Tudor, Pickering, Holt on Wednesday reiterated its buy rating on the shares of Pembina Pipeline (PPL.TO, PBA) with a C$64.00 price target ahead of fourth-quarter results from the oil and gas processing and infrastructure company.
"Refreshing our PPL model included updating processing plant volumes with the latest data (available through Dec'24) and refreshing our price deck to the current strip. The net effect of these updates resulted in minimal changes to our forecast, leaving our C$64/shr target intact and reiterating our Buy rating. Looking to the quarter, we're expecting a slight beat on Q4'24 adjusted EBITDA at $1,139MM (TPHe) vs the Street at $1,126MM. Results from all three segments should come in ahead of consensus, as we expect higher volumes and improved frac margins to drive higher seasonally adjusted earnings. For the year ahead, we've also trued up our model to align with our supply forecast from our current Canadian macro outlook, which forecasts +850MMcf/d (+5%) of WCSB gas growth in 2025," analyst AJ O'Donnell wrote.
(MT Newswires 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.mtnewswires.com/contact-us)
Price: 52.36, Change: +0.27, Percent Change: +0.52
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