Research
Morgan Stanley Upgrades DT Midstream to Overweight From Equal Weight, $170 Price Target
DT Midstream (DTM) has an average rating of overweight and mean price target of $153.33, according to analysts polled by FactSet.
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Commodities
Midstream Firms Bet on AI, LNG Demand, New Growth Projects, UBS Says
Midstream energy companies are advancing billions of dollars in pipeline and natural gas infrastructure projects as they position for rising power demand, export growth and renewed production activity across key US basins, UBS strategists said in a note on Thursday.UBS analysts said that TC Energy, Enterprise Products Partners (EPD) and DT Midstream (DTM) highlighted continued investment opportunities, citing expanding natural gas demand, artificial intelligence-driven efficiency gains and long-term infrastructure needs as key growth drivers.TC Energy plans to sanction between CA$6 billion ($4.28 billion) and CA$8 billion of new projects in 2026, including its Crossroads pipeline initiative, which represents about CA$1 billion of investment.The energy firm has signed precedent agreements with several anchor customers for Crossroads and is in advanced discussions with additional potential shippers. TC Energy expects to make a final investment decision on the project in Q4.TC Energy is also pursuing artificial intelligence initiatives aimed at improving operational efficiency, targeting about CA$100 million in incremental EBITDA benefits in 2026.Management said it has already achieved about half of that target and expects to provide further details later in the year.TC Energy said it sees opportunities to expand within its existing portfolio in Mexico rather than pursue major new investments in the near term.Enterprise Products raised its 2026 growth capital expectations to between $2.9 billion and $3.4 billion, up from its previous estimate of $2.5 billion to $2.9 billion.The energy firm said the increase reflects early spending on long-lead items for several projects, including Midland Plant 11, Delaware Plant 13 and Frac 15.Enterprise expects growth capital spending in 2027 to remain around $3 billion, with about 80% allocated to projects that have already been sanctioned or publicly announced.The company's management said a recovery in Permian Basin production following recent curtailments would be a long-term positive for the region.Enterprise expects to benefit from increased processing activity and higher equity gas production even if producers do not require significantly higher Waha gas prices to bring additional volumes online.The energy firm is also expanding sour gas infrastructure, with construction underway on Train 5 at its Dark Horse facility acquired from Pinon Midstream, while evaluating the potential addition of Train 6.Meanwhile, DT Midstream said its proposed Midwestern Interstate System Transmission project could enter service as early as the end of 2029.The company said the scale and capital requirements of MIST are comparable to its G3 project, with the pipeline expected to benefit from its strategic location near major demand centers and access to multiple supply sources.DT Midstream highlighted the system's connectivity to pipelines including Vector, Alliance, Texas Gas and Tennessee Gas, while potential expansions of Rockies Express Pipeline and Borealis could provide additional supply options.The company said the strategic value of the Midwestern asset would make replacement costs significantly higher than its current installed value, potentially three to four times greater, supporting longer contract renewal periods.The energy firm expects additional opportunities on its Millennium pipeline system as Enbridge's (ENB) Beacon project advances.Price: $54.95, Change: $-0.48, Percent Change: -0.87%
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Commodities
US Gas Market Seen Tightening into 2027, Potential Oversupply in 2028, TPH Says
US natural gas markets are projected to remain a key focus for investors assessing tightening near-term fundamentals before a shift toward oversupply later in the decade, according to TPH Energy Research in a Tuesday note.Matt Portillo, analyst at TPH, said that end-of-summer 2027 gas balances will reach 4.1 trillion cubic feet, with investors increasingly focused on when to position for longer-dated holdings beyond 2028.TPH said the outlook reflects a market still supported by regional constraints and rising demand before new supply and infrastructure changes alter the trajectory.Regional pricing dynamics remain in focus, including Permian-driven growth, Waha basis spreads in 2027, and medium-term balance trends at Agua Dulce. Portillo also noted emerging structural concerns at Gillis beyond 2028 as demand-supply imbalances deepen.TPH said global gas markets could tip into oversupply by 2028, with implications for global pricing trends over the next decade. The bank sees European benchmark TTF prices potentially easing toward $6-7 per million British thermal units over time.Simultaneously, Gulf Coast supply constraints are expected to support Henry Hub prices, potentially narrowing the arbitrage between US and global gas markets by 2029.On the upstream side, investor interest centered on Antero Resources (AR), EQT Corporation (EQT), Expand Energy (EXE), Range Resources (RRC), BKV Corporation (BKV) and Comstock Resources (CRK).Midstream companies, including DT Midstream (DTM), TC Energy, Williams Companies (WMB, Energy Transfer (ET), Kinder Morgan (KMI), Cheniere Energy (LNG), and Venture Global (VG), were also widely discussed.TPH said this underscores expectations that LNG export growth and pipeline bottlenecks will remain central to market direction over the next several years.Price: $34.72, Change: $-0.80, Percent Change: -2.25%
$AR$BKV$CRK$DTM$EQT$ET$EXE$KMI$LNG$RRC$VG$WMB
Research
Scotiabank Initiates DT Midstream at Sector Outperform With $176 Price Target
DT Midstream (DTM) has an average rating of overweight and mean price target of $153.33, according to analysts polled by FactSet.
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Oil & Energy
Crude, NGL Firms See Firmer Q2 Outlook on Exports, Pricing Tailwinds, TPH Says
Midstream energy companies focusing on natural gas liquids and crude logistics are heading into Q2 on a constructive note, buoyed by robust volume growth, elevated commodity prices, and soaring exports, TPH Energy Research strategists said in a note on Wednesday.TPH Energy Research strategists said the observations were based on industry interactions at the Energy Infrastructure Council conference.AJ O'Donnell, analyst at TPH Energy, said a key driver for the optimistic outlook is the strengthening of liquefied petroleum gas and NGL export fundamentals.O'Donnell said midstream executives said rising engagement with global buyers, especially from Asia, who are increasingly prioritizing supply diversity and security.The soaring demand comes as the market grapples with the impact of prolonged shipping disruptions in the Strait of Hormuz, a critical global energy chokepoint. The urgent demand for alternative supply routes has shifted the industry's focus toward infrastructure expansions.TPH said while several new export dock projects are already scheduled to come online over the next few years, executives are focused on the "next wave" of capacity expansions and additional brownfield opportunities.Targa Resources (TRGP) is seeing significant optionality at its Galena Park asset, with potential expansions expected to deliver improving economics as fixed costs are spread across a larger throughput base.The energy firm noted that incremental expansions at the site would yield progressively stronger economics as fixed operational costs are distributed across a larger volume base.Optimism also extended into the crude logistics sector, where Plains All American Pipeline (PAA) is re-evaluating its strategic footprint.Following its recent divestiture of certain NGL assets, the energy firm's management is focusing heavily on organic growth opportunities across its extensive pipeline network connecting the Permian Basin to the US Gulf Coast.Meanwhile, US midstream infrastructure firms are witnessing a robust pipeline of natural gas and power-related projects alongside strengthening demand trends across North America.Kinder Morgan (KMI) is advancing its Gulf Coast Express expansion project, which is expected to come online this quarter, while also progressing its Tennessee Gas Pipeline expansion, originally sized at about 500 million cubic feet per day.Trident Energy also continues to scale its development portfolio, targeting 1.5 billion cubic feet per day of capacity in 2027 and a further 0.5 Bcf/d in 2028, with major contract awards expected to begin in late 2027.DT Midstream (DTM) reported rising Northeast US demand, with its management pointing to about 7.5 Bcf/d of largely utility-scale demand, and noting potential upside from emerging modular power requirements.TPH Energy strategists said the energy firm also highlighted the flexibility of its Midwest Incremental Supply Transportation project, which can source gas from both the Northeast and western supply basins via interconnected pipeline networks.Energy Transfer (ET) said it continues to see strong demand across its system, particularly in the Permian Basin and around Abilene, Texas, where it is positioning itself as a key provider of redundancy and integrated gas services.The company also noted uncertainty around uncontracted "behind-the-pipe" gas volumes, though such volumes remain contractually protected in the near term.On the gas distribution side, Kodiak Gas Services (KGS) plans to grow its base business by 3% to 4% while expanding its power build-out ambitions, citing a 2-gigawatt development pipeline, supported by equipment-sourcing capacity and continued inbound interest in additional megawatt-scale projects.Meanwhile, Cheniere Energy (LNG) continues to advance its Corpus Christi and Sabine Pass liquefaction expansions, Van Everen said, with sufficient commercial agreements in place to support much of the two-train development.Once completed, the projects are expected to add about 6 million metric tons per annum of LNG capacity, with the firm targeting long-term contracted levels near historical averages of about 90%.Elsewhere, Excelerate Energy (EE) pointed to project opportunities in Jamaica, Vietnam and India, as the company looks to deploy floating LNG infrastructure to support emerging gas import markets.Price: $33.66, Change: $-0.65, Percent Change: -1.89%
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Research
Morgan Stanley Upgrades DT Midstream to Equalweight From Underweight, Lifts Price Target to $165 From $139
DT Midstream (DTM) has an average rating of hold and mean price target of $144.57, according to analysts polled by FactSet.
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