchase program [5] - The company provides midstream services including gathering, processing, storage, and transportation for crude oil, natural gas, and natural gas liquids [5]

Company Overview - Kinetik Holdings Inc. is a midstream energy company with a significant presence in the Texas Delaware Basin, providing critical infrastructure and services to support the energy value chain [6] - The company operates on a contract-driven business model, which allows it to deliver stable cash flows and maintain a high dividend yield of 8.7% [4][6] - Kinetik's revenue for the trailing twelve months (TTM) is reported at $1.72 billion, with a net income of $125.45 million [4] Recent Developments - SIR Capital Management disclosed a sale of 583,116 shares of Kinetik Holdings, reducing its position by approximately $25.98 million during the third quarter [2][3] - Following the sale, SIR Capital's Kinetik position now totals 227,722 shares valued at $9.73 million, representing 0.87% of its 13F reportable assets, down from 3.19% in the previous quarter [2][3] Financial Performance - In the third quarter, Kinetik generated $242.6 million in adjusted EBITDA and $158.5 million in distributable cash flow, with free cash flow reported at $50.9 million [11] - Management revised the full-year 2025 adjusted EBITDA guidance to a range of $965 million to $1.005 billion, citing slower-than-expected volume ramp-ups and ongoing takeaway constraints [11] - The company's net debt stood at approximately $4.15 billion at the end of the quarter, with leverage around 4.3 times adjusted EBITDA, indicating a tight financial position in a weaker commodity environment [11] Market Context - Kinetik's shares were priced at $35.73, reflecting a significant decline of 38% over the past year, underperforming the S&P 500, which increased by about 15% during the same period [3] - The reduction in SIR Capital's stake highlights the importance of execution and balance-sheet discipline in capital-intensive midstream businesses, despite Kinetik's long-term investment thesis remaining intact [10][12]

Core Insights - Hess Midstream LP (NYSE:HESM) is recognized as one of the 15 Extreme Dividend Stocks to buy according to hedge funds [1] - The company announced a 2.4% increase in its quarterly dividend to $0.7548 per share, marking its 32nd consecutive quarter of dividend growth [2] - For Q3 2025, Hess Midstream reported a net income of $176 million, a slight decrease from $180 million in Q2, while adjusted EBITDA rose to $321 million from $316 million [3] Dividend and Financial Performance - The quarterly dividend increase will be paid on November 14 to shareholders of record as of November 6, with an ex-dividend date of November 6 [2] - The gross adjusted EBITDA margin remained strong at approximately 80%, exceeding the 75% target, indicating solid operating leverage [3] - The third-quarter distribution included a targeted 5% annual growth per Class A share, along with an additional boost from a $100 million share repurchase [3] Analyst Ratings and Price Target - Raymond James analyst J.R. Weston lowered Hess Midstream's price target to $35 from $48 while maintaining an Outperform rating, reflecting adjustments across the midstream suppliers group ahead of Q3 earnings [4] - Hess Midstream provides midstream services, including gathering, processing, storing, and transporting crude oil, natural gas, and natural gas liquids [4]

Core Insights - Western Midstream Partners, LP (WES) will release a post-earnings interview with CFO Kristen Shults to provide insights on Q1 2025 results [1] - WES is scheduled to participate in several investor conferences in Q2 and Q3 of 2025 [2] Company Overview - WES is a master limited partnership focused on developing, acquiring, owning, and operating midstream assets across Texas, New Mexico, Colorado, Utah, and Wyoming [2] - The company engages in gathering, compressing, treating, processing, and transporting natural gas, as well as handling condensate, natural-gas liquids, and crude oil [2] - A significant portion of WES's cash flows is secured through fee-based contracts, minimizing exposure to commodity price volatility [2]