Alberta's Production Cuts Weigh on Inter Pipeline
After taking a fresh look at Inter Pipeline’s first-quarter results, we are lowering our fair value estimate to CAD 24 from CAD 25 and maintaining our no-moat rating. Our lower fair value is driven by our decreased near-term outlook for the company’s oil sands and conventional pipelines as a result of Alberta’s production cuts. Despite the lower fair value, we still see 15% upside in the stock. Overall, Inter Pipeline is in a strong position to benefit from the growing oil sands production in Ca...Inter Pipeline is engaged in the business of of petroleum transportation, bulk liquid storage and natural gas liquids (NGL) extraction through the ownership and operation of energy infrastructure assets in western Canada, the U.K., Denmark, Germany, Ireland and Sweden. Co. has four operating business segments that are reportable segments: the oil sands transportation business segment; the conventional oil pipelines business segment; the bulk liquid storage business segment; and the NGL extraction business segment.
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