Pembina hikes its dividend

Article Excerpt

PEMBINA PIPELINE, $46.38, is a buy. The company (Toronto symbol PPL; Shares outstanding: 554.3 million; Market cap: $26.1 billion; TSINetwork Rating: Average; Dividend yield: 5.4%; www.pembina.com) operates pipelines that carry half of Alberta’s conventional oil and almost all of B.C.’s oil. Investors also gain exposure to the company’s facilities that extract, process and store natural gas. Pembina has now completed the formation of its joint venture with private equity investor KKR & Co. Inc. (New York symbol KKR) that sees the two companies combine their Western Canadian natural gas processing assets. Pembina owns 60% of the joint venture and operates it. As part of the transaction, it also received $700 million in cash. As promised, upon closing, Pembina is now raising its monthly dividend by 3.6% with the September 2022 payment, to $0.2175 from $0.21. The stock yields a high 5.4%. Pembina Pipeline is a buy. buy…

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