US Capital Advisors
US Capital Advisors (USCA) is a Houston-based boutique financial services firm, now part of U.S. Capital Wealth, whose institutional equity research concentrates on midstream energy infrastructure.
Company history
Pat Mendenhall and Dave King co-founded U.S. Capital Advisors in Houston, where it began operating in late 2010; in January 2011 it launched an institutional business focused on energy infrastructure, hiring Becca Followill as head of equity research. It later added investment banking and public finance. In 2021 its advisory wealth business combined with Legacy One to form U.S. Capital Wealth Advisors, which joined RedBird-backed Arax Investment Partners in 2024; holding company U.S. Capital Wealth, majority-owned by Arax, also owns broker-dealer USCA Securities.
- 2010Founded in Houston by Pat Mendenhall and Dave King
- 2011Launches institutional research with Becca Followill as head
- 2021Wealth arm combines with Legacy One as U.S. Capital Wealth Advisors
- 2024U.S. Capital Wealth Advisors joins RedBird-backed Arax Investment Partners
Research
Research centers on energy infrastructure, including pipeline companies, midstream MLPs and LNG developers, a franchise built by Followill, who led research until retiring in 2022; coverage of North American pipeline and LNG companies continued in 2026. The firm has used a five-tier scale of Buy, Overweight, Hold, Underweight and Sell, defined by expected performance relative to peer stocks over the next 12 months.
Coverage12M
- Stocks
- 8
- Ratings
- 0
- Price targets
- 8
- Median upside
- +26.3%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
- Targets raised
- 1
- Targets cut
- 0
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 APHAmphenol Corporation | — | $165 |
 APTVAptiv PLC | — | $110 |
 CBZCBIZ, Inc. | — | $55 |
 DELLDell Technologies Inc. | — | $625 |
 HLIHoulihan Lokey, Inc. | — | $187 |
 SGRYSurgery Partners, Inc. | — | $21 |
 UBERUber Technologies, Inc. | — | $95 |
 VGVenture Global, Inc. | — | $13 |
Analysts24M
- Steven FoxAPH · APTV · UBER4
- Market PerformCBZ1
Recent actions
| Stock | Rating action | Target | Date |
|---|---|---|---|
| Dell Technologies Inc.DELL | Target | $625 | Sep 2 |
| CBIZ, Inc.CBZ | Target | $55 | Jul 30 |
| Houlihan Lokey, Inc.HLI | Target | $187 | Jul 9 |
| Venture Global, Inc.VG | Target | $13 | May 29 |
| Uber Technologies, Inc.UBER | Target | $95 | May 11 |
| Surgery Partners, Inc.SGRY | Target | $21 | Mar 11 |
| Aptiv PLCAPTV | Target | $110 | Jan 13 |
| Amphenol CorporationAPH | Target | $85 →$165 | Jan 9 |
| Amphenol CorporationAPH | Target | $85 | Apr 24, 2025 |
| MRMercury Systems, Inc.MRCY | Target | $48 | Aug 19, 2024 |
| RTRTX CorporationRTX | Target | $134 | Jul 30, 2024 |
 Micron Technology, Inc.MU | Target | $185 | Jun 18, 2024 |
Similar coverage12M
References
- U.S. Capital Advisors Launches Institutional Trading Group (PR Newswire, 2011)prnewswire.com
- U.S. Capital Wealth Advisors Joins Arax Investment Partners (citybiz, 2024)citybiz.co
- U.S. Capital Wealth Advisors Form ADV Part 2A (2025)static.twentyoverten.com
- USCA midstream research with rating definitions (Jan 2020)uscallc.com
- Followill Elected Director of Enterprise's General Partner (Business Wire, 2022)businesswire.com
- U.S. Capital Wealthuscwealth.com