Stifel updates midstream stock price targets ahead of earnings

Investing.com - Stifel updated estimates and price targets for its covered midstream companies ahead of third-quarter earnings, the firm said in a research note.

Quarterly share performance was mixed, reflecting lower commodity prices and tightening arbitrage opportunities that resulted in substantial marketing gains in the second quarter. Production volumes increased, particularly from the Permian following egress relief, supporting incremental gathering and processing and fractionation tailwinds as elevated spreads persisted during the quarter.

Crude exports remained healthy but at a lower level than the first half of the year. Ethane exports accelerated in July and August with Energy Transfer (NYSE: ET) and Enterprise Products Partners (NYSE: EPD) utilizing flex capacity as liquefied petroleum gas cargoes declined sequentially before reaccelerating in September.

Stifel said it remains constructive on associated natural gas volume growth and power-related demand into 2027. The firm sees the most upside to third-quarter 2026 and full-year 2026 estimates from Energy Transfer and Williams Companies (NYSE: WMB).

The updates come as midstream companies prepare to report third-quarter results, with production volumes and export activity key factors in performance.

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