Best Deal Flow for Boutique Energy IBs in Houston?
Anyone have any insights on this? I've heard about Evercore and Moelis', but how about some of the other shops (Excluding BBs)?
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Best deal flow by far is Jefferies in Houston, they absolutely kill it in the energy space. They do a lot of upstream M&A, which is known as A&D (acquisitions and divestitures). Evercore and TPH do very well also, where I believe Evercore specializes in the midstream space. Simmons is pretty good, and don't really know about the rest of the boutiques.
I also heard all these shops above are sweat shops, but compensation is also crazy (heard some first years at Jefferies making more than 180k all in).
does TPH have interns? or only recruit FT?
they have interns but I'm pretty sure they are done with recruiting
Evercore and Jefferies have excellent deal flow. Petrie and TPH also have decent deal flow. These shops focus on the upstream and analysts gain a very specific and technical training (probably not the easiest to transfer out of energy, but great if you want to stay in energy).
Moelis is not all that great from what I’ve heard, seems like they have a good culture, but people are constantly trying to transfer to the NY office. Deal flow is mostly midstream focused.
Lazard has recently hired two new MD’s which will substaintly increase their already good deal flow. Great place for an Analyst simply due to the brand name. Deal flow is not limited to energy which is unique.
In terms of name brand recognition (not just within energy), I would rank as follows: (1) Lazard, Evercore (LAZ with the slight edge) (2) Moelis (3) Jefferies, Petrie, TPH
Not sure about exit ops or compensation (someone please chime in), but I’ll give it a try. Jefferies comp is very high during good years. Evercore and Petrie also pay above street. Not sure about the others. Evercore has killer energy exit ops. Lazard obviously has good exits as well. Not sure about the others.
Overall, I would say top non B.B. shops (for different reasons) are Evercore, Jefferies, Lazard. Would probably steer clear of most BB’s except GS and MS. JPM does boring work, CS has way to many analysts (hard to get noticed). I would go with GS, MS, LAZ, Evercore, or Jefferies.
I know you caveated it, but your brand recognition list isn't very relevant to kids who want to be in Energy. I can't imagine anyone going to Lazard over Evercore in Houston. In Houston, Lazard and Moelis probably bring up the rear in that list, although you could argue it's better to go there over some of the others if you have no interest in energy long-term.
Has Barclays really fallen? 2-3 years ago they were a pretty clear #1. Has MS really gotten that much better? Again, a few years ago they were one of the weakest BBs in terms of actual energy deal flow, although I know they've made some outside hires since then.
Absolutely agree with you on the “energy specific” brand. If you want to stay in energy, rankings/brand can be VERY different. Just depends on what you want to do. For example, Petrie, TPH, etc have excellent brands within energy (as they are energy specific IBs), but I would imagine most people outside the field wouldn’t be familiar with the names. Again, not a bad thing at all if you wish to stay in energy.
Barclays I think still does pretty well, although I believe they have dropped a bit since their hay day. MS, from what I have heard, has good exit ops which is why I included them as a potential top group. But again, I’m mostly familiar with the various groups’ deal flow rather than exit ops/comp.
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