$PPL.TO

Canadian Energy Infrastructure Companies' Q1 Results Mostly In Line, CIBC Says

First-quarter results of Canadian energy infrastructure companies broadly aligned with expectations, with midstreamers pointing to upside in their guidance if market conditions hold, CIBC Capital Markets said.Pembina Pipeline (PPL.TO) hedged enough exposure to raise its guidance outright, and others could follow as the year progresses, CIBC said.During the quarter, CIBC found notable the number of projects announced in the United States relative to Canada, which could be attributed to a more advanced data center buildout in that market and the related demand for energy infrastructure.Among the potential catalysts for the sector include ongoing regulatory reform and execution of the Canada-Alberta memorandum of understanding.Keyera (KEY.TO) intends to give an updated pro forma outlook in June, while Pembina is expected to announce a final investment decision on the Greenlight Energy Center project.Price: $53.81, Change: $+0.09, Percent Change: +0.16%

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%

Pembina Pipeline Upgraded to Buy at TD

Pembina Pipeline Corp. (PPL.TO) was upgraded to Buy from Hold at TD Securities on Tuesday.Analyst Aaron MacNeil raised his price target on shares of the Calgary-based energy transportation and infrastructure company to $75 from $65."While sector valuations are elevated relative to history, we believe Pembina's premium positioning is increasingly justified," MacNeil said in a note to clients."...We see a higher probability of upward revisions over time as volume growth and utilization exceed current assumptions, and are increasing our SOTP multiples to reflect this improving risk profile."

Pembina Pipeline Price Target Raised to $72 at CIBC

CIBC Capital Markets raised its price target on Pembina Pipeline Corp. (PPL.TO) to $72 from $68.Analyst Robert Catellier maintained an Outperformer rating on shares of the Calgary-based energy transportation and infrastructure company."We view Pembina's sanctioning of the Heartland Extraction Plant, alongside the expansion of its long-term supply agreement with Dow Inc. (DOW), as further validation of the constructive LPG outlook while supporting management's targeted 5%-7% fee-based EBITDA/share growth through 2030," Catellier said in a note to clients."One key dynamic to monitor.... is the growing importance of labour availability and equipment procurement as infrastructure activity accelerates across the basin," the analyst said."In our view, early positioning on both fronts will be increasingly critical to maintain project timelines and capital discipline."(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)

National Bank of Canada Maintains Pembina Pipeline's Outperform Rating, C$63 Price Target

National Bank of Canada on Monday maintained its outperform rating on the shares of Pembina Pipeline (PPL.TO, PBA) an its C$63.00 price target after the company decided to proceed with the Heartland Extraction Plant.Pembina sanctioned the $570 million Heartland Extraction Plant (HEP), which includes a straddle plant on the Yellowhead Pipeline designed to extract natural gas liquids under the company's extraction rights.Pembina and Dow (DOW) also amended their ethane supply agreement. Under the revised agreement, Pembina will now supply Dow 35,000 barrels per day of ethane beginning in 2029.National Bank continues to highlight Pembina's $1.00 per share upside to the bank's discounted cash flow valuation from the project, while noting that HEP contributes to the company reaching its 5%-7% fee-based adjusted EBITDA per share growth target through 2030."We view the announcement as further strengthening Pembina's integrated NGL franchise while confirming its ability to convert broader hydrocarbon production growth across Western Canada into capital efficient, high-quality contracted opportunities with future growth potential," the bank said."Meanwhile, the amended Dow agreement reduces timing uncertainty surrounding Dow's Path2Zero project schedule while increasing the overall ethane supply commitment backed by economics of the HEP project," the bank added.Price: $67.69, Change: $-0.76, Percent Change: -1.11%

Pembina Pipeline Sanctions Heartland Extraction Plant

Pembina Pipeline (PPL.TO) is proceeding with the Heartland Extraction Plant and provided an update on its ethane supply agreement with Dow in a Monday news release.The upsized project is a new 750-million-cubic-feet-per-day straddle plant to extract natural gas liquids under Pembina's extraction rights on the Yellowhead pipeline. HEP now includes incremental capacity to accommodate future additional opportunities on a capital efficient basis.Pembina has signed a long-term agreement to supply Dow with ethane starting in late 2029, scaling to 22,500 barrels per day by the end of 2030. Following extraction at HEP, ethane-los mix will be processed at Dow's Fort Saskatchewan facility and Pembina's Redwater Complex.Pembina will retain the associated propane-plus production related to the project and will benefit from downstream fractionation and marketing of up to 9,500 b/d of propane-plus NGL.HEP has an estimated cost of about $570 million and an anticipated in-service date in late 2029.In connection with the new firm volume commitment at HEP, Pembina and Dow have amended the terms of an ethane supply agreement.Under the amended agreement, Pembina will supply Dow with 35,000 b/d of ethane commencing with the start up of Dow's Path2Zero project, which is expected to enter service in 2029. Pembina will source the ethane from its existing supply portfolio.Including the new agreement at HEP and the amended supply agreement, Pembina will supply Dow with a total of 57,500 b/d of ethane, representing a 15% increase compared to the original agreement of 50,000 b/d.

Pembina Pipeline Sanctioning Heartland Extraction Plant Strengthening its Leading NGL Franchise

Pembina Pipeline Announcing Renewal of Share Repurchase Program; Up to 5% of Its Issued and Outstanding Common Shares

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%

Earnings Flash (PPL.TO) Pembina Declaring Cash Dividend for Q2 2026 of $0.735 Per Share, Representing an Increase of Near 3.5%

Earnings Flash (PPL.TO) Pembina Updating Its 2026 Adjusted EBITDA Guidance range to $4.35B to $4.55B (Previously $4.125B to $4.425B)

RBC Changes Estimates for Select Canadian Energy Infrastructure Companies

RBC Capital Markets on Monday outlined estimate changes for select Canadian energy infrastructure companies ahead of the first-quarter earnings season.RBC raised the EBITDA estimate for Capital Power (CPX.TO) to C$400 million from $360 million while lowering the EBITDA forecast for Keyera (KEY.TO) to $210 million from $260 million. RBC cited seasonality profile changes to hedging and the related impacts.The EBITDA projection for Northland Power (NPI.TO) was raised to $430 million from $405 million to reflect RBC's expectation of higher European offshore wind resources.RBC cut the EBITDA estimate for TransAlta (TA.TO) to $217 million from $235 million due to lower power production levels.RBC raised its earnings forecast for Emera (EMA.TO) to $1.20 per share from $1.17 per share mainly due to more favorable weather at Tampa Electric, and higher-than-expected pricing volatility.The discounted cash flow estimate for Enbridge (ENB.TO) was lowered to $1.72 from $1.75 to reflect the anticipated impact from regulatory decisions by the CER on its MTS financial return calculation.RBC reduced its EBITDA estimate for Gibson Energy (GEI.TO) to $149 million from $154 million, driven by lower observed shipping activity.The earnings forecast for Hydro One (H.TO) was raised to $0.64 per share from $0.58 per share due to a higher-than-expected Ontario 60-minute peak demand and rate base growth.RBC boosted the EBITDA estimate for Pembina (PPL.TO) to $1.097 billion from $1.063 billion, primarily due to improvements in the frac spread benefiting Marketing.Price: $66.88, Change: $-0.37, Percent Change: -0.55%

CIBC Names Keyera, Pembina as Top Energy Infrastructure Picks Ahead of Q1 Earnings Season

CIBC Capital Markets on Wednesday named Keyera (KEY.TO) and Pembina Pipeline (PPL.TO) as its top energy infrastructure picks heading into the first-quarter earnings season.Keyera has unrealized value in the pending acquisition of Plains' natural gas liquids assets, although the timing is more likely at quarter-end, CIBC said.Pembina also offers upside tied to the Greenlight Electricity Centre project, as well as a potential increase in marketing guidance, CIBC said.Pembina also has the strongest potential to increase marketing guidance, although historically it has been reluctant to do so early in the year, CIBC added."More broadly, we believe the constant macro news flow may create trading opportunities for investors who are nimble and able to tolerate the associated portfolio turnover," CIBC said.CIBC upgraded TC Energy's (TRP.TO) rating to outperformer from neutral while raising the price target to $89.00 from $85.00, reflecting higher expected returns from recent projects, with the increased return profile driving the rating change.CIBC also increased AltaGas (ALA.TO)'s price target to $51.00 from $50.00 on a stronger liquefied petroleum gas outlook.Superior Plus (SPB.TO)'s rating also moved to outperformer from neutral following its data center announcement for its Certarus unit.Price: $48.92, Change: $+0.71, Percent Change: +1.47%

RBC Favors AltaGas In Potential LPG Supply Shift Amid Iran War

RBC Capital Markets said over the weekend that AltaGas (ALA.TO) is its most favored way to play a potential global supply shift for the liquefied petroleum gas sector.RBC said investors are expected to focus on LPG export amid the war in Iran.AltaGas operates two joint venture terminals in Prince Rupert, British Columbia, and owns an LPG export terminal in Ferndale, Washington State."Although AltaGas can benefit from wider margins for spot cargoes, we believe the greatest upside is if it can secure new long-term tolling contracts to underpin further expansions of its Ridley Island Energy Export Facility," RBC said."While a smaller proportion of its business, Pembina Pipeline (PPL.TO) has its Prince Rupert Terminal that exports LPGs as well as holding LPG export capacity through AltaGas' infrastructure," RBC added.AltaGas is part of the RBC Global Top 30 list.Price: $49.40, Change: $+0.51, Percent Change: +1.04%

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%