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Tidewater Midstream and Infrastructure
(TSX:TWM)
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Rating:61Neutral
Price Target:
C$21.50
â–²(5.70% Upside)
Action:Reiterated
Date:08/17/26
The score is driven by strong technical momentum and a constructive earnings update with raised 2026 EBITDA guidance and improving leverage. Offsetting these positives are weaker underlying financial fundamentals—continued net losses and elevated leverage—plus limited valuation support due to a negative P/E and no dividend yield data.
Positive Factors
Raised EBITDA Guidance
Raised 2026 EBITDA guidance signals stronger operating expectations and improved earnings visibility across both businesses. The increase, supported by record Q2 EBITDA, can enhance internally funded deleveraging and sustain investment over the next several quarters.
Negative Factors
Elevated Leverage
The high debt burden relative to equity reduces financial flexibility and leaves less capacity to absorb weaker earnings or cash flow. Interest and principal obligations can also constrain capital allocation, making sustained deleveraging important to the company’s medium-term resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Raised EBITDA Guidance
Raised 2026 EBITDA guidance signals stronger operating expectations and improved earnings visibility across both businesses. The increase, supported by record Q2 EBITDA, can enhance internally funded deleveraging and sustain investment over the next several quarters.
Read all positive factors
Tidewater Midstream and Infrastructure (TWM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$450.57M
Dividend Yield4.08%
Average Volume (3M)118.35K
Price to Earnings (P/E)―
Beta (1Y)0.18
Revenue Growth15.50%
EPS Growth-29.66%
CountryCA
Employees312
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-3.54
Shares Outstanding21,936,000
10 Day Avg. Volume121,775
30 Day Avg. Volume118,348
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.62
Price to Sales (P/S)0.09
P/FCF Ratio-9.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$25.50Price Target Upside25.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.23
Revenue Forecast (FY)C$2.09B
Tidewater Midstream and Infrastructure Business Overview & Revenue Model
Company Description
Tidewater Midstream and Infrastructure Ltd. operates as a downstream, midstream, and infrastructure company in Western Canada and the United States. It primarily focuses on processing natural gas, natural gas liquids (NGLs), crude oil, refined pro...
How the Company Makes Money
TWM makes money by charging fees and earning margins across multiple midstream service lines tied to natural gas, NGLs, and crude oil. Key revenue streams include: (1) Natural gas gathering and processing: TWM earns revenue from processing and rel...
Tidewater Midstream and Infrastructure Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives: record throughput and adjusted EBITDA at the renewables business, record consolidated EBITDA, improved refining margins, meaningful debt reduction, and upgraded full-year guidance. Strategic initiatives also advanced (SAF project progressing, regulatory funding secured). Offsetting items include midstream throughput curtailments (BRC and Ram River), temporary refinery outage impacts, realized hedge losses, and regulatory dependency for the SAF FID. Overall, operational momentum and balance sheet improvements materially outweigh the challenges reported.Positive Updates
HDRD Complex Record Throughput and Utilization
Average daily throughput of 3,315 barrels per day in Q2 2026, representing 111% utilization; achieved via low-cost debottlenecking and high facility reliability enabling above-nameplate production.
Negative Updates
Lower BRC Gas Processing Throughput
BRC gas processing throughput averaged 105 million cubic feet per day in Q2 2026, an 8% decrease versus Q1 2026, primarily due to NGTL curtailments limiting producer volumes and reducing fractionation utilization to 76% (from 90% in Q1).
Read all updates
Q2-2026 Updates
Positive
Negative
HDRD Complex Record Throughput and Utilization
Average daily throughput of 3,315 barrels per day in Q2 2026, representing 111% utilization; achieved via low-cost debottlenecking and high facility reliability enabling above-nameplate production.
Read all positive updates
Company Guidance
Tidewater raised its full‑year 2026 adjusted EBITDA guidance to consolidated $230–$250 million (a ~20% increase versus the prior mid‑point), with Tidewater Renewables now guided to $130–$140 million and Tidewater Midstream (deconsolidated) to $100–$110 million; Q2 momentum underpinning the raise included Renewables adjusted EBITDA of $56 million (including $7.7 million of expected biofuels production incentive proceeds and $7.7 million from an equity investment), Midstream deconsolidated adjusted EBITDA of $32.9 million, and consolidated Q2 adjusted EBITDA of $88.9 million (up $39.2 million QoQ). Balance‑sheet and cash‑flow metrics cited in support: consolidated net debt fell $44.4 million in Q2 ($30.9M at Midstream, $13.5M at Renewables) producing debt/EBITDA ratios of 1.47x (Renewables), 2.3x (Midstream) and 1.7x consolidated (within the 1.2x–2.5x target). Operational and market drivers referenced include HDRD throughput of 3,315 bpd (111% utilization), PGR throughput averaging 10,032 bpd in Q2 (12,060 bpd ex‑outage, ~101% of design), a PGR crack spread of $118/bbl in Q2 (+16% QoQ), BRC gas processing at 105 MMcf/d with fractionation at 76% utilization (vs. 90% in Q1), hedges covering ~50% of Apr–Dec 2026 crack exposure and ~40% of 2027 entered in July, expected BC biofuels incentive cash contributions of $13.8 million in Q3, and unchanged 2026 capex guidance of $2–3 million for Renewables and $20–25 million consolidated (net of BC‑LCFS credits).Tidewater Midstream and Infrastructure Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
33
Negative
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.61B | 1.32B | 1.64B | 2.21B | 2.88B | 1.70B |
| Gross Profit | 122.60M | -28.90M | 107.40M | 59.60M | 147.00M | 85.34M |
| EBITDA | 154.60M | 19.00M | 147.50M | -254.50M | 191.60M | 247.31M |
| Net Income | -76.20M | -112.20M | -26.60M | -385.90M | 18.90M | 71.50M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.11B | 1.24B | 1.60B | 2.27B | 1.97B |
| Cash, Cash Equivalents and Short-Term Investments | 800.00K | 1.10M | 100.00K | 336.70M | 17.00M | 15.81M |
| Total Debt | 532.60M | 574.70M | 572.80M | 373.50M | 917.30M | 889.71M |
| Total Liabilities | 954.30M | 888.20M | 908.00M | 1.26B | 1.53B | 1.33B |
| Stockholders Equity | 172.20M | 182.20M | 290.60M | 305.90M | 703.30M | 616.66M |
Cash Flow | ||||||
| Free Cash Flow | 57.10M | -11.80M | -78.40M | -155.10M | -106.40M | 9.85M |
| Operating Cash Flow | 78.10M | 10.80M | -33.50M | 137.50M | 242.90M | 126.70M |
| Investing Cash Flow | -13.60M | 5.70M | 293.40M | 14.30M | -279.60M | 19.80M |
| Financing Cash Flow | -64.00M | -15.50M | -259.90M | -168.70M | 37.90M | -140.60M |
Tidewater Midstream and Infrastructure Technical Analysis
Neutral
20.34
Price Trends
19.86
Positive
17.72
Positive
12.12
Positive
Market Momentum
0.15
Positive
48.72
Neutral
38.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TWM, the sentiment is Neutral. The current price of 20.34 is below the 20-day moving average (MA) of 21.29, above the 50-day MA of 19.86, and above the 200-day MA of 12.12, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 48.72 is Neutral, neither overbought nor oversold. The STOCH value of 38.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:TWM.
Tidewater Midstream and Infrastructure Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | C$38.94B | 23.57 | 10.54% | 4.28% | -0.28% | -4.26% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$151.40B | 23.11 | 10.01% | 5.56% | 28.91% | -8.55% | |
64 Neutral | C$86.53B | 25.98 | 13.07% | 3.99% | 5.52% | -18.22% | |
62 Neutral | C$5.39B | 31.18 | 18.23% | 5.63% | 18.62% | 3.09% | |
61 Neutral | C$450.57M | -5.80 | -42.19% | 4.08% | 15.50% | -29.66% | |
57 Neutral | C$16.53B | 39.67 | 10.81% | 3.83% | 0.24% | -38.65% |
* Energy Sector Average
TSE:TWM
Tidewater Midstream and Infrastructure
20.54
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335.17%
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Tidewater Midstream and Infrastructure Corporate Events
Business Operations and StrategyFinancial Disclosures
Tidewater Midstream Lifts 2026 Outlook on Record Quarter and Debt Cuts
Positive
Aug 13, 2026
Tidewater Midstream and Infrastructure reported a swing to a $15 million profit in the second quarter of 2026, driven by record adjusted EBITDA of $88.9 million and strong utilization at its HDRD Complex and Prince George Refinery. The company cut...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.