North American Midstream & Renewable Energy Infrastructure: Infrastructure Weekly

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North American Midstream & Renewable Energy Infrastructure: Infrastructure Weekly

Foundation

May 12, 2026 03:40 AM GMT

Morgan Stanley & Co. LLCMNorth American Midstream & Renewable Energy Robert S Kad

Infrastructure | North America Equity Analyst

Robert.Kad@morganstanley.com +1 212 761-0065

Devin McDermott

Equity Analyst and Commodities StrategistInfrastructure Weekly Devin.McDermott@morganstanley.com +1 212 761-1125

Joy Golub

Research Associate

What’s Changed Joy.Golub@morganstanley.com +1 212 761-4924

Hess Midstream LP (HESM.N) From To Victoria Xiong, CFA

Price Target $42.00 $38.00 Research Associate

Victoria.Xiong@morganstanley.com +1 212 761-0228

TC Energy Corp (TRP.TO) David Arcaro, CFA

Price Target C$102.00 C$103.00 Equity Analyst

David.Arcaro@morganstanley.com +1 212 761-1817

Targa Resources Corp. (TRGP.N) Joe Laetsch, CFA

Price Target $327.00 $331.00 Equity Analyst

Joe.Laetsch@morganstanley.com +1 212 761-8804

DT Midstream, Inc. (DTM.N)

Price Target $165.00 $170.00 Midstream Energy Infrastructure

North America

South Bow Corp (SOBO.TO)

Industry View Attractive

Price Target C$39.00 C$40.00

TABLE OF CONTENTS

Both midstream and renewable infrastructure posted strong

The Week in Review & Brief Notes

1Q26 results, but stocks with the highest long-term growth

Infrastructure Sector Weekly Performance

outlooks within midstream (TRGP, WMB) and renewables Infrastructure Sector Comps

(CWEN, HASI) remain underappreciated by the market, in our Infrastructure Sector Ratings & Price Targets

view. Infrastructure Sector Estimates

Midstream Energy Infrastructure Valuation

Key Takeaways Midstream Energy Infrastructure Fundamentals

A proposed Alberta-to-Wyoming crude oil pipeline backed by SOBO/Bridger is

nearing the shipper commitment level needed to proceed, according to Reuters.