Tidewater Midstream downgraded to Underperform at National Bank

National Bank analyst Patrick Kenny downgraded Tidewater Midstream & Infrastructure to Underperform from Sector Perform with a price target of C$0.30, down from C$0.85, following the company’s Q2 earnings results. The analyst noted that Tidewater Midstream revised FY24 EBITDA guidance downward to $130M-$150M from $150M-$170M, reflecting “BC LCFS credit pricing weakness as U.S. renewable diesel volumes flood the BC market, alongside depressed gas prices causing the temporary shut-in of Ram River.”