Target Price Raised to $59 at CIBCPembina Pipeline Target Price Raised to $59 at CIBC
07:57 AM EDT, 07/03/2024 (MT Newswires) -- CIBC Capital Markets raised its price target on Pembina Pipeline Corp. (PPL.TO) to $59 from $58.
Analyst Robert Catellier maintained an Outperformer rating on shares of the Calgary-based oil and gas transportation and storage infrastructure company.
Catellier said Pembina Gas Infrastructure's agreement to acquire a 50% working interest in the 15-07 Kaybob Complex from Whitecap Resources Inc. (WCP.TO) for $420 Million, and to fund Whitecap's Lator area development, is on strategy.
"...It should enhance utilization of key gas plants, increase exposure to key producing areas in the Montney and Duvernay, and support the company's ethane supply commitments for Dow Inc.'s (DOW) ethylene cracker," the analyst said in a note to clients.