---
title: "BUZZ-TD Cowen says natgas optimism fuels midstream valuations, supply concerns linger"
description: "TD Cowen reports that optimism in natural gas is driving midstream valuations, with North American growth reflected in rising profit multiples and capex budgets. Investors are cautious about supply-pu"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/261599742.md"
published_at: "2025-10-17T10:16:27.000Z"
---

# BUZZ-TD Cowen says natgas optimism fuels midstream valuations, supply concerns linger

> TD Cowen reports that optimism in natural gas is driving midstream valuations, with North American growth reflected in rising profit multiples and capex budgets. Investors are cautious about supply-push growth while favoring demand-pull growth. Canadian midstream valuations exceed the 10-year average, with a positive outlook for TC Energy and Cheniere Energy, while being bearish on Enterprise Products Partners. Price targets have been adjusted for several companies, including Enbridge and Pembina Pipeline Corp, indicating potential upside in their stock prices.

TD Cowen says market continues to reward North American midstream growth, evidenced by expanding core profit multiples alongside increasing capex budgets

Adds that investors are differentiating between optimism on natgas, demand-pull growth and caution on supply-push growth

TD Cowen adds that Canadian midstream valuations are above 10-year average on near-term catalysts, long-term growth, and attractive yields; U.S. natgas levered names are also above average

“Limited market access can have meaningfully negatively consequences for Canadian producers, and we believe that Canadian midstream is much better positioned with supply push leverage as a consequence,” - brokerage

For Q3 earnings, brokerage is constructive on TC Energy (TRP.TO) , Cheniere Energy (LNG.N) and bearish on Enterprise Products Partners (EPD.N)

TD Cowen changes price target on the following companies:

Company New PT Old PT % upside to stock’s

last close

Enbridge C$70 C$69 5.5%

(ENB.TO)

Energy $20 $22 20%

Transfer

(ET.N)

### ONEOK (OKE.N) $78 $87 16%

Pembina C$66 C$64 23.8%

Pipeline Corp

(PPL.TO)

Williams $69 $67 10.4%

Companies

(WMB.N)

### Related Stocks

- [ENB.US - Enbridge](https://longbridge.com/en/quote/ENB.US.md)
- [TRP.US - TC Energy](https://longbridge.com/en/quote/TRP.US.md)

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---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.