Rockpoint Gas Storage Inc.: Assuming Coverage and Maintaining OW; Quarterly Results Shaded Down to Account for Optimization Timing

研报英文原文证据摘录

Rockpoint Gas Storage Inc.: Assuming Coverage and Maintaining OW; Quarterly Results Shaded Down to Account for Optimization Timing

J P M O R G A N North America Equity Research

28 July 2026

Rockpoint Gas Storage Inc.

Assuming Coverage and Maintaining OW; Quarterly Overweight

Results Shaded Down to Account for Optimization RGSI.TO, RGSI CN

Timing Price (27 Jul 26):C$26.59

▲Price Target (Dec-27):C$33.00

Prior (Dec-26):C$32.00

We are assuming lead analyst coverage of Rockpoint Gas Storage Inc (RGSI CN)

with an OW rating and Dec 2027 C$33 price target, previously covered by Jeremy Utilities and Midstream

Tonet (OW rating and Dec 2026 C$32 PT). While year-over-year contracting may Vrathan Reddy AC

exhibit some variability due to short-term market dynamics, we continue to see a (1-212) 622-4692

constructive fundamental backdrop for storage operators with capacity near key vrathan.reddy@jpmchase.com

markets, as LNG buildout, data center growth, and renewables intermittency drive Jeremy Tonet, CFA

structural uplift in storage rates, contract tenors, and margin profile. Against this (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

backdrop, RGSI remains well positioned to continue executing on at least mid- to

Francina Kolluri

high-single-digit EBITDA growth over the near term, with Alberta ToP earnings

(1-212) 270-5796

growth continuing to improve cash flow visibility. francina.kolluri@jpmchase.com

• Thoughts into 2Q: optimization timing shifts earnings shaping. After Eli Jossen, CFA

catching up with the company, we model a $72mm F1Q27 EBITDA result (1-212) 622-4113

eli.jossen@jpmchase.com

versus the prior $82mm JPMe, with the decrease largely attributable to J.P. Morgan Securities LLC

optimization revenue recognition timing. RGSI took advantage of depressed