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    Ben Pham

    Managing Director and Senior Equity Research Analyst specializing in Energy Infrastructure at BMO Capital Markets

    Ben Pham is a Managing Director and Senior Equity Research Analyst specializing in Energy Infrastructure at BMO Capital Markets, where he covers major companies including Enbridge Inc. Renowned for his coverage in the midstream energy sector, Pham maintains a 5-star analyst rating with an average return of 8.6% and a 67.19% success rate, according to recent performance metrics. He began his career at BMO in 2006 as a research associate, became a publishing analyst in 2009, and has consistently held leading research roles since then. Pham holds the Chartered Financial Analyst (CFA) designation, marking his professional credentials in securities analysis and investment management.

    Ben Pham's questions to PEMBINA PIPELINE (PBA) leadership

    Ben Pham's questions to PEMBINA PIPELINE (PBA) leadership • Q2 2025

    Question

    Ben Pham from BMO Capital Markets requested an update on the remarketing progress for Cedar LNG capacity, clarification on the extension of Peace Pipeline contracts, and asked at what point the company would prioritize share buybacks over growth capex given the stock's performance.

    Answer

    SVP & Corporate Development Officer Stuart Taylor confirmed strong progress on Cedar LNG remarketing, with definitive agreements expected by year-end 2025. SVP & COO Jaret Sprott affirmed that expiring Peace Pipeline contracts have been successfully extended as part of an ongoing, multi-year strategy. President & CEO Scott Burrows addressed capital allocation, stating that near-term capital is largely committed to FID'd projects like Cedar, and while buybacks are debated, growth projects that enhance the franchise are currently prioritized.

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    Ben Pham's questions to EMERA (EMA) leadership

    Ben Pham's questions to EMERA (EMA) leadership • Q2 2025

    Question

    Asked about the drivers within the 5-7% EPS guidance, the strategy for refinancing upcoming hybrids, and the impact of the recent cybersecurity incident on future IT/cyber capital spending.

    Answer

    The EPS guidance is supported by tailwinds from Emera Energy and Florida growth. The company has always planned to refinance its 2026 hybrids and has flexibility in how it does so, but expects to maintain a similar level of hybrid capital. The cybersecurity incident is part of an ongoing evolution of IT investment and does not trigger a major change in capital plans.

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    Ben Pham's questions to EMERA (EMA) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets asked about the key drivers behind the 5-7% EPS guidance and the assumptions for the 2026 hybrid refinancing. He also inquired how the recent cybersecurity incident affects IT investment strategy.

    Answer

    CFO Greg Blunden identified outperformance from Emera Energy and strong load growth in Florida as near-term tailwinds for the EPS guidance. He confirmed the 2026 hybrid refinancing was always in the long-term plan and that they expect to replace it with comparable financing. He added that the cybersecurity incident doesn't fundamentally change their IT strategy, which is one of continued evolution and investment in prevention, similar to industry peers.

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    Ben Pham's questions to ENBRIDGE (ENB) leadership

    Ben Pham's questions to ENBRIDGE (ENB) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets asked about the trend in project returns, noting recent projects appear to have higher returns, and inquired about expansion potential for both Canadian and U.S. gas storage assets.

    Answer

    President & CEO Gregory Ebel confirmed a strategic focus on higher-return, lower-multiple projects, leveraging the company's ability to be selective. EVP of Gas Transmission Cynthia Hansen detailed accessible expansion at Aiken Creek and strong interest in Gulf Coast storage expansions at facilities like Trace, Egan, and Moss to serve growing LNG and industrial demand.

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    Ben Pham's questions to Fortis (FTS) leadership

    Ben Pham's questions to Fortis (FTS) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets questioned the recent materialization of the second data center site in Arizona, the broader pace of discussions with data center companies, and the potential impacts of recent federal legislation on Fortis's business.

    Answer

    UNS Energy President & CEO Susan Gray clarified the second site is part of the same project previously discussed, with details now becoming public. President & CEO David Hutchens added that discussions with other potential customers are on hold pending capacity development. Regarding legislation, he stated there is very limited near-term impact, as corporate taxes were unchanged and ITC's projects are already allocated. Longer-term, it may change the economics of future renewable projects.

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    Ben Pham's questions to TC ENERGY (TRP) leadership

    Ben Pham's questions to TC ENERGY (TRP) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets asked for an update on the progress of filling the $6-7 billion annual capital plan through 2030 and questioned if the company would remain within that range given the increased cadence of project opportunities.

    Answer

    EVP & CFO Sean O’Donnell noted that about a third of the capital 'white space' has been filled since Investor Day. President & CEO François Poirier affirmed their commitment to the $6-7 billion range, explaining that long regulatory lead times and a focus on execution capacity make it challenging to meaningfully increase spending before 2028.

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    Ben Pham's questions to EMRAF leadership

    Ben Pham's questions to EMRAF leadership • Q1 2025

    Question

    Asked how Nova Scotia Power's strong Q1 results reconcile with its full-year ROE guidance and requested a comparison of the current New Mexico Gas sale application process to the one from over a decade ago.

    Answer

    Despite a strong Q1, the full-year outlook for Nova Scotia Power remains consistent with earning just below the allowed ROE band, similar to the previous year's ~8.5% ROE. The current New Mexico regulatory commission is appointed (versus elected previously) and has provided balanced outcomes. The company is confident it can demonstrate the required 'net benefit' for customers in the sale process.

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    Ben Pham's questions to EMRAF leadership • Q1 2024

    Question

    Asked about the Canada Infrastructure Bank's role in the Atlantic tie-in project and questioned the company's dividend policy, including whether the payout ratio is weather-normalized and its potential direction for 2024.

    Answer

    The CIB's involvement is envisioned as a 50% funding partner in a special purpose vehicle. The company does not weather-normalize its payout ratio, and while it's currently high, they expect it to decrease over time as earnings growth outpaces dividend growth. They acknowledged investor feedback on moderating dividend growth.

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