Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of Pembina Pipeline (PPL.TO) with a C$59.00 price target after the Western Canadian oil and gas processing and infrastructure company reported second-quarter results.
"Slight Positive. Second quarter adj. EBITDA of C$1,013MM came in higher than consensus at C$1,005MM, but in line with TPHe at C$1,011MM. Results from PPL's fee-based segments had offsetting misses, with Pipelines beating by C$5MM (TPHe C$641MM vs C$646MM) and Facilities missing by C$3MM (TPHe C$334MM vs C$331MM). Marketing results were weaker, with adj. EBITDA coming in at C$74MM, compared to TPHe at C$88MM. Volumes on PPL's pipeline assets totaled 2,768mbopd, up 2% y/y, while Facilities throughput totaled 826mbopd, down -3% y/y, likely due to planned maintenance activities at certain PGI assets," 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: 49.03, Change: -1.70, Percent Change: -3.35
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