Midstream Stocks
Top 10 of 29 MLPX holdings, updated
As of 12 October 2026, midstream stocks are trailing the S&P 500, over the past month and over the longer run. MLPX trails the S&P 500 by 5.1 points over one month and ranks #65 of 115 groups Zensei tracks. 7 of the 26 midstream stocks Zensei prices in MLPX beat the fund this month.
Where midstream stocks stand now
As of 12 October 2026, Energy Infrastructure (MLPX) ranks #65 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 5.1 points behind over the past month and 1.9 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, MLPX's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. MLPX's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. That tension — a firm short-term tape against a damaged longer trend — is usually resolved within a few weeks, one way or the other.
The exposure comes via Global X MLP & Energy Infrastructure ETF, whose 29 tracked holdings are led by Williams Companies Inc, Tc Energy Corp and Enbridge Inc. Weighted by portfolio, the fund's holdings trade at roughly 18.7× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top midstream stocks right now
The largest midstream stocks by weight in MLPX, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of MLPX
- 1Williams Companies IncWMB9.1%
- 2Tc Energy Corp9.0%
- 3Enbridge Inc8.9%
- 4Targa Resources CorpTRGP8.0%
- 5Kinder Morgan IncKMI7.1%
Strongest this month
1-month return, holdings Zensei prices
- 1Kinder Morgan IncKMI+7.2%
- 2Williams Companies IncWMB+1.8%
- 3Cheniere Energy IncLNG+1.5%
- 4Targa Resources CorpTRGP+0.1%
- 5Kinetik Holdings IncKNTK−0.4%
Midstream Stocks vs the S&P 500
Over the week to 12 October 2026, MLPX rose 1.5% while the S&P 500 rose 0.4%. MLPX and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means MLPX won that window.
Prices as of · computed from daily adjusted closes · how we measure
Energy Infrastructure on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are midstream stocks expensive?
The price-to-earnings ratio of MLPX as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
MLPX holdings: the midstream stocks inside
As of 12 October 2026, 7 of the 26 midstream stocks Zensei prices in MLPX beat the fund over the past month. 1 of them beat the S&P 500. The strongest is Kinder Morgan Inc (KMI); the weakest is Hess Midstream LP (HESM). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | WMBWilliams Companies Inc | 9.1% | +1.8% | +0.3% | +4.9 pts | Accelerating | Strong |
| 2 | Tc Energy Corp | 9.0% | — | — | No price data | ||
| 3 | Enbridge Inc | 8.9% | — | — | No price data | ||
| 4 | TRGPTarga Resources Corp | 8.0% | +0.1% | +4.5% | +3.2 pts | Pulling back | Strong |
| 5 | KMIKinder Morgan Inc | 7.1% | +7.2% | +3.6% | +10.3 pts | Accelerating | Strong |
| 6 | OKEOneok Inc | 6.3% | −4.8% | +1.0% | |||
| 7 | LNGCheniere Energy Inc | 4.8% | +1.5% | +7.5% | |||
| 8 | MPLXMplx LP Partnership Units | 4.6% | −5.0% | +1.2% | |||
| 9 | ETEnergy Transfer LP | 4.5% | −5.2% | +3.0% | |||
| 10 | EPDEnterprise Products Partners LP | 4.5% | −7.7% | −4.9% | |||
All 29 MLPX holdings by weight: Williams Companies Inc (WMB) 9.1%, Tc Energy Corp 9.0%, Enbridge Inc 8.9%, Targa Resources Corp (TRGP) 8.0%, Kinder Morgan Inc (KMI) 7.1%, Oneok Inc (OKE) 6.3%, Cheniere Energy Inc (LNG) 4.8%, Mplx LP Partnership Units (MPLX) 4.6%, Energy Transfer LP (ET) 4.5%, Enterprise Products Partners LP (EPD) 4.5%, Pembina Pipeline Corp 4.5%, Plains All American Pipeline LP (PAA) 3.8%, Dt Midstream Inc (DTM) 3.8%, Western Midstream Partners LP (WES) 3.5%, South Bow Corp (SOBO) 2.2%, Antero Midstream Corp (AM) 2.1%, Venture Global Inc (VG) 2.1%, Kodiak Gas Services Inc (KGS) 1.7%, Archrock Inc (AROC) 1.6%, Plains Gp Holdings LP (PAGP) 1.6%, Hess Midstream LP (HESM) 1.5%, Kinetik Holdings Inc (KNTK) 1.0%, Cheniere Energy Partners LP (CQP) 0.9%, USA Compression Partners LP (USAC) 0.8%, Ngl Energy Partners LP (NGL) 0.6%, Genesis Energy LP (GEL) 0.5%, Delek Logistics Partners LP (DKL) 0.4%, Excelerate Energy Inc (EE) 0.3%, Nextdecade Corp (NEXT) 0.3%.
Midstream Stocks: common questions
What are the top 3 midstream stocks?
As of 12 October 2026, the three largest midstream stocks in MLPX by fund weight are Williams Companies Inc (WMB) (9.1%), Tc Energy Corp (9.0%) and Enbridge Inc (8.9%). Fund weight shows size inside the fund, not a recommendation.
Which midstream stocks are beating the sector?
As of 12 October 2026, 7 of the 26 midstream stocks Zensei prices in MLPX beat the fund over the past month. The strongest over the past month is Kinder Morgan Inc (KMI). The list above shows every holding with its weight and returns.
Are midstream stocks outperforming the S&P 500?
No. As of 12 October 2026, MLPX trails the S&P 500 by 5.1 points over the past month.
Is it a good time to invest in midstream stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, midstream stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is MLPX?
MLPX is Global X MLP & Energy Infrastructure ETF. Zensei uses it to measure midstream stocks against the S&P 500 (SPY).
What stocks does MLPX own?
As of 12 October 2026, the largest of the 29 positions Zensei tracks in MLPX are Williams Companies Inc, Tc Energy Corp, Enbridge Inc, Targa Resources Corp, Kinder Morgan Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is energy infrastructure in right now?
As of 12 October 2026, energy infrastructure is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·Losing ground → trailing the market
- ·Trailing the market → losing ground
- ·Losing ground → trailing the market
- ·First tracked: losing ground
Related sectors
Track energy infrastructure against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.