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Tidewater Midstream and Infrastructure (TSE:TWM)
TSX:TWM
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Tidewater Midstream and Infrastructure
(TSX:TWM)
52Neutral
Tidewater Midstream and Infrastructure (TWM) vs. S&P 500 (SPY)
Market Cap
C$118.58M
Dividend YieldN/A
Average Volume (3M)451.31K
Price to Earnings (P/E)―
Beta (1Y)0.24
Revenue Growth-25.71%
EPS Growth93.14%
CountryCA
Employees360
SectorEnergy
Sector Strength47
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-0.06
Shares Outstanding431,190,120
10 Day Avg. Volume187,212
30 Day Avg. Volume451,312
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$0.35Price Target Upside25.00% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
Tidewater Midstream and Infrastructure Business Overview & Revenue Model
Company DescriptionTidewater Midstream and Infrastructure Ltd. is a Canadian energy infrastructure company engaged in the development and operation of midstream assets. The company operates within the energy and utilities sectors, providing essential services such as natural gas processing, transportation, and storage. It focuses on connecting upstream oil and gas production to downstream markets, offering a range of services including fractionation, liquids handling, and marketing of natural gas liquids (NGLs).
How the Company Makes MoneyTidewater Midstream and Infrastructure generates revenue primarily through the provision of midstream services, which include gathering, processing, and transportation of natural gas and NGLs. The company earns income by charging fees for processing natural gas and delivering it through its pipeline network. Additional revenue streams include storage services for natural gas and other hydrocarbons, as well as marketing and sale of NGLs. Tidewater's strategic partnerships and contracts with oil and gas producers are crucial to its earnings, providing long-term, stable cash flows. The company also benefits from its ability to capitalize on commodity price differentials and market demand for its services.
Tidewater Midstream and Infrastructure Financial Statement Overview
Summary
Tidewater Midstream and Infrastructure is grappling with significant financial difficulties, as evidenced by declining revenues and negative profit margins. The high leverage and cash flow issues further underscore the need for strategic interventions to bolster financial stability.Income Statement
The company has experienced declining revenues and profitability over recent periods, with a significant drop in total revenue from 2022 to TTM (Trailing-Twelve-Months). Gross profit margin is low, and net profit margin is negative due to substantial net losses. EBIT and EBITDA margins are also negative, indicating operational challenges.45
Neutral
Balance Sheet
The balance sheet shows a high debt burden with a debt-to-equity ratio of 1.83 in TTM, which is concerning. Stockholders' equity has decreased, impacting the equity ratio. Return on equity is negative, reflecting the company's net losses. Stability is weakened by high leverage and declining equity.50
Neutral
Cash Flow
Cash flow analysis reveals negative operating cash flow and free cash flow in TTM, indicative of liquidity challenges. The operating cash flow to net income ratio is negative due to net losses, and free cash flow has worsened. There is a need for improved cash generation to support operations and investments.40
Negative
| Breakdown | ||||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 2.21B | 2.88B | 1.70B | 979.41M | 692.27M | Gross Profit |
| 59.60M | 147.00M | 85.34M | 74.11M | 21.59M | EBIT |
| -5.60M | 96.60M | 52.37M | 48.39M | -1.35M | EBITDA |
| -259.80M | 191.60M | 247.31M | 95.52M | 63.88M | Net Income Common Stockholders |
| -385.90M | 18.90M | 71.50M | -35.18M | -15.50M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 336.70M | 17.00M | 15.81M | 9.93M | 5.79M | Total Assets |
| 1.60B | 2.27B | 1.97B | 1.86B | 2.03B | Total Debt |
| 373.50M | 917.30M | 889.71M | 1.04B | 1.01B | Net Debt |
| 373.40M | 900.30M | 873.90M | 1.03B | 1.01B | Total Liabilities |
| 1.26B | 1.53B | 1.33B | 1.43B | 1.58B | Stockholders Equity |
| 305.90M | 703.30M | 616.66M | 426.74M | 448.65M |
| Cash Flow | Free Cash Flow | |||
| -155.10M | -106.40M | 9.85M | 134.61M | -389.76M | Operating Cash Flow |
| 137.50M | 242.90M | 126.70M | 205.57M | 91.52M | Investing Cash Flow |
| 14.30M | -279.60M | 19.80M | -100.23M | -729.67M | Financing Cash Flow |
| -168.70M | 37.90M | -140.60M | -101.20M | 637.97M |
Tidewater Midstream and Infrastructure Technical Analysis
Positive
0.28
Price Trends
0.23
Positive
0.20
Positive
0.26
Positive
Market Momentum
0.01
Positive
65.57
Neutral
76.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TWM, the sentiment is Positive. The current price of 0.28 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.23, and above the 200-day MA of 0.26, indicating a bullish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 65.57 is Neutral, neither overbought nor oversold. The STOCH value of 76.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TWM.
Tidewater Midstream and Infrastructure Peers Comparison
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$9.80B | 20.15 | 17.35% | 4.82% | 2.89% | 14.76% | |
76 Outperform | $140.49B | 27.53 | 8.63% | 5.70% | 24.95% | -17.19% | |
74 Outperform | C$72.01B | 15.66 | 16.85% | 5.13% | 5.31% | 61.02% | |
74 Outperform | C$31.34B | 17.97 | 11.25% | 5.15% | -19.86% | 0.18% | |
73 Outperform | C$11.98B | 20.64 | 7.32% | 2.99% | -4.65% | -14.19% | |
56 Neutral | $6.99B | 3.72 | -4.39% | 5.96% | -0.24% | -48.44% | |
52 Neutral | C$118.58M | ― | -8.92% | ― | -25.71% | 93.14% |
* Energy Sector Average
Performance Comparison
TSE:TWM
Tidewater Midstream and Infrastructure
0.30
-0.41
-57.75%
TSE:TRP
TC Energy
70.34
26.13
59.10%
TSE:ALA
AltaGas
40.20
10.90
37.21%
TSE:PPL
Pembina Pipeline
53.98
7.85
17.02%
TSE:ENB
Enbridge
64.73
18.12
38.88%
TSE:KEY
Keyera Corp.
43.26
10.37
31.53%
Tidewater Midstream and Infrastructure Earnings Call Summary
Earnings Call Date:Mar 27, 2025
(Q4-2024)
| % Change Since: 27.27%|
Next Earnings Date:May 08, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a mix of positive strategic moves and operational challenges. Tidewater made significant progress in transitioning to in-house marketing and filed a successful trade complaint, but faced operational setbacks with decreased throughput and lower crack spreads. The net loss was reduced significantly compared to the previous year, and noncore asset sales contributed to deleveraging efforts.Q4-2024 Updates
Positive Updates
Successful Transition to In-house Marketing
Tidewater successfully transitioned to marketing all refined products produced at both HDRD and PGR facilities in-house after the expiration of the five-year offtake agreement with Cenovus.
Anti-Dumping Investigation
Tidewater Renewables filed a trade complaint against subsidized renewable diesel imports from the US, leading to a countervailing anti-subsidy and antidumping duty investigation by the CBSA.
Noncore Asset Sales for Deleveraging
Completed the sale of three noncore assets for over $40 million, used to deleverage, including a $24 million sale of the BRC Roadway Network and the used cooking oil business for $10.6 million.
Operational Efficiency and Cost Reduction
Completed a major turnaround at BRC Complex below initial cost expectations, initiated cost and capital savings totaling over $15 million, with ongoing run rate savings between $7 million and $10 million.
Negative Updates
Decreased Throughput at PGR
PGR throughput averaged 10,963 barrels per day, which was 6% lower than Q3 2024, attributed to scheduled maintenance and third-party pipeline maintenance.
Lower Crack Spreads
Prince George crack spreads averaged $75 per barrel in Q4 2024, down from $87 per barrel in Q4 2023.
Net Loss in Q4 2024
Consolidated net loss attributable to shareholders was $3.3 million during Q4 2024, although this was an improvement from a loss of $331.8 million in Q4 2023.
Temporary Curtailment at Ram River Gas Plant
Gas processing activities at the Ram River gas plant were temporarily curtailed due to producers shutting in volumes as a result of depressed natural gas prices.
Company Guidance
During the Tidewater Midstream and Infrastructure Ltd Q4 2024 financial results call, several key metrics and guidance details were provided. Throughput at the Prince George Refinery (PGR) averaged 10,963 barrels per day, marking a 6% decrease from Q3 2024 due to scheduled maintenance and third-party pipeline issues. The HDR facility's throughput was 2,677 barrels per day, slightly down from Q3 2024. Crack spreads at Prince George averaged $75 per barrel in Q4 2024, lower than the previous year's $87 per barrel but improved to $86 at the start of Q1 2025. The company transitioned to in-house marketing of refined products after the expiration of a five-year offtake agreement with Cenovus. Tidewater filed a trade complaint against subsidized U.S. renewable diesel imports, which could lead to duties valued between $0.50 and $0.80 per liter. The Brazeau River Complex averaged 132 million cubic feet per day, while gas processing at the Ram River plant was curtailed due to low natural gas prices. Tidewater completed several noncore asset sales, including the BRC Roadway Network for $24 million, and aims for $15 million to $20 million in capital maintenance for 2025. The company reported a consolidated net loss of $3.3 million for Q4 2024, significantly reduced from the $331.8 million loss in Q4 2023, with adjusted EBITDA at $20 million.Tidewater Midstream and Infrastructure Corporate Events
Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
Tidewater Midstream Reports Reduced Losses and Strategic Moves Amid Market Challenges
Neutral
Mar 27, 2025
Tidewater Midstream and Infrastructure Ltd. reported a significant reduction in its net loss for the fourth quarter of 2024, attributed to the reversal of previous impairment charges and strategic asset sales. Despite challenges from U.S. renewable diesel imports affecting refining margins, the company has taken steps to address these issues through a trade complaint. The year also saw a decrease in adjusted EBITDA due to derivative contract losses, but operational efficiencies and strategic financial moves, such as the issuance of convertible debentures, have positioned the company for improved financial stability.
M&A TransactionsBusiness Operations and Strategy
Tidewater Completes Sale of Brazeau River Roadway Network
Neutral
Mar 26, 2025
Tidewater Midstream and Infrastructure Ltd. has completed the sale of its Brazeau River Complex roadway network to Canadian Resource Roadways LP for $24 million. The proceeds will be used to repay a term loan, and the sale of this non-core asset is expected to have an immaterial impact on Tidewater’s 2025 operating results.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.