ATB Capital

ATB Capital Markets Corp.

ATB Capital Markets, operating since 2026 as ATB Cormark Capital Markets, is the investment banking and institutional equities arm of Alberta's government-owned ATB Financial, best known for research on Canadian energy producers, energy services and infrastructure companies.

Company history

ATB Financial, an Alberta Crown corporation founded in 1938, became the largest shareholder of Calgary investment dealer AltaCorp Capital, founded by George Gosbee and partners in 2010, in January 2018. In July 2020 it combined AltaCorp with its own capital markets services to launch ATB Capital Markets. After acquiring Toronto-based Cormark Securities in December 2025, it merged the two businesses in February 2026 as ATB Cormark Capital Markets.

2010AltaCorp Capital founded in Calgary by George Gosbee
2018ATB Financial became AltaCorp Capital's largest shareholder
2020ATB Capital Markets launched from AltaCorp and ATB services
2025Acquired Toronto-based investment bank Cormark Securities
2026Began operating as ATB Cormark Capital Markets

Research

ATB's research has centred on energy production, services and infrastructure, alongside transportation, engineering and construction, and growth and innovation; the combined firm lists energy, technology, mining and life sciences among its key sectors. Its 13th annual institutional investor conference, held in Toronto in January 2025, drew more than 100 institutional investors and 53 management teams. Ratings reflect expected 12-month performance relative to peers: Top Pick, Outperform, Speculative Buy, Sector Perform and Underperform.

Activity24M

RatingsPrice targets1

Oct '24Oct '25Sep '26

Most covered24M

Stock	Rating	Target	Actions	Last action
NOVNOV Inc.	Sector Perform	—	1	Dec 10

Recent actions

Stock	Rating action	Rating	Date
NOV Inc.NOV	Downgrade	Outperform →Sector Perform	Dec 10, 2024
PTPatterson-UTI Energy, Inc.PTEN	Reiterate	Outperform	Sep 4, 2024
SNSNDL Inc.SNDL	Upgrade	Underperform →Sector Perform	Jul 21, 2021