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The 2014 All-America Research Team: Natural Gas, No. 3: Richard Gross II
Total Appearances: 16
Analyst Debut: 1993
Down one position to No. 3 on this roster is Barclays researcherRichard Gross II, who is based in Granby, Colorado, and also captains the second-place team in Master Limited Partnerships. His “knowledge of the complete energy value chain,” one client observes, enables Gross to “provide his clients with what they need to make informed stock decisions.” The sector’s ongoing and rapid evolution has been “one of the primary catalysts to outperformance,” the analyst says. Increasingly, integrated companies have separated into pure plays, he explains, ownership of operating assets by underlying master limited partnerships is rising, and regulated utilities are consolidating and migrating into the pipeline business. Thus, Gross is recommending names with the potential for value creation through restructuring, liquefied-natural-gas exportation and low-cost production in the Marcellus and Utica formations in the Appalachian Basin of North America. Examples include Houston’s Cheniere Energy and Pittsburgh-based EQT Corp. Cheniere, he says, is “the most straightforward way to play LNG exports,” because its projects are the furthest along in the permitting, development and construction process, as well as being at the low end of the industry’s development costs. EQT, meanwhile, has an extensive and inexpensive inventory in the Marcellus and production volumes expanding at a rate of 25 to 30 percent annually, explains Gross.
RUNNER(S)-UP
Robert Brackett
Sanford C. Bernstein & Co.
Carl Kirst III
BMO Capital Markets Corp.
Stephen Maresca
Morgan Stanley