www.jpmorganmarkets.comNorthAmericaEquityResearch08January2019EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateKinderMorgan,Inc.KMIUS36,589.1916.59OWn/c21.00Dec-19n/cn/cMacquarieInfrastructureCorporationMICUS3,425.4540.04Nn/c47.00Dec-1950.00Dec-19ONEOK,Inc.OKEUS23,710.7257.64OWN74.00Dec-1975.00Dec-19TargaResourcesCorp.TRGPUS9,405.1941.02OWN54.00Dec-1959.00Dec-19TheWilliamsCompanies,Inc.WMBUS24,719.6324.15OWn/c33.00Dec-1935.00Dec-19Source:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof07Jan19.USEnergyInfrastructureCorpsPMHandbook:RecentVolatilityCreatesOpportunity-HoppingontheNGLTrain;U/GTRGPandOKEtoOWEnergyMLPsJeremyTonet,CFAAC(1-212)622-4915jeremy.b.tonet@jpmorgan.comBloombergJPMATONETJ.P.MorganSecuritiesLLCCharlieWBarber(1-212)622-3301charlie.w.barber@jpmorgan.comJ.P.MorganSecuritiesLLCRahulKrotthapalli(1-212)622-2408rahul.krotthapalli@jpmorgan.comJ.P.MorganSecuritiesLLCJosephRMartoglio(1-212)622-1741joseph.r.martoglio@jpmchase.comJ.P.MorganSecuritiesLLCVinayChitteti(91-22)6157-3462vinay.chitteti@jpmorgan.comJ.P.MorganIndiaPrivateLimitedSeepage33foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Afteraroughyear-endforenergyinfrastructure,2019hasstartedoffonastrongerfooting.WithWTIreboundingtowards$50/bbl,midstreamcontinuestoclingtothelowerendofwhereproducerscouldstillachievehealthyvolumegrowth,underpinningourconstructiveoutlook.Webelievethatrecentvolatilityhascreatedattractiveopportunitieswithinourcoverageuniverse,especiallyforthosewithleveragetogrowingNGLlogisticsneeds,whichweviewasoneofthemostattractivemidstreamthemesgiventhegenerallywideeconomicmoat.AswerecentlyoutlinedinourPermianNGL...
