The Globe and Mail reports in its Thursday, Feb. 12, edition that TD Cowen analyst Aaron MacNeil is maintaining his "hold" recommendation for Rockpoint Gas Storage. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacNeil boosted his share target by a loonie to $30. Analysts on average target the shares at $29.80. Mr. MacNeil says in a note: "Rockpoint's meaningful commodity price exposure, most notably through the seasonal spread for natural gas, contributed to its outperformance relative to TD Cowen and consensus Q3/F26 expectations. To this end, natural gas storage fundamentals in Alberta have improved since the IPO, and we continue to believe that Rockpoint offers investors attractive, capital-light near-term growth and a competitive yield. In this context, we are increasing our price target with a blended target multiple of 9.94 times, which we believe is reflective of its scorecard ranking that contemplates its high commodity price exposure, relatively lower contributions from contracted cash flows and many other factors. This price target implies a 5.6-per-cent total return that is largely contributed from its dividend, and, in this context, we believe that Rockpoint is fairly valued at this time."
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