ATB Capital Markets' Institutional Research team provides clients with a holistic view of the sectors driving our economy, and the tools to realize investment opportunities. Researchers focus on these key industries:

  • Energy (conventional and alternative)
  • Life Sciences
  • Diversified Industries

Each analyst has demonstrated thought leadership in their specific arena. Their expertise, paired with our team’s understanding of market dynamics, creates the foundation for thorough and objective analysis—producing robust, actionable ideas for our clients.

Coverage Universe

Energy Services
Waqar Syed | Head of Institutional Research
BKR Baker Hughes Company
CFW Calfrac Well Services Ltd.
ESI Ensign Energy Services Inc.
HAL Halliburton Company
HP Helmerich & Payne Inc.
LBRT Liberty Energy Inc.
NBR Nabors Industries Ltd.
NOV National Oilwell Varco Inc.
NINE Nine Energy Service Inc.
PTEN Patterson-UTI Energy Inc.
PD Precision Drilling Corporation
PUMP ProPetro Holding Corp.
SLB Schlumberger NV
STEP STEP Energy Services Ltd.
FTI TechnipFMC plc
TCW Trican Well Service Ltd.

Large-Cap Exploration & Production and Oil Sands
Patrick J. O'Rourke, CFA | Managing Director, Institutional Research
ARX ARC Resources Ltd.
ATH Athabasca Oil Corp.
BIR Birchcliff Energy Ltd.
CNQ Canadian Natural Resources Ltd.
CVE Cenovus Energy Inc.
CR Crew Energy Inc.
ERF Enerplus Corporation
FRU Freehold Royalties Ltd.
IMO Imperial Oil Ltd.
KEL Kelt Exploration Ltd.
MEG MEG Energy Corp.
NVA NuVista Energy Ltd.
POU Paramount Resources Ltd.
PSK PrairieSky Royalty Ltd.
SDE Spartan Delta Corp.
SCR Strathcona Resources Ltd. 
SU Suncor Energy Inc.
TVE Tamarack Valley Energy Ltd.
TPZ Topaz Energy Corp.
TOU Tourmaline Oil Corp.
WCP Whitecap Resources Inc.

Small and Mid-Cap Exploration & Production
Amir Arif, CFA | Managing Director, Institutional Research
AAV Advantage Energy Ltd.
BTE Baytex Energy Corp.
CJ Cardinal Energy Ltd.
CPG Crescent Point Energy Corp.
GXE Gear Energy Ltd.
HME Hemisphere Energy Corp.
HAM Highwood Asset Management Ltd. 
IPO InPlay Oil Corp.
IPCO International Petroleum Corp.
KEC Kiwetinohk Energy Corp.
PEY Peyto Exploration & Development Corp.
SGY Surge Energy Inc.
VET Vermilion Energy Inc.
YGR Yangarra Resources Ltd.

Energy and Industrial Services and Technology
Tim Monachello, CFA | Managing Director, Institutional Research

AKT.A AKITA Drilling Ltd.
CEU CES Energy Solutions Corp.
CET Cathedral Energy Services Ltd.
EFX Enerflex Ltd.
NOA North American Construction Group Ltd.
PHX PHX Energy Services Corp.
QST Questor Technology Inc.
TOT Total Energy Services

Energy Infrastructure
Nate Heywood, CFA | Managing Director, Institutional Research
ALA AltaGas Ltd.
CPX Capital Power Corporation
ENB Enbridge Inc.
GEI Gibson Energy Inc.
KEY Keyera Corp.
LCFS Tidewater Renewables Ltd.
NPI Northland Power Inc.
PKI Parkland Corporation
PPL Pembina Pipeline Corporation
SES Secure Energy Services Inc.
SPB Superior Plus Corp.
TRP TC Energy Corporation
TWM Tidewater Midstream and Infrastructure Ltd.
TA TransAlta Corporation

Diversified Industries
Chris Murray, P. Eng., CFA | Managing Director, Institutional Research
ARE Aecon Group Inc.
AC Air Canada
ACQ AutoCanada Inc.
BDT Bird Construction Inc.
BYD Boyd Group Services Inc.
CNR Canadian National Railway Co.
CP Canadian Pacific Railway Ltd.
CJT Cargojet Inc.
DXT Dexterra Group Inc.
EIF Exchange Income Corporation
EXRO Exro Technologies Inc.
GFL GFL Environmental Inc.
MEQ Mainstreet Equity Corp.
NFI NFI Group Inc.
PET Pet Valu Holdings Ltd.
SNC SNC-Lavalin Group Inc.
STN Stantec Inc.
WCN Waste Connections Inc.
WSP WSP Global Inc.

Diversified Industries
Tim Monachello, CFA | Managing Director, Institutional Research
AFN Ag Growth International Inc.
MATR Mattr Infrastructure Technologies

Life Sciences
Frederico Gomes | Vice President, Institutional Research
AAWH Ascend Wellness Holdings Inc.
ACB Aurora Cannabis Inc.
AYR.A Ayr Wellness Inc.
CBST The Cannabist Company Holdings Inc. 
CL Cresco Labs Inc.
CURA Curaleaf Holdings Inc.
DB Decibel Cannabis Company Inc.
HITI High Tide Inc.
JUSH Jushi Holdings Inc.
NOVC Nova Cannabis Inc.
OGI OrganiGram Holdings Inc.
TSND TerrAscend Corp.
TLRY Tilray Brands, Inc.
TRUL Trulieve Cannabis Corp.
VRNO Verano Holdings Corp.
VFF Village Farms International Inc.

Growth and Innovation
Martin Toner, CFA | Director, Institutional Research
BITF Bitfarms Limited.
BLN Blackline Safety Corp.
DCBO Docebo Inc.
GLXY Galaxy Digital Holdings Inc. 
KXS Kinaxis Inc.
LSPD Lightspeed Commerce Inc.
MCLD mCloud Technologies Corp.
REAL Real Matters Inc.
RIOT Riot Platforms Inc.
SHOP Shopify Inc.
SFTC Softchoice Corporation
THNC Thinkific Labs, Inc.

Contact us to receive updates and company-specific reports from the Institutional Research team.


ATB Capital Markets has a deep understanding of the Canadian energy sector, including senior exploration & production and oil sands.

Life Sciences

This innovative sector, which includes health care and the emerging cannabis industry, represents growth and opportunity.

Diversified Industries

ATB Capital Markets covers industrial and infrastructure-related companies, including transportation, retail, and manufacturing.

Section 1

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