10:46 AM EST, 02/26/2024 (MT Newswires) -- RBC Capital Markets said over the weekend that Pembina Pipeline Corp. (PPL.TO) is well-positioned to carry its strong momentum from 2023 into 2024.
RBC cited the multiple business developments that the company announced as part of its quarterly release, which demonstrated its ability to leverage its extensive integrated midstream footprint to drive growth.
"We believe Pembina's longstanding financial guardrails, and especially the company's historical actions, should provide the market with confidence as Pembina pursues future growth initiatives," RBC said.
RBC gave Pembina an outperform rating with a $58.00 price target.
Meanwhile, Pembina's adjusted EBITDA of $1.03 billion in the fourth quarter of 2023 aligned with National Bank of Canada's forecast and the Street estimate of $1.01 billion.
The result reflects strong contributions from the pipelines and facilities segments, the bank said.
The bank gave Pembina a sector perform rating with a $50.00 price target.
Price: 46.76, Change: -0.08, Percent Change: -0.18