$GEI.TO

Canadian Energy Infrastructure Companies' Q1 Results Mostly In Line, CIBC Says

First-quarter results of Canadian energy infrastructure companies broadly aligned with expectations, with midstreamers pointing to upside in their guidance if market conditions hold, CIBC Capital Markets said.Pembina Pipeline (PPL.TO) hedged enough exposure to raise its guidance outright, and others could follow as the year progresses, CIBC said.During the quarter, CIBC found notable the number of projects announced in the United States relative to Canada, which could be attributed to a more advanced data center buildout in that market and the related demand for energy infrastructure.Among the potential catalysts for the sector include ongoing regulatory reform and execution of the Canada-Alberta memorandum of understanding.Keyera (KEY.TO) intends to give an updated pro forma outlook in June, while Pembina is expected to announce a final investment decision on the Greenlight Energy Center project.Price: $53.81, Change: $+0.09, Percent Change: +0.16%

Gibson Energy Upgraded to Buy at TD

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."

Gibson Energy Maintained at Hold at TPH Following Q1 Results; Price Target at C$28.00

Tudor, Pickering, Holt on Tuesday maintained its hold rating on the shares of Gibson Energy (GEI.TO) with a C$28.00 price target following first-quarter results from the oil infrastructure and marketing company."light Negative. GEI reported Q1'26 Adj. EBITDA of C$139MM, below both TPHe at C$146MM and consensus of C$144MM, primarily driven by a rise in G&A costs and a restructuring charge. Infrastructure Adj. EBITDA was C$156MM (TPHe C$154MM), a modest beat supported by higher throughput volumes (+14% y/y to 221MM bbls) across all major facilities, though revenue was lower, which management attributed to geopolitical disruptions affecting demand for certain services at Gateway. Marketing Adj. EBITDA came in at C$3MM (TPHe C$2MM), as higher crude differentials and volatility in March offset continued headwinds from Canadian heavy oil backwardation and TMX-related flow shifts. Company-level G&A came in at ~C$19MM (TPHe C$11MM), reflecting continued investments in technology, cost allocation changes from the restructuring, and commercial team expansion. The company also incurred C$8MM of restructuring costs related to a headcount reduction, with C$4MM of the cash portion added back in the DCF calculation," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $28.52, Change: $-1.66, Percent Change: -5.50%

Gibson Energy Swings to First-quarter Loss; Dividend Declared

Gibson Energy (GEI.TO) after trade Monday said it swung to a first-quarter loss "primarily due to unrealized losses from financial hedges that support underlying physical assets, restructuring costs incurred during the quarter, and higher depreciation, amortization and impairment charges, partially offset by lower income tax expense".The oil infrastructure and marketing company had net loss of $1.4 million, compared with net income of $50 million a year ago. Per-share results were not disclosed.Adjusted EBITDA for the quarter ended March 31 stood at $139.1 million, down from $142.2 million a year prior. The company said the drop was "a result of higher general and administrative expenses, partially offset by higher adjusted EBITDA from Infrastructure and Marketing segments".The company also declared a quarterly dividend of $0.45 per share, payable on July 17 to shareholders of record at the close of business on June 29."The completion of the Chauvin acquisition, sanctioning the Hardisty Connection project and our internal restructuring represent key milestones achieved this quarter in advancing the growth strategy we outlined at our Investor Day in December," Chief Executive Officer Curtis Philippon said, adding that, "recent geopolitical events further reinforce the importance of growing reliable North American energy supply. Gibson's operations are well positioned to enable our customers in meeting this global energy need."The company's shares closed up $0.28 to $30.18 on the Toronto Stock Exchange.

Gibson Energy Says Advancing Infrastructure Strategy Through Chauvin Acquisition and Sanctioning of Hardisty Connection Project

Gibson Energy Net Loss of $1M in Q1, $51M Lower Than Q1 2025

CIBC Resumes Coverage of Gibson Energy with Outperformer Rating, C$32 Price Target

CIBC Capital Markets on Friday resumed coverage of Gibson Energy (GEI.TO) after coming off restriction, with an outperformer rating and an increased price target to C$32.00 from C$30.00CIBC views Gibson's acquisition of the Chauvin infrastructure assets in Alberta as strategic and accretive, extending the company's Hardisty platform with a complementary asset with favorable economics.Alongside a visible pipeline of follow-on projects, the acquisition enhances visibility to the company's target of a 7%+ infrastructure EBITDA per-share compound annual growth rate through 2030.Price: $30.11, Change: $+0.21, Percent Change: +0.70%

Gibson Energy Closes $400 Million Chauvin Infrastructure Acquisition to Extend Hardisty Platform

Gibson Energy (GEI.TO) closed its previously announced acquisition of Teine Energy's Chauvin Infrastructure Assets.Gibson, through the deal, acquired a crude oil gathering pipeline system and associated infrastructure connecting Chauvin to the Hardisty oil hub, extending the company's strategic footprint at Hardisty and "reinforcing the stable, contracted nature of its cash flows." The acquisition of the Chauvin infrastructure assets is "underpinned by long-term take-or-pay and area-of-dedication agreements" with Teine Energy, it added.The company also sanctioned the Hardisty Connection growth project which will directly connect the Chauvin Infrastructure Assets to the company's core terminal and enhance connectivity for customers. Gibson expects to sanction the Chauvin pipeline expansion project to increase effective capacity from 30,000 barrels per day to an expected 45,000 barrels per day, by the end of 2026.Funding for the $400 million purchase price for the deal was done through a combination of proceeds from Gibson's previously completed $215 million bought deal equity offering and drawings under its existing credit facility.Shares of the company were last seen down 0.7% at $29.53 on the Toronto Stock Exchange.Price: $29.53, Change: $-0.22, Percent Change: -0.74%

RBC Changes Estimates for Select Canadian Energy Infrastructure Companies

RBC Capital Markets on Monday outlined estimate changes for select Canadian energy infrastructure companies ahead of the first-quarter earnings season.RBC raised the EBITDA estimate for Capital Power (CPX.TO) to C$400 million from $360 million while lowering the EBITDA forecast for Keyera (KEY.TO) to $210 million from $260 million. RBC cited seasonality profile changes to hedging and the related impacts.The EBITDA projection for Northland Power (NPI.TO) was raised to $430 million from $405 million to reflect RBC's expectation of higher European offshore wind resources.RBC cut the EBITDA estimate for TransAlta (TA.TO) to $217 million from $235 million due to lower power production levels.RBC raised its earnings forecast for Emera (EMA.TO) to $1.20 per share from $1.17 per share mainly due to more favorable weather at Tampa Electric, and higher-than-expected pricing volatility.The discounted cash flow estimate for Enbridge (ENB.TO) was lowered to $1.72 from $1.75 to reflect the anticipated impact from regulatory decisions by the CER on its MTS financial return calculation.RBC reduced its EBITDA estimate for Gibson Energy (GEI.TO) to $149 million from $154 million, driven by lower observed shipping activity.The earnings forecast for Hydro One (H.TO) was raised to $0.64 per share from $0.58 per share due to a higher-than-expected Ontario 60-minute peak demand and rate base growth.RBC boosted the EBITDA estimate for Pembina (PPL.TO) to $1.097 billion from $1.063 billion, primarily due to improvements in the frac spread benefiting Marketing.Price: $66.88, Change: $-0.37, Percent Change: -0.55%