TSX:PPL - Post Discussion
Post by
Ariahp on May 10, 2024 5:12pm
Tudor, Pickering, Holt: Rating TP $53
Tudor, Pickering, Holt on Friday reiterated its buy rating on the shares of Pembina Pipeline (PPL.TO, PBA) with a C$53.00 price target following first-quarter results from the Western Canadian oil and gas processing and infrastructure company.
"Positive. Solid Q1 results from Pembina yesterday puts the company on a trajectory toward the top-end of their FY'24 guidance range (C$4.05 - C$4.30B).
We reiterate PPL as our top Canadian midstream pick with a price target of C$53. Reported Adj. EBITDA of C$1,044MM beat both TPHe of C$993MM and the average Street estimate of $982MM.
Both the Pipelines and Marketing segments came in ahead of analysts' and TPH expectations, while Facilities was slightly lower. Total volumes for the Pipelines segment were 2,598 mbopd (TPHe 2,620 mbopd), increasing by 131 mbopd (+5%) y/y. Management cited y/y drivers attributable to higher Peace earnings, the reactivation of the Nipisi pipeline, higher seasonal tolls on Alliance, and a fully operational North Pipeline system, which negatively impacted 1Q'23 earnings because of an outage," analyst AJ O'Donnell wrote.
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