Core Viewpoint - Darling Ingredients Inc. reported its fourth quarter and fiscal year 2025 earnings, highlighting the performance of its joint venture, Diamond Green Diesel (DGD), within the renewable diesel segment [1][2]. Financial Performance - For the three months ended December 31, 2025, DGD generated approximately $92 million in operating income, despite incurring a $24 million unfavorable lower of cost-or-market (LCM) inventory valuation adjustment [2]. - DGD's net income for the same period was $55 million, with sales of 285.3 million gallons of renewable fuels, resulting in an Adjusted EBITDA of $58 million or $0.41 per gallon [3]. - For the 12 months ended December 31, 2025, DGD reported a net loss of $68 million, with total sales of 1.003 billion gallons of renewable fuels, leading to an Adjusted EBITDA of $104 million or $0.21 per gallon [4]. Adjusted EBITDA Insights - Darling Ingredients' share of DGD Adjusted EBITDA for the three months and 12 months ended December 31, 2025, includes discounts related to the sale and prospective sale of Section 45Z Production Tax Credits [5]. - The company anticipates solid improvement in performance over prior outlooks, with further details to be provided in upcoming earnings materials [6]. Upcoming Events - Darling Ingredients will release its fourth quarter and fiscal year 2025 financial results on February 11, 2026, followed by a conference call on February 12, 2026, to discuss the results and company operations [7][8]. Company Overview - Darling Ingredients is a leader in circularity, transforming by-products from the animal agriculture and food industries into valuable ingredients and renewable energy, operating over 260 facilities globally [10].

Core Insights - The Western production segment is a crucial component of Alto Ingredients' growth strategy, focusing on renewable fuels and essential ingredients, with plans to introduce liquid CO2 in 2025 [2][9] Group 1: Western Production Segment - The segment benefits from premium ethanol pricing due to regional supply constraints and proximity to key markets, allowing for more resilient growth compared to Midwest-focused peers [3] - In 2024, the Western production segment generated $115 million from alcohol sales and $37 million from essential ingredients, selling approximately 61 million gallons of alcohol and 514,600 tons of essential ingredients [3] - The segment's alignment with California's Low Carbon Fuel Standard (LCFS) enhances demand for low-carbon ethanol, leading to more predictable EBITDA and reduced exposure to supply chain volatility [4][9] Group 2: Strategic Positioning - The Western production segment supports Alto's transition to higher-value, lower-carbon products, translating regulatory advantages into sustainable pricing power and margin expansion [5][9] - Compared to peers like Green Plains Inc. and Gevo, which face challenges from fluctuating ethanol prices and early-stage project limitations, Alto's Western segment offers more stability and growth potential [6][7] Group 3: Financial Performance - Alto Ingredients' stock has increased by 62.6% over the past year, outperforming the industry average [8] - The stock is currently undervalued, trading at a price-to-earnings multiple of 16.38, lower than the industry average of 16.84 [11] - Consensus estimates for 2026 earnings show no movement in the last 30 days, indicating stability in projections [12]

Industry Overview - The renewable fuels industry is undergoing a structural transformation towards a policy-backed, decarbonization-oriented energy sector, focusing on low-carbon, higher-value fuels [1] - Global capacity in the renewable fuels sector is expected to triple by 2028 according to a Bain & Company report [1] Alto Ingredients (ALTO) - Alto Ingredients is transitioning from a conventional fuel ethanol producer to a diversified business focused on specialty alcohols and essential ingredients [3] - The product mix has expanded to include specialty alcohols and ingredients for pharmaceutical, personal care, food, and industrial applications, aimed at diversifying revenue streams and reducing exposure to volatile ethanol pricing [4] - A key strategy involves reducing carbon intensity scores to benefit from the federal Section 45Z clean fuel tax credit, potentially generating up to $18 million in incremental gross benefit over 2025–2026 [5] - Alto is expanding carbon dioxide capture and utilization at its facilities, which adds a higher-margin revenue stream and supports sustainability objectives [6] - The company is focused on operational discipline, streamlining costs, and capitalizing on near-term opportunities with clear return visibility [7] - ALTO shares have risen 17.4% over the past year, with a Zacks Consensus Estimate for 2026 revenues implying a year-over-year increase of 10.5% and EPS growth of 260% [7][12] Green Plains (GPRE) - Green Plains is evolving into a leading biorefining company by commercializing Clean Sugar Technology and producing low-carbon dextrose and glucose for industrial fermentation [8] - The company is restructuring its business mix towards higher-margin protein and renewable ingredients, aiming to reduce exposure to ethanol cyclicality [9] - Green Plains has improved its balance sheet with no near-term debt maturities and enhanced liquidity through asset sales [9] - The company plans to deploy capital to strengthen plant assets, reduce carbon intensity, and explore options for returning capital to shareholders [10] - GPRE shares have also risen 17.4% over the past year, with a Zacks Consensus Estimate for 2026 revenues implying a year-over-year increase of 5.2% and EPS growth of 122.9% [11][12] Comparative Analysis - Both ALTO and GPRE have seen their shares rise 17.4% over the past year, but ALTO's 2026 EPS growth estimate and valuation favor its investment case [8][16] - ALTO is trading at a forward price-to-earnings multiple of 16.88, while GPRE's multiple is at 36.74, indicating that ALTO may offer a less expensive valuation [14]

Core Viewpoint - Northwest Natural Holding Company has declared a quarterly dividend of 49.25 cents per share, with an annual dividend rate of $1.97 per share, reflecting its commitment to returning value to shareholders [1]. Group 1: Company Overview - Northwest Natural Holding Company is headquartered in Portland, Oregon, and has been in operation for over 167 years, owning several subsidiaries including NW Natural Gas Company, SiEnergy Operating, NW Natural Water Company, and NW Natural Renewables [1]. - The company provides critical energy and essential water and wastewater services to over one million meters across seven states, emphasizing safety, environmental stewardship, and community care [2]. Group 2: Utility Services - NW Natural Gas Utility serves approximately 2 million people in over 140 communities through about 806,000 meters in Oregon and Southwest Washington, boasting one of the most modern pipeline systems in the nation and 21.6 Bcf of underground gas storage capacity [3]. - SiEnergy Gas Utility is one of the fastest-growing natural gas distribution utilities in the U.S., serving around 87,000 meters in the metropolitan areas of Houston, Dallas, and Austin, Texas [4]. - NWN Water Utility provides water distribution and wastewater services to communities in the Pacific Northwest, Texas, Arizona, and California, serving an estimated 197,000 people through approximately 79,000 meters and managing an additional 38,000 connections [5]. Group 3: Commitment to Ethics and Customer Satisfaction - NW Natural Holdings has been recognized by Ethisphere® as one of the World's Most Ethical Companies® for four consecutive years, highlighting its commitment to ethical business practices [2]. - The company consistently achieves high customer satisfaction scores as reported by J.D. Power & Associates, indicating strong performance in customer service [2].

Core Insights - Alto Ingredients (ALTO) is the leading producer and distributor of specialty alcohols, renewable fuels, and essential ingredients in the U.S., but it remains unprofitable due to its sensitivity to ethanol price fluctuations, corn input costs, and demand from fuel blenders and industrial markets [1][8] Financial Performance - ALTO has experienced revenue contraction as it has idled or exited underperforming facilities and low-margin contracts to preserve liquidity and stabilize profitability [2] - The company has incurred high debt levels leading to increased interest expenses, asset impairment charges, and acquisition-related costs, contributing to ongoing losses since 2022 [2] Strategic Initiatives - ALTO's turnaround strategy includes streamlining its cost structure, exiting unprofitable activities, and prioritizing capital investments with near-term visibility [3] - The company aims to lower carbon intensity scores to benefit from the federal Section 45Z clean fuel tax credit program, potentially providing up to $18 million in incremental gross benefit during 2025–2026 if carbon reduction targets are met [3][8] - ALTO is expanding carbon dioxide capture and utilization at its Pekin and Columbia facilities, which will add a higher-margin revenue stream and support sustainability goals [4] Industry Comparison - Green Plains Inc. (GPRE) is also facing uneven profitability but is reshaping its business mix towards higher-margin protein and renewable ingredients, which may improve stability in the long term [5] - Gevo, Inc. (GEVO) remains unprofitable due to investments in sustainable aviation fuel and renewable hydrocarbons, with profitability dependent on securing offtake agreements and project financing [6] Stock Performance - ALTO's stock has gained 45.3% over the past year, outperforming the industry [7] - The stock is currently overvalued with a price-to-earnings multiple of 17, higher than the industry average of 16.9 [10] Earnings Estimates - The Zacks Consensus Estimate for ALTO's fourth-quarter 2025 EPS has not changed in the last 30 days, with estimates for 2025 and 2026 earnings also remaining stable [11]

Core Insights - Abundia Global Impact Group, Inc. is undergoing a strategic transformation in 2025 to enhance its public market presence and accelerate its strategic direction, with a focus on waste-to-fuel technologies [1][3][4] - The company anticipates generating revenue from commercial-grade drop-in fuels and chemicals by 2029 [1][21] Company Overview - Abundia is a low-carbon energy company focused on converting waste into value, specifically through the production of renewable fuels and chemicals from waste streams [24] - The company was formed through a merger with Houston Energy Corp. in July 2025, allowing it to leverage a public company structure for its strategic initiatives [3] Strategic Initiatives - The company has initiated a capital deployment strategy, acquiring a 25-acre site in Cedar Port, Texas, to develop its Innovation Center [4][9] - Abundia has established technology partnerships with Alterra Technology and BTG Bioliquids to enhance its waste-to-fuel capabilities [6][7] Operational Milestones - In 2025, Abundia completed several key milestones, including the acquisition of the Cedar Port site, the appointment of project partners, and the initiation of construction for its innovation center [9][11][13] - The company successfully raised $8 million in capital to support its strategic initiatives [13] Future Plans - The company plans to finalize the acquisition of RPD, an R&D company, in Q1 2026 to enhance its operational capabilities [18] - Phase 1 of the Cedar Port Innovation Center is targeted for completion in Q2 2026, which will serve as the operational headquarters and technology hub [19] - The company expects to complete its Phase 2 Waste Plastic to Renewable Fuels and Chemicals Plant by 2029, with revenue generation anticipated in the same year [21] Communication and Transparency - The management team emphasizes transparency and communication with shareholders regarding milestones and achievements in 2026 [22]

Company Overview - Global Partners LP is a leading midstream energy partnership involved in fuel distribution, storage, and retail operations, optimizing margins through integrated supply, logistics, and retailing across multiple channels [7] - The company offers a variety of products including gasoline, distillates, renewable fuels, crude oil, and propane, operating a network of gasoline stations and convenience stores primarily in the Northeastern United States [7] Financial Metrics - The company reported a total revenue of $18.10 billion and a net income of $71.54 million for the trailing twelve months (TTM) [4] - The dividend yield stands at 6.95%, with a one-year price change of -15.42% as of January 12, 2025 [4] Insider Transactions - Global GP LLC, the general partner of Global Partners LP, purchased 3,917 common units in open-market transactions on December 5 and December 8, 2025, for approximately $176,892, with a weighted average purchase price of $45.16 per unit [2][6] - Following these transactions, the direct holdings of Global GP LLC increased to 215,988 units, valued at approximately $9.75 million [2][6] - The purchases were made to fulfill obligations under the Long-Term Incentive Plan, indicating that these transactions are not strategic but rather routine [6][8] Market Performance - The stock of Global Partners LP has experienced a decline of approximately 11.30% in 2025, marking its worst year since 2020 [10] - Despite the recent downturn, the company has consistently raised dividends every quarter since Q3 FY 2021, making it a potential option for investors seeking high-dividend stocks in the gasoline industry [10]

Core Insights - Alto Ingredients (ALTO) has seen a 45.4% increase in share price over the past year, outperforming its industry and the S&P 500 composite [1][9] - The company is transitioning from traditional ethanol production to a focus on specialty alcohols and essential ingredients, aiming to diversify its revenue streams and improve margins [10][11] Stock Performance - ALTO stock has surpassed its 50-day and 200-day simple moving averages, indicating a bullish trend [2] - Compared to peers, Green Plains Inc. (GPRE) has gained 2.4% while Gevo, Inc. (GEVO) has lost 24% in the same timeframe [5] Valuation - ALTO is currently trading at a price-to-earnings multiple of 16.63, which is above the industry average of 15.95 and significantly higher than the three-year median of 5.56 [6] - While ALTO is relatively cheaper than Green Plains, it is more expensive compared to Gevo [7] Strategic Initiatives - The company is broadening its product portfolio to include specialty alcohols and ingredients for various applications, aiming to reduce reliance on volatile ethanol pricing [11] - ALTO is focusing on lowering carbon intensity scores to benefit from the federal Section 45Z clean fuel tax credit program, potentially providing up to $18 million in incremental gross benefit during 2025-2026 [12] - Expansion of carbon dioxide capture and utilization at its facilities is underway, adding a higher-margin revenue stream [13] - Operational discipline is emphasized, with efforts to streamline costs and focus on projects with clear returns [14] Financial Outlook - The Zacks Consensus Estimate for 2026 revenues indicates a 10.5% year-over-year increase, while earnings are expected to rise by 200.6% year-over-year [16] - The consensus estimate for 2026 earnings has remained stable over the past 30 days [17] Analyst Sentiment - Despite positive strategic initiatives, there are concerns regarding the stock's premium valuation and ongoing execution risks, leading to a cautious outlook [20]

Group 1 - Suncor Energy Inc. is recognized as one of the 12 best crude oil stocks to buy for dividends [1] - The company projects higher oil and gas production in 2026, estimating upstream production of 840,000 to 870,000 barrels per day, an increase from the 2025 estimate of 810,000 to 840,000 bpd [2][3] - Suncor plans to reduce its capital expenditure for 2026 to between C$5.6 billion and C$5.8 billion, down from C$6.1 billion to C$6.3 billion in 2025 [3] Group 2 - The company reaffirms its commitment to shareholders by returning 100% of excess funds, increasing monthly share buybacks by 10% to C$275 million, and projecting total buybacks of C$3.3 billion in 2026 [4] - Following the positive outlook, TD Securities raised its price target on Suncor from C$71 to C$73 while maintaining a 'Buy' rating [4]

Company Overview - Calumet generated revenue of $4.05 billion and reported a net income of -$37.20 million for the trailing twelve months [5] - The company's stock price as of Monday was $20.07, reflecting a one-year price change of -2% [5] Recent Developments - Alta Fundamental Advisers fully exited its position in Calumet by selling 459,937 shares, resulting in a net position change of $7.25 million [2][3][7] - This sale reduced Alta's stake in Calumet from approximately 3.71% of its reportable assets under management [3] Market Performance - As of the latest data, Calumet's shares were priced at $20.07, which is underperforming compared to the S&P 500, which has increased by 16% over the past year [4] Business Operations - Calumet specializes in manufacturing and marketing a range of specialty branded products, including solvents, lubricating oils, and renewable fuels [9][10] - The company serves various sectors, including industrial manufacturers, transportation, energy, and retail consumers [10] Financial Insights - Calumet recently reported a significant quarter with $313 million in net income and $92.5 million in adjusted EBITDA, driven by record margins in its Specialty Products segment [11] - Despite this positive performance, the company faces challenges such as heavy leverage, volatile cash flows, and reliance on tax credits [11][12] Strategic Positioning - Alta's exit indicates a reassessment of risk-reward dynamics, as the fund's remaining top holdings focus on sectors with clearer near-term cash visibility [12] - Calumet's stock requires sustained execution to improve its valuation, with expectations of continued volatility until renewable margins stabilize [13]