Tudor, Pickering, Holt on Wednesday maintained its hold rating on the shares of Gibson Energy (GEI.TO) with a C$26.00 price target after the company acquired oil-infrastructure assets in Alberta, announced an equity financing and warned of weaker than expected fourth-quarter results.

"Yesterday after the close, GEI announced the acquisition of Teine Energy's Chauvin infrastructure assets for total cash consideration of C$400MM, at an implied multiple of ~7.5x 2026E EBITDA. The assets extend GEI's reach from its core Hardisty terminal into the Mannville Stack conventional heavy oil play (bordering AB and SK), adding ~30mbpd of pipeline capacity (~75km) connecting Chauvin to Hardisty, with 50% of volumes underpinned by long-term take-or-pay and dedication agreements with Teine Energy and other third-party producers ... In coordination with the announcement, and conditional upon successful closing of the transaction, GEI has sanctioned the first of two projects-a direct connection to GEI's Hardisty terminal assets-while the second project, a 50% pipeline capacity expansion to ~45mbpd, is targeted for sanctioning by YE'26. Combined with the previously sanctioned Wink-to-Gateway project, total growth capex is now expected to be ~C$100MM in FY'26. Additionally, GEI provided preliminary Q4'25 results showing in-line Infrastructure Adj. EBITDA of ~C$160MM (TPHe C$160MM), weaker Marketing results at ~C$1MM (TPHe C$5MM), with total consolidated Adj. EBITDA of ~C$145MM compared to TPHe at C$153MM and consensus at C$149MM. Despite the Q4 miss driven by Marketing weakness, we expect investors will likely look through these results," analyst AJ O'Donnell wrote

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