02:31 PM EDT, 07/02/2024 (MT Newswires) -- According to National Bank, with its Chief Executive search now complete, Gibson Energy ( GBNXF ) continues to remain focused on additional contracting and contract extensions at its South Texas Gateway export facility in the USGC, with a material update expected by the time GEI reports Q2 2024 results on July 29, 2024.

National recalled that GEI expects to contract new scheduling windows and extend current contracts at similar or higher rates with approximately 5-7 year durations, with four new customers looking to potentially utilize the terminal on top of the current six customers, as highlighted in the bank's recent thematic report, 'Crude Oil Infrastructure: Welcome to the global stage...'.

National's $25 target is based on a risk-adjusted dividend yield of 7.0% applied to its 2025 estimate dividend of $1.72 per share, a 11.0x multiple of its 2025 estimated Free-EBITDA and its DCF/share valuation of $25.00.

This comes after Gibson said earlier Tuesday that its board appointed Curtis Philippon as president and CEO, effective Aug. 29.

The company said Philippon has over 20 years of experience in the North American energy sector, including as president and CEO of Certarus, which built an industry-leading low carbon energy distribution business, grew EBITDA by over 50 times and raised corporate sale proceeds of over $1 billion in 2022 during his tenure..

"After my conversations with the board and conducting my own research, it is clear the company has a strong reputation as industry leading, in all aspects of its business," Philippon said. "I look forward to working with this talented team, as we advance this next chapter of growth and value creation for all our stakeholders."

GEI was last down $0.15 at $23.105.

Price: 23.09, Change: -0.16, Percent Change: -0.69