Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PEMBINA PIPELINE CORP. We currently have 30 research reports from 1 professional analysts.
|17Mar16 20:37||MKW||Pembina Pipeline Corporation Announces $300 Million Bought Deal Financing|
|06Jan16 19:15||MKW||Pembina Pipeline Corporation Launches $150 Million Bought Deal Preferred Share Offering|
|10Nov15 21:34||MKW||Pembina Pipeline Corporation Announces $400 Million Bought Deal Financing|
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PEMBINA PIPELINE CORP
PEMBINA PIPELINE CORP
ANNOUNCES $500 MM PUBLIC NOTE OFFERING
09 Aug 16
On August 8, 2016, Pembina announced it has agreed to issue $500 mm of 10-year senior unsecured mediumterm notes, which have a fixed coupon of 3.71% per annum, paid semi-annually, and mature on August 11, 2026. Pembina had previously stated that it planned to raise ~$950 mm in term debt in 2016/17, and this is its first major note issue of 2016. Management expects the offering to close on August 11, 2016
2Q16 EPS $0.25 (FCCe: $0.31, consensus: $0.29)
08 Aug 16
Pembina’s 2Q16 performance was marginally below estimates as low commodity prices continue to be the area of weakness for Pembina, though the Company is committed to employing long-term, fee-for-service contracts on its current and future assets to limit exposure. Year-to-date, Pembina has placed over $1 bn of new assets into service, including the RFS II fractionator, the Musreau III gas plant, and the Resthaven gas plant expansion. We have elected to maintain our Market Perform ranking and 12-MTP of $40.00/ share.
2Q16 EPS $0.25 (FCCE: $0.31, CONSENSUS: $0.29)
05 Aug 16
Impact: Neutral to slightly negative. Pembina's 2Q16 performance was marginally below most estimates but down y/y, despite improved volumes. The low commodity prices continue to be the area of weakness for Pembina, though the Company is committed to employing long-term, fee-for-service contracts on its current and future assets to limit exposure. Year to date, the company has placed over $1 bn of new assets into service, including the RFS II fractionator, the Musreau III gas plant and the Resthaven gas plant expansion.
Downgrading Pembina On Price Appreciation, Financial Outlook, Positive View of Strategy Unchanged
31 May 16
We are downgrading Pembina Pipeline after the most recent price appreciation (+28% YTD) as our estimated 12-month total return is now under 10%. Our outlook for Pembina’s financials and capex is unchanged, and we still expect its Montney/Duvernay region focus will prove to be the correct strategy in the next decade. The Company is moving to a fee-for-service business model that should see >100% of all distributions coming from fee-for-service businesses, leaving no dividend risk attached to commodity-exposed cash flows. Valuation: we use a dividend discount model (DDM, r=7%, no terminal growth rate post 2021) for our $40/share valuation.
DOUBLES DOWN ON THE DUVERNAY WITH NEW $130 MM INVESTMENT
31 May 16
On May 31, 2016, Pembina announced that it had contracted with an investment grade multinational company to build pipeline and field condensate handling systems for its previously-announced Duvernay I gas plant, which is still under construction. In addition, Pembina also signed a gas processing agreement that will fill the Duvernay I plant's gas handling capacity. In order to attract future potential gas processing customers in the region, Pembina has begun preliminary engineering on a possible Duvernay II gas plant.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
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