11:35 AM EST, 02/03/2025 (MT Newswires) -- AltaGas ( ATGFF ) and Gibson Energy ( GBNXF ) may benefit from a 10% U.S. tariff on energy, National Bank of Canada said in a note over the weekend.

AltaGas' ( ATGFF ) Westcoast LPG export platform remains very well positioned to capture additional long-term commitments from shippers looking to access Asian markets and avoid U.S. tariffs, the bank said.

Combined with its RIPET facility offering upstream producers US$5 per barrel better propane netbacks compared to sending product to Conway over the past two years and US$8/bbl on a forward indicative year, the bank expects a positive contracting update with the company's release on March 7.

The bank maintained its outperform rating and $41 price target on AltaGas ( ATGFF ) shares.

Gibson's crude oil marketing business had been bouncing along bottom given backwardation in the crude market, as well as relatively stable and compressed heavy oil differentials in the low-teens per barrel region, the bank said.

However, should oil differentials continue to widen, the bank could see the company's Marketing segment return to more normalized contributions at or slightly above the midpoint of its longer-term $80 million to $120 million per year guidance range.

Combined with potentially heightened demand for upstream crude oil storage assets at Hardisty and Edmonton as customers look to weather the tariff storm, the bank said it remains buyers of Gibson at current levels.

Gibson shares kept their outperform rating and $29 price target at the bank.

Elsewhere, National Bank noted the potential for the broader 25% U.S. tariff on non-energy goods to negatively impact the CAD/USD exchange rate, boding well for companies with the majority of their cash flows generated in USD such as Emera ( EMRAF ) , Enbridge ( ENB ) , Fortis ( FTS ) , TC Energy ( TRP ) and AltaGas ( ATGFF ).

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