Pembina Pipeline (TSX: PPL), the Materials company, has been an analyst favorite lately, as after Scotiabank and CIBC rated the stock a Buy this past month, there is another positive note, this time from National Bank. Today, analyst Patrick Kenny gave a Buy rating to PPL and set a C$58 price target.
According to TipRanks.com, Kenny is a 2-star analyst with an average return of 2.5% and a 16.7% success rate. Kenny covers the Basic Materials sector, focusing on stocks such as Inter Pipeline Ltd, Gibson Energy Inc, and Pembina Pipeline.
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Currently, the analyst consensus on Pembina Pipeline is a Strong Buy with an average price target of C$54.29, a 27.3% upside from current levels. In a report issued on October 23, CIBC also reiterated a Buy rating on the stock with a C$51 price target.
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Based on Pembina Pipeline’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$1.95 billion and net profit of C$246 million. In comparison, last year the company earned revenue of C$1.04 billion and had a net profit of C$107 million.
Pembina Pipeline Corp. engages in the provision of transportation and midstream services. It operates through the following segments: Conventional Pipelines, Oil Sands and Heavy Oil, Gas Services. and Midstream.
The company’s shares closed on Friday at C$42.65.
