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 com ....
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31 May 2016
Downgrading Pembina On Price Appreciation, Financial Outlook, Positive View of Strategy Unchanged
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Downgrading Pembina On Price Appreciation, Financial Outlook, Positive View of Strategy Unchanged
Pembina Pipeline Corporation (PPL:TSE) | 0 0 0.8% | Mkt Cap: 20,478m
- Published:
31 May 2016 -
Author:
Steven I. Paget -
Pages:
4 -
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 com ....