Bruce Murray Tidewater Midstream and Infrastructure Ltd TWM-T BUY Jan 05, 2024

(A Top Pick Jun 01/22, Down 32%)

Challenging year for the company.
Renewable business faced hurdles throughout the year. 
Does not own shares anymore.
Waiting for business to improve before buying (LNG prospects etc.).

Company has found its footing with new management.
Recent asset sale to Altagas was favorable.
Tidewater Renewables will be a catalyst to further growth.
Will continue to own shares.

Frustrating performance, a function of market cap size and what investors are looking for right now (larger cap). Management continues to execute. Big ownership of LCFS, which will eventually provide tailwinds.

They owned it but sold. It never really gained traction. The CEO left and the company divested some of its assets including Alta Gas. Instead of this company consider large cap infrastructure companies that have sold off with rising rates.

Underperformer. New deal with ALA is great for shareholders; de-levers and unlocks some value. Renewables arm, of which it owns 70%, is coming online to drive cashflow. Better days ahead. Earnings report in next week or so.

He owned this for 6 years, exiting when the last CEO left. They just cut their dividend. He doesn't follow the stock now.

Owns shares in portfolio with strong assets. Also owns 70% of renewable diesel assets. Lots of cash from recent asset sale. Strong balance sheet. Recent departure of CEO a surprise - questions on change. Strategy going forward unclear. Would hold shares if already own. Not buying new shares.  

Turmoil here over concerns that their renewable diesel facility is working well or not. That's the key to this company. They are debt free. The CEO exited. He's in a wait and see mode, on pins and needles.

Frustrating the last year. In 2023, they were spinning off assets and paying down debt, which was good, but the new CEO has since been building new projects, triggering a sell-off. Meanwhile, they can't sell their renewable assets because US companies are offloading their carbon credits here in Canada. Tons of uncertainty and debt with TWM.