RBC - Outperform rating TP $48 (bring it on Please) 11:55 AM EST, 02/25/2022 (MT Newswires) -- RBC Capital Markets on Friday kept its outperform rating on the shares of Pembina Pipeline (PPL.TO) in place, with a C$48.00 target price, after the Western Canadian oil and gas infrastructure and processing company reported better than expected fourth-quarter results.
"We expect the market to positively view the Q4/21 results that were well-ahead of consensus (+8% for EBITDA and +21% for AFFO/share) as well as the early action on share buybacks," the investment bank said in a note.
"While it is too early in the year for Pembina to revise its guidance, we highlight the company's history of being conservative as well as its statement that it expects 2022 EBITDA to be higher than the record EBITDA in 2021 (i.e., implying roughly at or above the mid-point of its 2022 EBITDA guidance range)."