美股中游能源板块行情料分化！大摩调整多股评级：整体看涨，但赢家只会是少数

智通财经06-11

摩根士丹利周三调整了多家中游能源基础设施公司的评级。该行将TC Energy(TRP.US)的评级下调至“持股观望”，并将Hess Midstream LP(HESM.US)的评级下调至“减持”。与此同时，该行上调Western Midstream(WES.US)的评级至“持股观望”。摩根士丹利表示，基于可分配现金流计算的内在合理价值，其所覆盖的大多数中游能源基础设施公司仍存在上涨空间，但超额回报...

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Morgan Stanley Revises Multi-Stock Rating: Overall Bullish But Winners Will Only Be A Few","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/9a47cd03df14184c0b091a0c14aa64a1","symbols_score_info":{"WES":2,"XLE":1.5,"TRP":2,"HESM":2},"content_text":"摩根士丹利周三调整了多家中游能源基础设施公司的评级。该行将TC Energy(TRP.US)的评级下调至“持股观望”，并将Hess Midstream LP(HESM.US)的评级下调至“减持”。与此同时，该行上调Western Midstream(WES.US)的评级至“持股观望”。摩根士丹利表示，基于可分配现金流计算的内在合理价值，其所覆盖的大多数中游能源基础设施公司仍存在上涨空间，但超额回报预计将集中于少数增长速度高于行业平均水平的公司。对于TC Energy，摩根士丹利分析师Robert Kad表示，此次下调评级主要是因为该股近期表现强劲，其上涨受到多个因素推动，包括项目公告顺利执行、市场对其Bruce Power核电设施增长潜力的关注升温，以及在大宗商品市场波动背景下所具备的类似公用事业公司的防御属性。分析师表示，尽管未来天然气基础设施项目商业化进展以及TC Energy墨西哥天然气管道资产部分股权变现仍可能带来进一步利好，但这些潜在收益的大部分已经反映在当前估值之中。对于Hess Midstream，摩根士丹利将其评级下调至相当于“卖出”的水平。分析师指出，公司长期增长前景以及大股东战略方向缺乏清晰度，可能限制其未来上涨空间。分析师表示，在雪佛龙(CVX.US)完成对赫斯的收购后，他现在认为雪佛龙进一步收购Hess Midstream的可能性已经非常低。此外，雪佛龙对于Hess Midstream未来规划仍存在不确定性，这种持续的模糊状态可能使许多投资者难以为其投资逻辑提供合理依据。据悉，Hess Midstream的主要收入来源是为雪佛龙在北达科他州Bakken和Three Forks页岩区提供原油、天然气及水的中游运输服务。由于雪佛龙削减了在该地区的钻井活动，Hess Midstream预计2026年至2028年‌的石油输送量将保持相对持平，增长显著放缓。另外，雪佛龙‌是持有Hess Midstream大量股份，为后者提供稳定的现金流支持和信用背书。此外，摩根士丹利将Western Midstream的评级从“减持上调至“持股观望”。分析师表示，公司通过近期的并购交易完成了战略调整，增强了未来多年增长的可见性。其中，位于二叠纪盆地的关键水处理资产将成为重要增长驱动力。该公司还削减了特拉华盆地的天然气产量。随着该地区天然气外输管道在今年下半年陆续投运，相关战略调整的积极效果预计将逐步显现。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2642540970","isCrawlerRequest":true}