As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the infrastructure industry, including DHT Holdings (NYSE: DHT) and its peers.

Energy infrastructure companies build, own, and operate assets including pipelines, storage facilities, and processing plants that transport and handle oil, natural gas, and related products. These businesses often generate fee-based revenues providing cash flow stability. Tailwinds include growing production volumes requiring expanded takeaway capacity and export infrastructure demand. Long-term contracts with creditworthy counterparties reduce commodity price exposure. Headwinds include permitting and regulatory challenges delaying new projects, environmental opposition to pipeline construction, and potential long-term demand decline from energy transition. High capital intensity and interest rate sensitivity affecting financing costs present additional considerations.

The 9 infrastructure stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 11.8%.

Thankfully, share prices of the companies have been resilient as they are up 7.1% on average since the latest earnings results.

DHT Holdings (NYSE: DHT)

With each vessel capable of carrying roughly 2 million barrels of oil—enough to fill about 125 Olympic swimming pools—DHT Holdings (NYSE: DHT) operates very large crude carriers that transport crude oil across international routes for energy companies and traders.

DHT Holdings reported revenues of $118.1 million, up 37.1% year on year. This print exceeded analysts’ expectations by 1.7%. Overall, it was a satisfactory quarter for the company with a decent beat of analysts’ EBITDA estimates.

Interestingly, the stock is up 27.3% since reporting and currently trades at $17.75.

Is now the time to buy DHT Holdings? Access our full analysis of the earnings results here, it’s free.

Best Q4: Tenaris (NYSE: TEN)

Operating industrial facilities across the Americas, Europe, Middle East, and Asia, Tenaris (NYSE: TEN) manufactures seamless and welded steel pipes used in oil and gas drilling and transportation.

Tenaris reported revenues of $222.1 million, up 18% year on year, outperforming analysts’ expectations by 28.4%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 11.9% since reporting. It currently trades at $39.10.

Is now the time to buy Tenaris? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Golar LNG (NASDAQ: GLNG)

Pioneering a way to monetize stranded gas reserves that would otherwise be uneconomical to develop, Golar LNG (NASDAQ: GLNG) converts ships into floating liquefied natural gas facilities that liquefy natural gas at offshore sites.

Golar LNG reported revenues of $132.8 million, up 103% year on year, exceeding analysts’ expectations by 1.2%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS and EBITDA estimates.

Interestingly, the stock is up 17.7% since the results and currently trades at $52.81.

Read our full analysis of Golar LNG’s results here.

Kodiak Gas Services (NYSE: KGS)

Dominating the Permian Basin with a fleet focused on large horsepower units exceeding 1,000 horsepower each, Kodiak Gas Services (NYSE: KGS) operates compression equipment that maintains natural gas pressure for production, gathering, and transportation.

Kodiak Gas Services reported revenues of $332.9 million, up 7.5% year on year. This print topped analysts’ expectations by 0.8%. However, it was a slower quarter as it produced a significant miss of analysts’ EPS estimates.

Kodiak Gas Services had the slowest revenue growth among its peers. The stock is up 17.5% since reporting and currently trades at $62.00.

Read our full, actionable report on Kodiak Gas Services here, it’s free.

Genesis Energy (NYSE: GEL)

Operating a 64% stake in the Poseidon Pipeline, one of the Gulf of Mexico's largest crude oil pipelines, Genesis Energy (NYSE: GEL) provides midstream services like pipeline transportation, storage, and processing for crude oil and natural gas producers and refiners.

Genesis Energy reported revenues of $440.8 million, up 10.5% year on year. This number beat analysts’ expectations by 11.6%. Zooming out, it was a mixed quarter as it also logged a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is flat since reporting and currently trades at $17.42.

Read our full, actionable report on Genesis Energy here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.