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NatGas '25: Midstream & Pipelines
12 tickers · $596.90B total market cap
Group: NatGas
The investment thesis for NatGas '25: Midstream & Pipelines is underpinned by a structural shift to demand-pull, driven by surging, inelastic demand from LNG exports and AI data centers. This necessitates significant capital investment in new liquefaction facilities and pipeline expansions, offering stable, contracted returns. The bull case is more compelling due to robust demand drivers and a supportive regulatory environment.
NatGas '25: Midstream & Pipelines tracks 12 publicly listed stocks in this theme: ATO, CWEN, DTM, ENB, ENLC, EPD, ET, KMI, NGL, PBA, TRGP, WMB. See the constituent table for details.
Thesis update: 2026-03-24
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Enbridge Inc.ENB | 05/08/2026 (BMO) | 05/08/2026 (BMO) | 3.94% | -0.74% | 1.51% | 5.97% | $122.99B | 8.3333 |
The Williams Companies, Inc.WMB | 05/04/2026 (AMC) | 05/04/2026 (AMC) | 3.33% | 0.77% | 6.02% | 4.31% | $95.01B | 8.3333 |
Enterprise Products Partners L.P.EPD | 04/28/2026 (BMO) | 04/28/2026 (BMO) | 6.34% | 1.49% | 7.04% | 4.05% | $85.37B | 8.3333 |
Kinder Morgan, Inc.KMI | 04/22/2026 (AMC) | 04/22/2026 (AMC) | 3.46% | 0.51% | 7.58% | 8.13% | $75.15B | 8.3333 |
Energy Transfer LPET | 05/05/2026 (AMC) | 05/05/2026 (AMC) | 1.56% | -1.05% | 6.05% | 4.39% | $69.48B | 8.3333 |
Targa Resources Corp.TRGP | 05/07/2026 (BMO) | 05/07/2026 (BMO) | 1.64% | -0.55% | 7.85% | 11.32% | $59.05B | 8.3333 |
Atmos Energy CorporationATO | 05/06/2026 (AMC) | 05/06/2026 (AMC) | -0.26% | -2.88% | 7.81% | -2.35% | $29.80B | 8.3333 |
Pembina Pipeline CorporationPBA | 05/07/2026 (AMC) | 05/07/2026 (AMC) | -0.02% | 1.99% | 2.21% | 8.42% | $28.76B | 8.3333 |
DT Midstream, Inc.DTM | 04/30/2026 (BMO) | 04/30/2026 (BMO) | 1.93% | 6.25% | 2.01% | 1.85% | $15.18B | 8.3333 |
Clearway Energy, Inc.CWEN | 05/07/2026 (BMO) | 05/07/2026 (BMO) | -3.52% | -0.86% | 0.72% | -5.50% | $7.46B | 8.3333 |
EnLink Midstream, LLCENLC | 11/06/2024 (AMC) | — | -2.00% | — | -8.90% | — | $6.45B | 8.3333 |
NGL Energy Partners LPNGL | 02/03/2026 (AMC) | 05/28/2026 (AMC) | -2.69% | — | 46.96% | — | $2.19B | 8.3333 |
| Average | 1.14% | 0.49% | 7.24% | 4.06% | $49.74B | 8.3333 | ||
| Median | 1.60% | -0.02% | 6.04% | 4.35% | $44.42B | 8.3333 | ||
| Std Dev | 2.82% | 2.34% | 12.81% | 4.79% | $38.47B | 0.0% | ||
| Min | -3.52% | -2.88% | -8.90% | -5.50% | $2.19B | 8.3333 | ||
| Max | 6.34% | 6.25% | 46.96% | 11.32% | $122.99B | 8.3333 | ||
| % Positive Tickers | 58.33% | 50.00% | 91.67% | 80.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.