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National Bank of Canada Keeps Pembina's Outperform Rating, $56 Price Target

BY MT Newswires | ECONOMIC | 10/06/25 11:28 AM EDT

11:28 AM EDT, 10/06/2025 (MT Newswires) -- National Bank of Canada Monday maintained Pembina Pipeline (PBA) 's outperform rating and $56 price target.

Pembina recently said it is advancing the phase one of the AESO large load allocation process with project partner Kineticor, securing a 907 MW allocation that has been assigned to a potential customer.

Pembina also announced that it signed an agreement to ensure grid connection and access to power by 2027 while reserving major equipment, including two turbines from a reputable power original equipment manufacturer, supporting a potential start-up of the combined-cycle project by 2030.

Meanwhile, Greenlight and a customer entered into a conditional agreement for land owned by Greenlight and Pembina for $190 million. The deal is expected to close in the fourth quarter.

The bank based the price target on a risk-adjusted dividend yield of 5.0% applied to the estimated 2026 dividend of $2.93 per share, a 12.0x multiple of the 2026 Free-EBITDA and DCF/sh valuation of $56.75.

Pembina's share price fell 1.5% at last look to $57.92 on the Toronto Stock Exchange.

Price: 57.99, Change: -0.78, Percent Change: -1.33

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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