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    Chris Murray

    Managing Director and Equity Research Analyst at at ATB Capital Markets

    Chris Murray is a Managing Director and Equity Research Analyst at ATB Capital Markets, specializing in coverage of the Canadian industrials, technology, and telecommunications sectors. He provides in-depth research and investment recommendations on key companies such as TELUS, Rogers Communications, BCE, Canadian National Railway, and Canadian Pacific Kansas City. Known for his insightful analysis, Murray has repeatedly ranked among leading analysts on platforms like TipRanks, where he maintains a strong track record with a success rate typically above 60% and notable average returns on his stock calls. With over two decades of industry experience, Chris began his research analyst career at CIBC World Markets and Dundee Securities before joining ATB Capital Markets in 2020, and he holds multiple professional credentials including FINRA securities licenses and the Chartered Financial Analyst (CFA) designation.

    Chris Murray's questions to STANTEC (STN) leadership

    Chris Murray's questions to STANTEC (STN) leadership • Q2 2025

    Question

    Chris Murray questioned the long-term outlook for the U.S. business and the current impact of AI and technology on the company's margin profile.

    Answer

    President and CEO Gord Johnston and EVP and CFO Vito Culmone expressed a bullish long-term view on the U.S., citing unspent IIJA funds and strong macro trends, viewing the recent slowdown as transitory. Regarding technology, Gord Johnston stated it is still 'early days' for AI to have a material impact on margins, though the company has deployed over 10,000 Copilot licenses and is actively exploring efficiency gains.

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    Chris Murray's questions to STANTEC (STN) leadership • Q1 2025

    Question

    Chris Murray asked for an update on the U.S. government business amid political uncertainty and questioned the integration progress and growth strategy for the ZETCON acquisition in Germany.

    Answer

    Executive Gordon Johnston stated there has been no appreciable impact from U.S. political uncertainty, aside from a brief, now-resolved slowdown in procurement cycles. Regarding ZETCON, Johnston confirmed it is performing ahead of expectations, driven by Germany's robust infrastructure market. He noted the integration is intentionally slower due to complexities but serves as a platform for future German acquisitions.

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    Chris Murray's questions to STANTEC (STN) leadership • Q4 2024

    Question

    Chris Murray of ATB Capital Markets questioned the 2025 EPS guidance, seeking clarity on any unusual items like the Q4 step-down in intangible amortization and whether stock buybacks were included.

    Answer

    Executive Vito Culmone clarified that the EPS guidance is driven by strong business fundamentals, including revenue growth and margin expansion. He confirmed the guidance does not model any future acquisitions or additional stock buybacks but does reflect some benefit from lower interest expenses due to reduced debt levels.

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    Chris Murray's questions to STANTEC (STN) leadership • Q2 2024

    Question

    Chris Murray of ATB Capital Markets questioned why Stantec's performance seems unaffected by the sub-50 Architectural Billings Index (ABI) in the U.S. He also asked about the opportunity pipeline in the traditional oil and gas energy business.

    Answer

    CEO Gordon Johnston attributed the company's resilience to its business mix, which has strong bipartisan support in areas like infrastructure (IIJA), healthcare, and mission-critical facilities, offsetting the slow commercial sector. CFO Theresa B. Jang stated that traditional oil and gas work remains muted, with growth shifting to power transmission, grid hardening, and critical minerals mining.

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    Chris Murray's questions to GFL Environmental (GFL) leadership

    Chris Murray's questions to GFL Environmental (GFL) leadership • Q2 2025

    Question

    Chris Murray from ATB Capital Markets Inc. asked for the expected rollover revenue contribution in 2026 from M&A completed this year. He also inquired about the future capital allocation strategy, particularly regarding dividend increases, given maturing cash flow and potential proceeds from the GIP sale.

    Answer

    Executive VP & CFO Luke Pelosi explained that M&A in the back half of the year will create a significant rollover revenue contribution for 2026. Founder, Chairman, President & CEO Patrick Dovigi confirmed that increasing the dividend to normalize with peers is part of the capital allocation plan over the next 12-24 months, enabled by deleveraging and repatriated funds.

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    Chris Murray's questions to GFL Environmental (GFL) leadership • Q1 2025

    Question

    Chris Murray sought clarification on the drivers of strong price growth in Canada and asked if EPR opportunities are now emerging in the U.S. as the Canadian model proves successful.

    Answer

    Executive Luke Pelosi clarified that while most EPR impact is volumetric, a portion of Canada's strong pricing came from re-pricing long-term contracts to current market rates. CEO Patrick Dovigi confirmed that U.S. states are looking to the Canadian model, with legislation advancing in several states. He noted GFL is advocating for efficient models that consolidate volume under a single entity.

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    Chris Murray's questions to GFL Environmental (GFL) leadership • Q2 2024

    Question

    Chris Murray asked for an update on core margin enhancement initiatives, the supply chain for new vehicles, and any operational complexities involved in a potential sale of the Environmental Services (ES) business.

    Answer

    CFO Luke Pelosi confirmed that initiatives like in-truck tablets are progressing well and will be a key future margin lever, alongside RNG and EPR. CEO Patrick Dovigi stated that truck supply has significantly improved to 85-90% of their needs. Both executives affirmed that separating the ES business would be operationally simple, with minor overlaps in HR and Treasury, and less complex than prior divestitures.

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    Chris Murray's questions to Waste Connections (WCN) leadership

    Chris Murray's questions to Waste Connections (WCN) leadership • Q2 2025

    Question

    Chris Murray of ATB Capital Markets inquired about the volume performance difference between construction/manufacturing and service-based end markets. He also asked about the outlook for outsized margin expansion into 2026-2027.

    Answer

    CEO Ronald Mittelstaedt clarified that volume weakness is concentrated in cyclical construction and manufacturing, while 'Main Street' commercial business remains positive. CFO Mary Whitney expressed confidence in achieving margin expansion beyond the typical 20-40 basis points in future periods, citing tailwinds from normalizing commodity prices and other initiatives.

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    Chris Murray's questions to Waste Connections (WCN) leadership • Q3 2024

    Question

    Chris Murray of ATB Capital Markets requested an update on the E&P business, including the integration of Secure's assets, and asked about the reduction in employee turnover and the methods used to preserve company culture during a period of high acquisition activity.

    Answer

    Executive Ronald Mittelstaedt stated the E&P business is performing well, with the legacy U.S. business up 10% and the acquired Canadian business exceeding expectations. He detailed the significant progress in reducing voluntary employee turnover to the 13.5-14% range, attributing successful cultural integration of acquisitions to a decentralized model, speed, and the servant leadership philosophy.

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