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Wire

RBC Highlights Preferred Midstream Names as Earnings Season Approaches

BP's midstream benchmark fell 1.6% over the week ended June 11, but still delivered a 16.4% gain so far this year, outperforming the S&P 500's 8.0% advance, RBC Capital Markets said Friday.The sector also outperformed utilities by 1,314 basis points and real estate investment trusts by 160 basis points this year, although it lagged oilfield services by 3,319 basis points and exploration and production companies by 1,306 basis points, RBC said.Commodity prices weakened during the week, with front-month West Texas Intermediate crude dropping about 6% to roughly $88 per barrel and Henry Hub natural gas falling about 7.5% to $3.09 per million British thermal units, according to RBC.Archrock (AROC) led performance among RBC-covered companies with a 3.7% gain, supported by continued strength in the compression market, while Sunoco (SUN) fell 4.4% as investors likely locked in profits, the firm said.C-corporations gained 0.1%, outperforming master limited partnerships, which declined 1.6%.RBC estimates its coverage universe trades at an average 2027 enterprise value-to-adjusted EBITDA multiple of 10.0x and expects midstream stocks to remain sensitive to Iran-related developments that influence commodity prices.The firm said companies with greater perceived commodity exposure, including Targa Resources (TRGP), ONEOK (OKE), and Kinetik Holdings (KNTK), as well as liquefied natural gas-focused names such as Venture Global (VG) and Cheniere Energy (LNG), could react most sharply to geopolitical headlines.Kinder Morgan will kick off the second-quarter earnings season for RBC's coverage universe on July 22. RBC expects management to discuss geopolitical and macroeconomic conditions, stronger export activity, commodity-price support, and growth opportunities across its project pipeline.Among its preferred investments, RBC highlighted Cheniere Energy, citing 95% contracted cash flows through 2035, a $10 billion share repurchase program, and a target to increase dividends by 10% annually through 2030.RBC said Sunoco can build on operational momentum through 2027, benefiting from stronger refining margins at Burnaby, synergies from the Parkland acquisition, and an additional $500 million bolt-on acquisition strategy.The firm also favors Targa Resources, citing customer-backed expansion projects, exposure to leading Permian Basin acreage, and rising gas-to-oil ratios that could support natural gas growth even if crude production levels off.For Williams Companies (WMB), RBC sees growing electricity demand and natural gas consumption creating opportunities for high-return projects tied to Transco expansions and power-related infrastructure through 2030 and beyond.Williams is targeting adjusted EBITDA compound annual growth of more than 10% through 2030, including roughly 9% growth from Haynesville-related projects, while maintaining a balance sheet capable of supporting further expansion, RBC said.Price: $36.67, Change: $+0.59, Percent Change: +1.65%

$AROC$KMI$KNTK$LNG$OKE$SUN$TRGP$VG$WMB
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
Equities

S&P 500 Posts Monthly Gain to New High, Ninth Straight Weekly Rise

The Standard & Poor's 500 index rose 1.4% this week, marking its ninth consecutive weekly increase and ending the trading month with a 5.15% climb to a record closing high.The S&P 500 ended the week at 7,580.06, its highest close ever. The index also posted a record intraday high on Friday at 7,599.38.The last time the S&P 500 had a weekly winning streak this long was in late 2023. It is now up 11% this year.Friday marked the final trading day of May, a month of consistent weekly gains that followed a 10% jump in April as investors' worries about the war in Iran waned. On Friday, hopes for a peace deal increased as President Donald Trump said on Truth Social that he was meeting in the Situation Room to make a final determination on a memorandum of understanding between the US and Iran.Economic data this week showed the US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, according to the second estimate by the Bureau of Economic Analysis. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, the report said, down from a 2% increase reported in the initial estimate.The advance this week wasn't broad; only four of the S&P 500's 11 sectors rose, led heavily by a 4.6% jump in the technology sector. The consumer discretionary rose 1.5%, materials added 1.2% and industrials edged up 0.8%.Dell Technologies (DELL) was the best performer in the technology sector, with its stock soaring 43% on the week as the company reported record fiscal first-quarter results that surpassed Wall Street's estimates amid a surge in demand for artificial intelligence-optimized servers. Dell also boosted its fiscal 2027 outlook.Super Micro Computer's (SMCI) stock also boosted the technology sector, with its stock surging 30% as the company said it is collaborating with Taiwanese authorities to prevent illicit diversion of its servers into the restricted Chinese market.AppLovin (APP) was also strong, with its stock jumping 27% as the company reported Q1 earnings per share and revenue above year-earlier results and analysts' mean estimates. AppLovin also forecast Q2 revenue above the Street view.In addition, NetApp (NTAP) shares climbed 25% as the company posted fiscal Q4 adjusted earnings per share and revenue above year-earlier results and analysts' expectations. NetApp also issued fiscal 2027 guidance above Street consensus views.Best Buy (BBY) led the week's gains in consumer discretionary, with its stock leaping 26%. The electronics retailer's fiscal first-quarter results came in stronger than expected and Chief Financial Officer Matt Bilunas said its comparable sales "have started strong in May, with month-to-date growth up high single digits." It has been years since Best Buy generated a high-single-digit increase in comparable sales even for a couple-week period, Truist Securities said in a note.On the downside, the energy sector fell 5.4% on the week, followed by a 3.2% drop in consumer staples, a 2.1% decline in utilities and a 1.4% slip in real estate. Financials, health care and communication services also edged lower.The energy sector's drop came as crude oil futures also fell on the week amid chatter about the US and Iran nearing a peace deal. Hardest-hit stocks included shares of ONEOK (OKE), down 11%, and Williams (WMB), down 9%.Next week, earnings reports are expected from companies including Palo Alto Networks (PANW), Broadcom (AVGO), CrowdStrike Holdings (CRWD) and Medtronic (MDT).In economic data, all eyes will be on the government's May employment report due Friday. Other reports expected next week include April construction spending and factory orders.

Dow JonesNasdaq CompositeS&P 500$APP$BBY$DELL$NTAP$OKE$SMCI$WMB
Commodities

US Developers Plan 44.9 Bcf/d of New Gas Pipeline Capacity by 2027, EIA Says

US developers plan to add 44.9 billion cubic feet per day of natural gas pipeline capacity in 2026 and 2027, with Texas accounting for 29.7 Bcf/d, the Energy Information Administration said Tuesday.Developers already started construction on about 31.6 Bcf/d, representing nearly 70% of the planned capacity additions, while Louisiana ranked second with 8.4 Bcf/d of new pipeline projects, the agency said.Texas projects will expand takeaway capacity from the Permian Basin and reduce congestion at the Waha Hub, helping move natural gas toward liquefied natural gas export terminals and industrial, residential and power markets.NextDecade's (NEXT) Rio Bravo Pipeline project will transport up to 4.5 Bcf/d via a 138-mile pipeline in Texas to supply the Rio Grande LNG terminal, with operations targeted for the second half of this year.Developers are building the 365-mile Blackcomb pipeline to move 2.5 Bcf/d from the Waha Hub to the Agua Dulce Hub by the third quarter of 2026, helping ease Permian bottlenecks.The Hugh Brinson project will add 2.2 Bcf/d of Permian takeaway capacity, with developers planning phase 1 startup in Q4 2026 and phase 2 operations in Q1 2027, the EIA said.Louisiana will add 2 Bcf/d of pipeline capacity when the Port Arthur Pipeline Louisiana Connector enters service in the second half of 2026, while the Pelican Pipeline will lift the state's added capacity to 8.4 Bcf/d by the end of 2027.Virginia will gain 1.6 Bcf/d of new capacity in 2027 through Williams' (WMB) Southeast Supply Enhancement Project, which expands the Transcontinental Pipeline from Virginia to Alabama, according to the EIA.Price: $8.32, Change: $-0.14, Percent Change: -1.62%

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Insider Trading

Williams Companies Insider Sold Shares Worth $917,820, According to a Recent SEC Filing

Larry C Larsen, Executive Vice President and Chief Operating Officer, on May 14, 2026, sold 12,000 shares in Williams Companies (WMB) for $917,820. Following the Form 4 filing with the SEC, Larsen has control over a total of 98,219 common shares of the company, with 98,219 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/107263/000191755826000007/xslF345X05/wk-form4_1778856623.xmlPrice: $77.23, Change: $-0.46, Percent Change: -0.59%

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Research

Research Alert: CFRA Maintains Sell Opinion On Shares Of The Williams Companies, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price remains $64, a 12x multiple of enterprise value to projected '27 EBITDA. The applied multiple is a premium to WMB's historical forward average, albeit a small one, and reflects rising demand for midstream natural gas takeaway and processingcapacity, Our sell opinion is on valuation, with shares trading about 21% above historical forward average levels on EBITDA. We lift our '26 EPS estimate by $0.23 to $2.42, and similarly '27's by $0.10 to $2.59. WMB isguiding to about a 6% boost to adjusted EBITDA in 2026, but it is coming with some elevated capital requirements, as growth capex continues to rise - now likely in arange of $7.0B-$7.6B in 2026, versus $4.9B in 2025. For 2026, we think the combination of growth capex and dividend payments will markedly outstrip cash from operations,which is not necessarily a problem in the short term, but may require additional borrowing, and WMB's net debt-to-capital ratio is already above peers. Shares yield 2.8%

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Wire

Citigroup Lifts Price Target on Williams to $83 From $81

Williams (WMB) has an average rating of overweight and mean price target of $83.05, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $72.61, Change: $-1.15, Percent Change: -1.56%

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Wire

Williams Continues to Layer on Growth Projects, RBC Capital Markets Says

Williams (WMB) continues to layer on growth projects, including its Neo power innovation project, and estimates a compound annual growth rate of 9% for sanctioned projects through 2030 while still targeting 10%, RBC Capital Markets said in a note Wednesday.The company anticipates a 5x build multiple on the $2.3 billion Neo project cost, implying about $460 million of annual EBITDA generation, while Atlas includes a new 13-year agreement to provide a pipeline capacity of 164 million cubic feet per day to a data center in the Northeast which is expected to be in service by year-end, according to the note.Management expects to be in the top half of its 2026 adjusted EBITDA guidance range of $8.05 billion to $8.35 billion, supported by a strong Q1 and outlook for the rest of the year, the brokerage said.Analysts now forecast 2026 and 2027 adjusted EBITDA of $8.39 billion and $9.29 billion, respectively, and available funds from operations of $6.36 billion and $7.15 billion, respectively.RBC Capital Markets kept an outperform rating on Williams and raised the price target to $83 from $82.Shares of Williams were down 1.8% in Thursday trading.Price: $72.45, Change: $-1.32, Percent Change: -1.78%

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Wire

Jefferies Raises Williams Price Target to $87 From $83

Williams (WMB) has an average rating of overweight and mean price target of $82.14, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $74.38, Change: $-1.74, Percent Change: -2.29%

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Research

Research Alert: Wmb: A Q1 Beat, But High Growth Capex Spending

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Williams delivered solid Q1 results, with adjusted EPS of $0.73 beating estimates of $0.62 and rising 22% Y/Y. Adjusted EBITDA increased 13% to $2.25B due to Transco expansion projects, higher Gulf volumes from new developments, and elevated storage revenues during winter storms. The natural gas-focused midstream operator benefits from strategic positioning in LNG infrastructure and data center demand, securing major customer agreements including the $2.3B Neo power project and Atlas data center infrastructure. Management raised 2026 growth capex guidance to $7.0B-$7.6B from prior $6.1B-$6.7B range, while maintaining 2026 adjusted EBITDA guidance of $8.05B-$8.35B with expectations in the upper half. We believe the aggressive growth strategy positions WMB well for secular demand trends, though elevated capex of $1.64B in Q1 versus $0.67B prior year reflects the substantial investment required for expansion initiatives across Transco and data center projects.

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Wire

Mizuho Securities Adjusts Williams Companies Price Target to $82 From $73

Williams Companies (WMB) has an average rating of overweight and mean price target of $81.62, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $75.49, Change: $-0.82, Percent Change: -1.07%

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Wire

Williams Keeps Quarterly Dividend at $0.525 a Share, Payable June 29 to Shareholders of Record as of June 12

Williams Keeps Quarterly Dividend at $0.525 a Share, Payable June 29 to Shareholders of Record as of June 12

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Commodities

Kinder Morgan Q1 Earnings Beat Estimates, Lifts 2026 Outlook, RBC Says

Kinder Morgan's (KMI) Q1 earnings exceeded expectations, supported by stronger volumes, winter weather tailwinds and firmer commodity prices, RBC Capital Markets strategists said in a note on Friday.RBC analysts said it now expects 2026 adjusted EBITDA to come in at least 3% above its prior budget, reflecting stronger operating conditions across its network.However, despite the upbeat results, Kinder Morgan shares edged lower following the release, which analysts attributed to limited backlog growth, uncertainty surrounding its Western Gateway project and investor positioning ahead of other earnings in the sector.The broader midstream space has continued to outperform this year. The Alerian MLP Index rose 1.6% in the week ended April 23, outpacing the S&P 500, which gained 1%. Year-to-date, the midstream benchmark is up 14.5%, compared with a 3.8% rise in the S&P 500.RBC said that strength in the sector has been supported by steady cash flows and growing demand for natural gas infrastructure, even as commodity prices remain volatile.Front-month West Texas Intermediate crude rose about 2% on the week to about $97 per barrel, while Henry Hub natural gas prices slipped about 2% to $2.59 per million British thermal units.Cheniere Energy (LNG), in contrast, declined 2.1%, in what RBC analysts said could reflect positioning ahead of earnings and a rotation into other midstream names.Master limited partnerships modestly outperformed C-corporations during the week, with MLPs up 1.2% versus a 1% gain for corporates.Going forward, investors are focused on upcoming earnings from Enterprise Products Partners (EPD) and Oneok (OKE), both scheduled to report on April 28.Market participants will be watching for commentary on the impact of higher commodity prices, producer activity, project ramp-ups, export demand and capital allocation plans, as well as the effects of winter weather and evolving price spreads across key basins.RBC analysts flagged potential read-throughs for other operators, including Williams Companies (WMB), Energy Transfer (ET), Targa Resources (TRGP) and Sunoco (SUN), citing expected tailwinds from seasonal demand, marketing optimization and commodity price volatility.

$EPD$ET$KMI$LNG$OKE$SUN$TRGP$WMB
Research

Goldman Sachs Upgrades Williams Companies to Buy From Neutral, Adjusts PT to $82 From $78

Williams Companies (WMB) has an average rating of overweight and mean price target of $81.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Wire

TD Cowen Adjusts Williams Price Target to $81 From $76, Maintains Buy Rating

Williams (WMB) has an average rating of overweight and mean price target of $81.05, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $69.96, Change: $-0.90, Percent Change: -1.27%

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Commodities

DOE Breaks Ground on NESE Pipeline to Add Gas Supply to New York

The US Department of Energy on Tuesday held a groundbreaking ceremony for the Northeast Supply Enhancement Pipeline, which aims to deliver natural gas to New York City.Secretary of Energy Chris Wright, Environmental Protection Agency Administrator Lee Zeldin, and Secretary of the Interior Doug Burgum participated in the ceremony.Williams Companies (WMB) will construct the pipeline to transport natural gas from Pennsylvania to New York City and Long Island.The NESE pipeline is an expansion of Williams' existing Transco pipeline system across Pennsylvania, New Jersey, and New York, adding 400,000 dekatherms per day of capacity.This is enough energy to serve the equivalent of 2.3 million homes, the statement said. NESE is slated to start operations by Q4 2027.

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Wire

Williams Starts Construction on Northeast Supply Enhancement Project

Williams (WMB) said Tuesday it has started construction on the Northeast Supply Enhancement project that will expand its existing Transco pipeline system across Pennsylvania, New Jersey and New York.The project remains on track to be in service by Q4 of 2027 to deliver affordable natural gas during peak demand periods across the region, the company said.Price: $71.36, Change: $-0.18, Percent Change: -0.25%

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Wire

Raymond James Adjusts Williams PT to $78 From $73, Maintains Outperform Rating

Williams (WMB) has an average rating of overweight and mean price target of $80.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $72.39, Change: $-0.35, Percent Change: -0.48%

$WMB
Research

Research Alert: CFRA Maintains Strong Sell Rating On State Street Energy Select Sector Spdr Etf

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CFRA maintains our 1-Star (Strong Sell) rating on the State Street Energy Select Sector SPDR ETF (XLE 57 *). CFRA's ETF ratings were updated as of the end of March 2026. This ETF rating is consistent with CFRA's recent decision to downgrade the energy sector to underweight from marketweight. Although constrained flows related to the Iran conflict will boost crude oil prices in 2026, CFRA's fundamental analysts believe it is a short term "sugar high". They project a sharp drop in prices in 2027, bottoming out at the $40 per barrel mark. The sector currently looks highly overvalued to CFRA's technical analysts, and the fundamental team thinks earnings revisions will likely move lower in 2027. The Williams Companies Inc. (WMB 73 **) is one of the top 5 holdings in XLE. The stock was downgraded to a Sell rating from Hold on Feb. 12, 2026, primarily due to valuations. While prospects for gas pipeline transportation and processing look strong, much of that improvement has already been factored into the share price.

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