Tidewater Midstream and Infrastructure (TSE:TWM)
TSX:TWM
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Tidewater Midstream and Infrastructure
(TSX:TWM)
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Rating:50Neutral
Price Target:
C$17.00
▲(55.39% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak profitability and elevated balance sheet leverage despite a recent improvement in free cash flow. Technicals are supportive due to strong price trend, but overbought signals temper the upside. Valuation remains unattractive because earnings are negative.
Positive Factors
Improving cash generation
TTM operating and free cash flow improvement provides recurring internal funding to support maintenance, modest growth projects and interest coverage. Over 2-6 months this strengthens the firm's ability to stabilize operations and begin gradual de‑leveraging versus relying solely on external financing.
Negative Factors
High leverage
Very elevated debt relative to a compressed equity base materially reduces financial flexibility. High leverage increases interest burden and refinancing risk, limiting the company's ability to invest, withstand volume shocks, or pursue strategic opportunities without further balance sheet repair.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
TTM operating and free cash flow improvement provides recurring internal funding to support maintenance, modest growth projects and interest coverage. Over 2-6 months this strengthens the firm's ability to stabilize operations and begin gradual de‑leveraging versus relying solely on external financing.
Read all positive factors
Tidewater Midstream and Infrastructure (TWM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$371.76M
Dividend YieldN/A
Average Volume (3M)25.57K
Price to Earnings (P/E)―
Beta (1Y)-0.16
Revenue Growth-7.72%
EPS Growth-127.37%
CountryCA
Employees360
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)-4.26
Shares Outstanding21,702,000
10 Day Avg. Volume15,799
30 Day Avg. Volume25,568
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$14.83Price Target Upside35.59% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.85
Revenue Forecast (FY)C$1.75B
Tidewater Midstream and Infrastructure Business Overview & Revenue Model
Company Description
Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, operates as a diversified midstream and infrastructure company in North America. It primarily focuses on natural gas, natural gas liquids (NGLs), and crude oil operations and p...
How the Company Makes Money
TWM makes money by charging customers for midstream services and, to a lesser extent, through commodity-linked marketing activities. Key revenue streams typically include: (1) Service fees and processing margins: revenue earned for gathering and m...
Tidewater Midstream and Infrastructure Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted several strategic advancements, such as the acquisition of the Western Pipeline and increased renewable diesel offtakes. However, these were offset by financial losses, extended outages, and challenges in natural gas markets. Despite some positive strategic and operational developments, the financial setbacks and operational challenges create a balanced sentiment.Positive Updates
Successful Acquisition of Western Pipeline
Tidewater successfully closed the acquisition of the Western Pipeline on September 25, 2025, which is expected to yield $10 million to $15 million in anticipated annual cost savings.
Negative Updates
Net Loss for Tidewater Renewables
Tidewater Renewables reported a net loss of $1 million for Q3 2025, primarily due to a smaller unrealized gain on soybean oil derivative contracts and a loss on warrant liability revaluation.
Read all updates
Q3-2025 Updates
Positive
Negative
Successful Acquisition of Western Pipeline
Tidewater successfully closed the acquisition of the Western Pipeline on September 25, 2025, which is expected to yield $10 million to $15 million in anticipated annual cost savings.
Read all positive updates
Company Guidance
During the third quarter 2025 financial results call for Tidewater Midstream and Infrastructure Limited and Tidewater Renewables Limited, several key metrics and strategic initiatives were highlighted. Tidewater Renewables reported a net loss of $1 million, contrasting with a net income of $13 million in the previous quarter, primarily due to noncash items. However, adjusted EBITDA increased by 54% to $16.5 million, driven by higher equity investment contributions. The company achieved 100% contracted offtakes for renewable diesel production for the remainder of 2025, with expectations to direct over 80% of 2026 production toward renewable diesel sales. Meanwhile, Tidewater Midstream reported a consolidated net loss of $34.1 million, largely impacted by previous unrealized gains on derivative contracts. Despite this, the company maintained a consistent adjusted EBITDA of $16.2 million. Strategic initiatives include the acquisition of the Western Pipeline and the execution of an agreement with the government of British Columbia to secure BC-LCFS credits, expected to fund approximately 50% of renewable feedstocks costs in 2026 and 2027. Additionally, the Prince George Refinery's throughput increased by 4% from the previous quarter, with margins expected to improve due to stronger crack spreads observed in October and November.Tidewater Midstream and Infrastructure Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 1.32B | 1.64B | 2.21B | 2.88B | 1.70B |
| Gross Profit | 29.60M | -28.90M | 107.40M | 59.60M | 147.00M | 85.34M |
| EBITDA | 74.00M | 19.00M | 147.50M | -254.50M | 191.60M | 247.31M |
| Net Income | -107.50M | -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 | 0.00 | 1.10M | 100.00K | 336.70M | 17.00M | 15.81M |
| Total Debt | 576.10M | 574.70M | 572.80M | 373.50M | 917.30M | 889.71M |
| Total Liabilities | 969.10M | 888.20M | 908.00M | 1.26B | 1.53B | 1.33B |
| Stockholders Equity | 156.50M | 182.20M | 290.60M | 305.90M | 703.30M | 616.66M |
Cash Flow | ||||||
| Free Cash Flow | 33.40M | -11.80M | -78.40M | -155.10M | -106.40M | 9.85M |
| Operating Cash Flow | 55.50M | 10.80M | -33.50M | 137.50M | 242.90M | 126.70M |
| Investing Cash Flow | -14.10M | 5.70M | 293.40M | 14.30M | -279.60M | 19.80M |
| Financing Cash Flow | -41.50M | -15.50M | -259.90M | -168.70M | 37.90M | -140.60M |
Tidewater Midstream and Infrastructure Technical Analysis
Positive
10.94
Price Trends
8.11
Positive
6.68
Positive
5.94
Positive
Market Momentum
0.84
Negative
76.38
Negative
87.67
Negative
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 10.94 is above the 20-day moving average (MA) of 9.50, above the 50-day MA of 8.11, and above the 200-day MA of 5.94, indicating a bullish trend. The MACD of 0.84 indicates Negative momentum. The RSI at 76.38 is Negative, neither overbought nor oversold. The STOCH value of 87.67 is Negative, 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$39.15B | 18.16 | 9.98% | 5.44% | -5.92% | -12.92% | |
71 Outperform | C$97.87B | 24.46 | 12.53% | 4.41% | 1.37% | -24.17% | |
69 Neutral | C$166.24B | 16.87 | 11.41% | 5.80% | 13.47% | 9.15% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$13.17B | -25.29 | 15.39% | 4.81% | -11.59% | -67.03% | |
54 Neutral | C$4.97B | -916.52 | 16.60% | 6.61% | -4.83% | -9.94% | |
50 Neutral | C$371.76M | -1.78 | -54.09% | ― | -7.72% | -127.37% |
* Energy Sector Average
TSE:TWM
Tidewater Midstream and Infrastructure
17.13
13.13
328.25%
TSE:ENB
Enbridge
76.13
16.71
28.13%
TSE:PPL
Pembina Pipeline
67.35
17.44
34.94%
TSE:TRP
TC Energy
94.00
27.41
41.17%
TSE:GEI
Gibson Energy
28.92
7.79
36.87%
TSE:KEY
Keyera Corp.
57.44
16.40
39.97%
Tidewater Midstream and Infrastructure Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Tidewater Midstream Posts Wider 2025 Loss but Deepens Pivot to Low-Carbon Fuels
Negative
Mar 26, 2026
Tidewater Midstream reported a significantly wider net loss for both the fourth quarter and full year 2025, driven by lower operating income, the absence of prior-year impairment reversals, and weaker contributions from equity investments, which a...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Tidewater Midstream Posts Wider 2025 Loss but Advances Pipeline and Low-Carbon Fuel Strategy
Negative
Mar 26, 2026
Tidewater Midstream and Infrastructure reported a sharp deterioration in fourth-quarter and full-year 2025 results, with a Q4 net loss of $30.0 million and full-year loss of $112.2 million, driven by lower operating income, the absence of prior-ye...
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.