From Today's Globe and Mail CIBC’s Robert Catellier raised his
Pembina Pipeline Corp. (
PPL-T +2.10%
increase) target to $54 from $53, maintaining an “outperformer” rating. Others making changes include: Raymond James’ Michael Shaw to $50 from $49.50 with a “market perform” rating, BMO’s Ben Pham to $55 from $54 with an “outperform” rating and Scotia’s Robert Hope to $55 from $54 with a “sector outperform” rating. The average is $50.70.
“Q1/22 results underscore the upside leverage from the favorable commodity price environment, namely the step-change in Marketing ($268-million vs. $90-million last year) and physical volumes on conventional pipe (reached a high in April). At the same time, tight capacity and PPL’s well positioned “Store” is driving new organic growth (Peace VIII reactivated), supporting further capital return ($41-million shares repurchased year-to-date and 3.6-per-cent dividend increase expected in Q3 post KKR JV close). What’s not to like? Maintain Outperform rating, Top 3 Best Idea designation,” said Mr. Pham.