杰富瑞重估加拿大管道巨头:Enbridge (ENB.US)获升评级至“买入” 彭比纳管道(PBA.US)遭降级

智通财经网
Jul 24, 2025

智通财经APP获悉,杰富瑞将 Enbridge (ENB.US)股票评级从"持有"上调至"买入",目标价定为72加元;同时将彭比纳管道公司(PBA.US)评级从"买入"下调至"持有",目标价53加元。

由Sam Burwell领衔的杰富瑞分析师团队指出,Enbridge在加拿大油气管道领域拥有最广阔的发展机遇,这赋予其最大灵活性来推进多元化项目组合,从而增强了对实现EBITDA增长的信心。

报告强调,Enbridge"在加拿大原油领域的主导地位、拥有德州东部输气管道(TETCO)以及在二叠纪盆地的新兴布局,共同奠定了这一优势地位"。

分析师同时表示,与泰克能源(TRP.US)相比,Enbridge展现出更优的综合回报表现(EBITDA复合年增长率加股息收益率),其他关键指标也更出色,尽管优势差距"并非特别显著"。

杰富瑞认为,彭比纳管道在天然气处理、分馏和管道领域的广泛布局与规模优势,使其在加拿大西部能源版图中具备中长期发展潜力。但该公司面临若干实质性挑战,包括其联盟管道(Alliance)的费率争议,以及原定由其供应乙烷的陶氏化学裂解装置项目延期。

"联盟管道费率纠纷的解决将消除重大不确定性,预计很快会有结果,但费率下调幅度仍是关键未知数,"杰富瑞表示。此外,该公司的综合回报指标相比获得"买入"评级的其他中游企业也缺乏吸引力。

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