Tidewater Midstream and Infrastructure (TSE:TWM) Releases Quarterly Earnings Results

Tidewater Midstream and Infrastructure (TSE:TWM) released its earnings results on Thursday. The company reported C($1.19) earnings per share (EPS) for the quarter, FiscalAI reports. Tidewater Midstream and Infrastructure had a negative net margin of 4.75% and a negative return on equity of 42.19%. The business had revenue of C$628.20 million during the quarter.

Here are the key takeaways from Tidewater Midstream and Infrastructure’s conference call:

• Record operating performance lifted results and guidance: Tidewater Renewables’ renewable diesel complex averaged 3,411 barrels per day, or 114% of design capacity, and generated CAD 54.6 million in adjusted EBITDA. Tidewater raised 2026 consolidated adjusted EBITDA guidance to CAD 300 million–CAD 320 million and lowered capital spending guidance to CAD 15 million–CAD 20 million.
• Deleveraging strengthened the balance sheet: Consolidated net debt fell CAD 97.4 million in Q3 and CAD 139 million over the first nine months of 2026, bringing leverage to 1.3x. The company said free cash flow will continue to be directed primarily toward debt reduction.
• Proposed federal fuel-credit changes could provide substantial upside, but remain uncertain: If finalized as proposed, the multipliers could add an estimated CAD 30 million–CAD 40 million of 2027 adjusted EBITDA from credits tied to 2026 production, plus CAD 40 million–CAD 50 million from expected 2027 production. Those estimates depend on the rules being finalized as proposed and on credit prices and production assumptions.
• The proposed combination could improve financing flexibility and create synergies: Tidewater Midstream’s planned all-share acquisition of the remaining Renewables shares is expected to close around December 18, subject to conditions, and is projected to generate CAD 30 million–CAD 40 million in net-present-value synergies. The companies also announced a conditional, fully underwritten CAD 400 million credit commitment with pricing described as more favorable than existing facilities.
• The SAF project timeline has been pushed back: Tidewater extended its potential final investment decision to the first half of 2027 while it awaits regulatory clarity and continues work on provincial support, offtake agreements, and financing. Separately, BRC gas throughput declined from Q2 as producer maintenance and lower AECO prices reduced volumes.

Tidewater Midstream and Infrastructure Trading Up 18.4%

Shares of TWM stock opened at C$26.03 on Friday. The company has a debt-to-equity ratio of 309.29, a quick ratio of 0.55 and a current ratio of 0.93. Tidewater Midstream and Infrastructure has a 52-week low of C$4.49 and a 52-week high of C$26.94. The company has a market capitalization of C$570.99 million, a PE ratio of -7.39, a price-to-earnings-growth ratio of 0.64 and a beta of -0.33. The business’s fifty day moving average is C$23.46 and its 200 day moving average is C$16.46.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TWM shares. Scotiabank increased their target price on shares of Tidewater Midstream and Infrastructure from C$17.00 to C$21.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 21st. National Bank Financial lifted their price target on shares of Tidewater Midstream and Infrastructure from C$25.00 to C$27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Scotia upped their price objective on Tidewater Midstream and Infrastructure from C$21.00 to C$26.00 and gave the company a “sector perform” rating in a research note on Friday, August 14th. ATB Cormark Capital Markets raised their target price on Tidewater Midstream and Infrastructure from C$26.00 to C$28.00 and gave the stock an “outperform” rating in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada raised Tidewater Midstream and Infrastructure from a “hold” rating to a “moderate buy” rating in a research report on Sunday, August 16th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$24.00.

About Tidewater Midstream and Infrastructure

Tidewater Midstream and Infrastructure Ltd. is traded on the TSX under the symbol ‘TWM’. Midstream’s business objective is to build a diversified midstream and infrastructure company across the North American gas processing, natural gas liquids (‘NGL’), petroleum refining, and renewables markets. Midstream’s strategy is to profitably grow and create shareholder value by acquiring and building high quality, strategically located infrastructure. To achieve its business objective, Midstream is focused on providing customers with a full service, vertically integrated value chain through the acquisition and development of energy infrastructure, including downstream facilities, natural gas processing facilities, NGL infrastructure, pipelines, storage, and various renewable initiatives.