Since 1997, Kinder Morgan (KMI) has spent more than $60 billion building one of North America's largest midstream infrastructures, providing gathering, storage, transport, and processing services to the oil & gas industry. Kinder Morgan's immense footprint (84,000 miles of pipelines and over 150 distribution and storage terminals) means the company is vertically integrated into almost all parts of the North American oil & gas industry, including:  Every major gas and oil shale formationThe liquified natural gas (LNG) export industryThe oil & gas export industryThe petrochemical industry Providing CO2 for enhanced oil recovery Natural gas pipelines generate 61% of Kinder Morgan's EBITDA, and products pipelines (15% of EBITDA – transports refined products, oil, and natural gas liquids) and terminals (14% of EBITDA [...]

Founded in 1962, Federal Realty Investment Trust (FRT) is one of the oldest REITs in the world. The company specializes in high-quality, neighborhood shopping centers that are anchored by grocery stores and located in large, affluent markets such as Silicon Valley and New York. Today the REIT owns 104 properties, comprising 24 million square feet of leasable area which is under long-term leases to over 2,900 tenants in numerous subcategories. As you can see, Federal Realty's cash flow is highly diversified. No single retail category exceeds 10% of the REIT's operating income, and no tenant is greater than 3% of rent. About 65% of the firm's rent is from tenants who operate in relatively e-commerce resistant industries like grocery stores, [...]

Founded in 1919 in Columbus, Indiana, Cummins (CMI) is the largest dedicated global industrial diesel and natural gas engine manufacturer.The company’s primary markets are highway and heavy-duty vehicles, construction, and general industrial markets, where it serves customers such as Chrysler, Daimler, Volvo, PACCAR, Navistar, CNH Global, Komatsu, and Ford. PACCAR is the largest customer accounting for 15% of 2018 sales. Daimler and Navistar are the next largest customers, and collectively its four largest OEM clients accounted for 35% of last year's revenue. Most of this business is secured under long-term supply deals.The company's products are sold in more than 190 countries via its network of 600 company-owned and independent distributor locations and over 7,600 dealers.  About 60% of Cummins’ revenue [...]

Shares of Bayer (BAYRY) have slumped nearly 50% over the past year. The German manufacturer of chemicals and pharmaceuticals has remained under pressure following its June 2018 acquisition of Monsanto for $63 billion. Buying Monsanto made Bayer the world's largest seed and crop-chemical business, according to The Wall Street Journal. The firm's agriculture business shot up from 22% of 2016 company-wide revenue to 43% in 2018.  Citing Morgan Stanley estimates, The Wall Street Journal stated that the combined business would sell roughly 28% of the world's pesticides, about 36% of U.S. corn seeds, and 28% of soybean seeds.