National Bank on "Unexpected CEO & CFO Changes"Looks like National Bank is first analyst response to today's news:
01:45 PM EST, 01/22/2024 (MT Newswires) -- Tidewater Midstream and Infrastructure and Tidewater Renewables announced the appointment of Jeremy Baines as CEO and to the Boards of both companies, effective immediately, following the departure of Robert Colcleugh from the management and Boards of both companies. TWM also announced Aaron Ames as interim Chief Financial Officer, replacing Brian Newmarch, effective immediately.
National Bank notes that Baines brings 27+ years of midstream and infrastructure experience with a background in operations, finance and corporate development from his recent position as President & CEO of Campus Energy Partners, a private entity owned by Birch Hill Equity Partners following the acquisition of certain natural gas midstream, power, and commercial/industrial marketing assets from AltaGas in 2019. Baines was Senior Vice President of Strategic Projects with AltaGas.
Analyst Patrick Kenny writes that with Colcleugh's unexpected departure being effective immediately, and Baines tasked with optimizing operational performance of the 3,000 bpd Renewable Diesel Facility, "we expect the stock to continue trading below its deconsolidated intrinsic value of $1.39/sh (assuming a Midstream re-rate to ~5.0x) as the company works towards bringing its Renewable Diesel Facility up to full run-rate commercial operations through 2024."
Tidewater is rated Sector Perform, with a $1.25 target.