National Bank Financial Upgrades Pembina Pipeline (PBA) to Outperform

Pembina Pipeline Corporation (NYSE:PBA) is one of the best high growth stocks. On June 26, National Bank Financial upgraded PBA to Outperform from Sector Perform, while keeping the price target steady at C$56.

The upgrade indicates National Bank’s constructive outlook on the gas and natural gas liquids (NGL) infrastructure value chain, supported by estimates that the Western Canadian Sedimentary Basin could increase output by approximately 8.5 billion cubic feet per day (bcf/d) over the next decade.

National Bank highlighted Pembina’s strategic positioning as the primary third-party natural gas processor in Canada, combined with its integrated operations in NGL extraction, ethane supply, and related growth opportunities. The firm further reflected on Pembina’s sector-leading valuation potential, citing an estimated unrisked upside of approximately C$7.50 per share.

Pembina Pipeline’s shares have declined by over 5% since the start of 2025 and are currently valued at less than 11 times the company’s projected 2026 EV/EBITDA. This represents a discount relative to industry peers, which are trading at nearly 12 times.

Pembina Pipeline Corporation (NYSE:PBA) is a Canadian provider of energy transportation and midstream services.

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