10:21 AM EDT, 03/14/2024 (MT Newswires) -- National Bank said Thursday that Tidewater Midstream and Infrastructure Ltd.'s ( TWMIF ) fourth-quarter results were "well below expectations."

The bank noted that the consolidated adjusted EBITDA of $19 million in Q4 was below the NBF estimate of $35 million and the Street estimate of $36 million.

This was mainly due to lower refining margins and reduced diesel demand related to warmer weather, realized losses on derivative contracts, and a maintenance outage at Pipestone, and higher G&A costs.

"Based on the miss in quarter, we will look to temper our realized refining margin expectations at PGR going forward, partially offset by the company's identified G&A costs savings," the analysts said.

Overall, National Bank is expecting a slight downward shift to its long-term estimates and valuation following the company's conference call.

National Bank has a sector perform rating on the company and a price target of C$1.10.

Price: 0.82, Change: -0.05, Percent Change: -5.75