Pembina Remains in 3-Star Territory
After taking a fresh look at Pembina Pipeline’s first-quarter earnings results, we are decreasing our U.S. fair value estimate to $35 from $36 due to changes in foreign currency exchange rates. However, we are maintaining our CAD 47 Canadian fair value estimate and narrow moat rating. The stock remains in 3-star territory, and we think that the market has appropriately recognized the company's growth potential, limiting the stock's upside. Future growth projects could be limited by the decline i...Pembina Pipeline has four operating segments: conventional pipelines business, which is a tariff-based operation consisting of pipelines and related facilities that deliver crude oil and natural gas liquids; oil sands and heavy oil business, which consists of the Syncrude Pipeline, the Cheecham Lateral and the Horizon Pipeline; midstream and marketing business, which consists of Co.'s direct and indirect interest in a storage operation, its direct interest in terminals, storage and hub services under a mixture of short, medium and long-term contractual arrangements; and gas services business which consists of natural gas gathering and processing facilities.
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