Gibson Energy (TSE:GEI)
TSX:GEI
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Gibson Energy
(TSX:GEI)
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Rating:64Neutral
Price Target:
C$32.00
▲(8.40% Upside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by elevated leverage and uneven top-line performance despite steady cash generation. Offsetting that, technicals are bullish with the stock trading above key moving averages, and the latest earnings call pointed to strong infrastructure momentum and improved visibility, while valuation is supported by a high dividend yield but tempered by a mid-range P/E.
Positive Factors
Infrastructure cash flow strength
Record infrastructure adjusted EBITDA reflects durable, fee-based earnings from terminals and storage. Strong infrastructure cash generation improves distributable cash flow resilience, funds dividend policy and growth projects, and underpins long-term financial flexibility even amid market cycles.
Negative Factors
Elevated leverage
Leverage near ~3.9x limits financial flexibility and raises refinancing and interest-rate exposure. Higher indebtedness constrains capital allocation, forces slower buyback or growth optionality until leverage falls toward the 3.0–3.5x target, and increases vulnerability to cash-flow shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Infrastructure cash flow strength
Record infrastructure adjusted EBITDA reflects durable, fee-based earnings from terminals and storage. Strong infrastructure cash generation improves distributable cash flow resilience, funds dividend policy and growth projects, and underpins long-term financial flexibility even amid market cycles.
Read all positive factors
Gibson Energy (GEI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.08B
Dividend Yield6.61%
Average Volume (3M)618.09K
Price to Earnings (P/E)20.8
Beta (1Y)0.61
Revenue Growth-12.18%
EPS Growth-29.17%
CountryCA
Employees460
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.25
Shares Outstanding172,000,000
10 Day Avg. Volume622,415
30 Day Avg. Volume618,093
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)5.01
Price to Sales (P/S)0.38
P/FCF Ratio19.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$29.34Price Target Upside-0.60% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)1.43
Revenue Forecast (FY)C$8.98B
Gibson Energy Business Overview & Revenue Model
Company Description
Gibson Energy Inc., a liquids infrastructure company, engages in the gathering, storage, optimization, processing, and marketing of liquids and refined products in North America. It operates through two segments, Infrastructure and Marketing. The ...
How the Company Makes Money
Gibson primarily makes money by charging fees for midstream infrastructure services, with earnings driven mainly by contracted and spot-based storage and terminaling arrangements. Key revenue streams typically include: (1) Storage and terminaling ...
Gibson Energy Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call was broadly positive: management reported record infrastructure performance (record infrastructure adjusted EBITDA, +13% throughput), material cost savings (>$25M) that increased DCF per share by 8%, successful Gateway execution and a strategic, leverage-neutral Chauvin acquisition expected to be accretive and to de-risk the multi-year growth plan (>7% infrastructure EBITDA growth target). Headwinds are concentrated in the Marketing segment (muted earnings and low storage/backwardated market), a trailing dividend payout ratio above target (84%) and near-term leverage that management expects to reduce through 2026. Overall, operational and financial strengths, confirmed credit ratings, and clear growth projects outweigh the marketing and timing-related challenges.Positive Updates
Record Infrastructure Adjusted EBITDA
Infrastructure adjusted EBITDA reached a record $622 million for full-year 2025 (up from $601 million in 2024, ~+3.5%), with a new quarterly high watermark in Q4 and Q4 infrastructure adjusted EBITDA of ~ $160 million.
Negative Updates
Marketing Segment Weakness
Marketing adjusted EBITDA was approximately $1 million in Q4 (low end of guidance) and ~$15 million for the full year, reflecting tight heavy oil differentials, limited crude storage and seasonal asphalt storage. Management reiterated marketing guidance of $0–$10 million per quarter and expects marketing to remain muted in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Infrastructure Adjusted EBITDA
Infrastructure adjusted EBITDA reached a record $622 million for full-year 2025 (up from $601 million in 2024, ~+3.5%), with a new quarterly high watermark in Q4 and Q4 infrastructure adjusted EBITDA of ~ $160 million.
Read all positive updates
Company Guidance
Management reiterated marketing guidance of $0–$10 million per quarter and adjusted its 2026 growth capital outlook to $100 million of organic growth (including the previously sanctioned $50 million Wink‑to‑Gateway integration expected in service in Q3), while announcing the $400 million Chauvin acquisition expected to close in Q2 2026 (financed in part by $215 million of equity closed yesterday), done at a mid‑7x multiple with a path to <7x and expected to be mid‑single‑digit accretive to distributable cash flow per share; Chauvin projects include a Hardisty Connection to be sanctioned post‑close (~12‑month execution) and an expansion from ~30,000 bpd to ~45,000 bpd in 18–24 months. At year‑end net debt/adjusted EBITDA was ~3.9x (infrastructure‑only ~4x) with management committed to infrastructure leverage ≤4x and expecting leverage to trend down through 2026 (buybacks only considered when leverage returns to ~3–3.5x). Dividend and return metrics: trailing‑12‑month payout ~84% (long‑term target 70–80%), infrastructure‑only payout 78%, and the quarterly dividend was increased 5% to $0.45/share; management continues to target >7% annual infrastructure EBITDA growth over the next five years.Gibson Energy Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.69B | 11.78B | 11.01B | 11.04B | 7.21B |
| Gross Profit | 427.44M | 423.64M | 483.33M | 394.44M | 298.33M |
| EBITDA | 527.05M | 496.05M | 494.33M | 449.44M | 381.24M |
| Net Income | 197.64M | 152.17M | 214.21M | 223.25M | 145.05M |
Balance Sheet | |||||
| Total Assets | 4.63B | 4.97B | 4.95B | 3.19B | 3.43B |
| Cash, Cash Equivalents and Short-Term Investments | 55.85M | 57.07M | 143.76M | 83.60M | 62.69M |
| Total Debt | 2.84B | 2.65B | 2.77B | 1.72B | 1.74B |
| Total Liabilities | 3.81B | 4.00B | 4.03B | 2.62B | 2.79B |
| Stockholders Equity | 821.02M | 972.07M | 912.47M | 573.02M | 644.13M |
Cash Flow | |||||
| Free Cash Flow | 207.30M | 284.31M | 376.89M | 398.68M | 44.38M |
| Operating Cash Flow | 383.21M | 459.56M | 507.31M | 539.06M | 162.06M |
| Investing Cash Flow | -179.76M | -142.28M | -1.60B | -134.40M | -127.06M |
| Financing Cash Flow | -201.33M | -405.10M | 1.14B | -386.26M | -28.20M |
Gibson Energy Technical Analysis
Positive
29.52
Price Trends
28.52
Positive
26.61
Positive
25.24
Positive
Market Momentum
0.33
Positive
53.91
Neutral
50.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GEI, the sentiment is Positive. The current price of 29.52 is above the 20-day moving average (MA) of 29.46, above the 50-day MA of 28.52, and above the 200-day MA of 25.24, indicating a bullish trend. The MACD of 0.33 indicates Positive momentum. The RSI at 53.91 is Neutral, neither overbought nor oversold. The STOCH value of 50.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GEI.
Gibson Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$35.98B | 17.93 | 9.91% | 5.44% | 2.81% | -14.92% | |
70 Outperform | C$4.70B | 32.90 | 9.77% | 4.91% | 6.52% | -13.92% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$5.08B | 20.80 | 16.47% | 6.61% | -12.18% | -29.17% | |
61 Neutral | C$11.82B | 23.33 | 15.39% | 4.81% | -4.09% | -3.57% | |
53 Neutral | C$208.34M | -1.01 | -49.98% | ― | -23.30% | 76.16% |
* Energy Sector Average
TSE:GEI
Gibson Energy
29.52
9.79
49.58%
TSE:PPL
Pembina Pipeline
61.90
13.59
28.12%
TSE:KEY
Keyera Corp.
51.54
13.23
34.55%
TSE:TWM
Tidewater Midstream and Infrastructure
9.60
4.40
84.62%
TSE:TPZ
Topaz Energy Corp
30.43
8.41
38.22%
Gibson Energy Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Gibson Energy Posts Record Infrastructure EBITDA, Lifts Dividend and Expands Footprint With Chauvin Deal
Positive
Feb 17, 2026
Gibson Energy reported record Infrastructure EBITDA of $622 million in 2025, driven by strong volume growth, lower operating costs and new capital projects such as the Cactus II connection and its Duvernay infrastructure partnership with Baytex, e...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Gibson Energy Raises $215 Million to Fund Chauvin Infrastructure Acquisition
Positive
Feb 17, 2026
Gibson Energy has completed a bought deal equity offering of 8,160,325 common shares at $26.35 per share, raising gross proceeds of about $215 million through a syndicate of underwriters co-led by CIBC Capital Markets and Scotiabank. The company p...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Gibson Energy to Buy $400 Million Chauvin Assets and Expand Hardisty Platform
Positive
Feb 11, 2026
Gibson Energy has agreed to acquire Teine Energy’s Chauvin Infrastructure Assets for $400 million in cash, adding a 75-kilometre crude oil gathering pipeline, treating facility and truck terminal that connect producing regions in eastern Alb...
Financial DisclosuresRegulatory Filings and Compliance
Gibson Energy Sets Date for 2025 Year-End Results and Investor Call
Neutral
Jan 13, 2026
Gibson Energy said it will release its 2025 fourth-quarter and year-end financial and operating results after North American markets close on February 17, 2026, with accompanying management’s discussion and analysis and audited financial sta...
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.