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Gibson Energy Upgraded to Buy at TD

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Gibson Energy Inc. (GEI.TO) was upgraded to Buy from Hold at TD Securities on Tuesday.

Analyst Aaron MacNeil raised his price target on shares of the Calgary-based midstream oilfield service company to $32 from $29.

"We believe that Gibson's 7% infrastructure growth target is being de-risked by an improving macro backdrop, which we expect will translate into capital-light brownfield opportunities," MacNeil said in a note to clients.

"While sector valuations are elevated relative to history, Gibson remains toward the lower end of the peer group, trading at a 2027E multiple of 10.3x vs. the peer average of 12.2x," the analyst said.

"We believe this discount has partially stemmed from a lack of visibility to the growth outlook," MacNeil said. "As such, we see the potential to narrow the gap to its peers as opportunities materialize."

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