$PBA

RBC Keeps Pembina Pipeline's Outperform Rating, C$68 Price Target

RBC Capital Markets on Monday maintained its outperform rating on the shares of Pembina Pipeline (PPL.TO, PBA) and its C$68.00 price target after the company decided to go ahead with the C$570 million Heartland Extraction Plan and agreed to supply ethane to Dow.The sanctioning of the Heartland extraction plant and updating of the Dow ethane supply agreement are expected to positively impact on the company's share price.The Heartland plant is a larger version of the previously disclosed Yellowhead extraction plant, and helps Pembina monetize its sole liquids extraction rights on the Yellowhead mainline.Meanwhile, Pembina and Dow have amended the terms of their previously announced ethane supply agreement. Under the amended long-term agreement, Pembina will supply Dow with 35,000 barrels per day of ethane, commencing with the scheduled 2029 startup of Dow's Path2Zero project.Price: $67.44, Change: $-0.29, Percent Change: -0.43%

TD Cowen Upgrades Pembina Pipeline to Buy From Hold, Adjusts PT to CA$75 From CA$65

Citigroup Downgrades Pembina Pipeline to Neutral From Buy, Lifts Price Target to CA$70 From CA$63

RBC Raises Pembina Pipeline's Price Target to C$68 from C$64

RBC Capital Markets reiterated its outperform rating on the shares of Pembina Pipeline (PPL.TO, PBA) while raising its price target to C$68.00 from C$64.00 following the company's first-quarter results.Pembina's strong results and 2026 guidance upgrade were driven by its marketing segment, but the company's commercial and project execution accomplishments should not be overlooked, analyst Maurice Choy said."We continue to see Pembina as well-positioned to capitalize on the strong fundamentals that make the Western Canada Sedimentary Basin an attractive global market," Choy said."With its leading fully integrated midstream platform in a prolific basin, the company is poised to benefit from growing global energy demand, increasing strategic relevance of Canadian energy, and emerging demand drivers such as LNG, petrochemical, and data center power demand," he added.Price: $63.23, Change: $+0.65, Percent Change: +1.04%

Sector Update: Energy Stocks Edge Higher Premarket Thursday

Energy stocks were edging higher premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.4%.The United States Oil Fund (USO) was up 1.1% and The United States Natural Gas Fund (UNG) was 2.4% lower.Front-month US West Texas Intermediate crude oil was 0.3% higher at $93.20 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.2% to reach $102.06 per barrel, and natural gas futures were down 1.8% at $2.67 per 1 million British Thermal Units.Helix Energy Solutions (HLX) and Hornbeck Offshore Services have agreed to merge in an all-stock deal to form an integrated offshore services company. Shares of Helix Energy Solutions Group were up more than 5% pre-bell.Sasol (SSL) said it now expects fiscal 2026 fuel sales volume growth of 10% to 15% year-over-year, up from previous guidance of 5% to 10%. Sasol shares were down more than 2% premarket.Apollo Global Management (APO) said Thursday it has agreed to acquire a 40% stake in Pembina Gas Infrastructure from KKR (KKR). Pembina Pipeline (PBA) shares were nearly 2% higher pre-bell.

Pembina Pipeline Maintained at Buy at TPH Ahead of Q1 Results; Price Target at C$65.00

Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Pembina Pipeline (PPL.TO, PBA) with a C$65.00 price target ahead of the oil and gas infrastructure and processing company's first-quarter results."Lowering Q1 Adj. EBITDA by C$71MM to C$222MM versus consensus at C$253MM. The biggest drivers of the revision were (1) the timing of the PAA NGL acquisition closing and (2) adjusting our Marketing expectations in H1'26 to more accurately reflect the AEF outage and turnaround. On fee-based results for Q1, volumes improved by ~6% across KEY's G&P assets (based on data through February 2026), driving TPHe realized margin to C$119MM. However, this gain will be offset by lost AEF processing fees realized by the Liquids Infrastructure segment, resulting in net fee-based results roughly in line with Q4. On Marketing, the AEF outage came at an unfortunate time given the severe volatility in commodity prices. We currently expect realized margin of C$10MM, down from C$89MM in Q4, driven by the AEF outage and losses on hedges, which should reverse in subsequent quarters as the company sells through inventory (more of a timing issue). Despite these sizable H1'26 revisions, our FY'26 estimate only moved down C$12MM to C$1,732MM (vs. Street C$1,671MM). Our higher H2'26 outlook is predicated on the NGL acquisition closing at the end of May, stronger outright NGL pricing in H2, a robust summer iso-octane premium environment, and a more favorable frac spread. We maintain our Buy rating with a C$65/share price target," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $58.99, Change: $-0.36, Percent Change: -0.61%