11:37 AM EST, 01/29/2026 (MT Newswires) -- Since January 3, Waste Connections ( WCN ) shares are down ~2%, underperforming waste-management peers that are up on average ~4% over the same period, notes CIBC.

Based on investor feedback, CIBC believes this weakness reflects incremental concerns around the company's R360 Canada energy-waste exposure, following U.S. military actions involving Venezuela. R360 specializes in the treatment, recovery and disposal of oilfield waste streams.

In a note to clients, analyst Kevin Chiang, who is maintaining his US$208 price target and outperformer rating on the company, says he is "doubtful that Venezuelan crude presents a near- to medium-term displacement risk for Canadian oil production".

Venezuela faces years of underinvestment, infrastructure constraints, and political risk, while Canadian crude exports are largely governed by long-term, take-or-pay pipeline contracts, he points out. Even if Venezuelan crude displaces Canadian barrels in the U.S., crude oil remains a global market, Chiang adds.

R360 Canada represents ~5.0% of Waste Connections' ( WCN ) consolidated EBITDA based on CIBC's 2025E and is not the primary driver of the company's earnings power. "We would also note that R360 Canada's exposure to heavy oil, which is the key end market investors are concerned about as it relates to Venezuelan crude displacing Canadian crude, is less than 15% of R360 Canada's revenue. In other words, the market is reacting to what accounts for less than 0.5% of WCN's consolidated revenue."

Price: 227.13, Change: -2.42, Percent Change: -1.05