In response to Monday’s sudden departure of chief executive officer Mick Dilger, CIBC World Markets analyst Robert Catellier lowered Pembina Pipeline Corp. (
) to “neutral” from “outperformer,” suggesting a significant difference of opinion with the board on strategy led to the move.
“We believe Mick was less aggressive in wanting to pursue basin diversification, but differing views on energy transition are also a possibility, not to mention the recent attempt at acquiring Inter Pipeline,” he said.
Mr. Catellier said he’s more comfortable remaining on the sidelines until the release of 2022 guidance or further clarification on its strategy is provided.
He maintained a $44 target. The average target on the Street is $44.14.