Pembina Pipeline reported third-quarter adjusted earnings of C$0.77 per share, beating the C$0.68 estimate. Adjusted EBITDA rose 9% from a year earlier, and the company raised the lower end of its 2026 guidance range.
Pembina Pipeline Corp. (TSX: PPL, PPL.TO) reported its third-quarter 2026 results after markets closed on November 5. Adjusted earnings were C$0.77 per share, 13.2% above the C$0.68 estimate. That followed a miss last quarter, when adjusted EPS was C$0.66 against an estimate of C$0.75. Pembina has beaten estimates in three of its past four reported quarters.
Recent earnings trend
Pembina Pipeline Corp
PPL.TO
PPL.TO
Pembina Pipeline Corp
WealthAwesomeMarket cap
$39.64B
P/E
20.5x
Div. yield
4.37%
Div. / share
$2.92
52W high
$71.91
52W low
$48.48
1W change
-4.95%
Beta
0.73
Analyst Price Targets
Based on analyst covering PPL · as of Nov 3, 2026
Wall Street analysts forecast PPL stock price to rise 7.7% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$73.42
+7.7% Upside
Previously C$73.37 on Oct 26, 2026
Current Price
C$68.16
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on PPL's historical volatility
30-Day Vol
24.3%
Annualized
90-Day Vol
22.1%
Annualized
Trend (90d)
+4.9%
Annualized drift
90d Mean
C$69.36
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$68.56 | C$63.04 – C$74.55 |
| 60 trading days | C$68.96 | C$61.25 – C$77.64 |
| 90 trading days | C$69.36 | C$59.98 – C$80.20 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 4 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-25 | — | 0.8900 | — |
| 2026-09-30 | 2026-11-05 | 0.7700 | 0.6800 | +13.2% |
| 2026-06-30 | 2026-07-29 | 0.6600 | 0.7500 | -12.0% |
| 2026-03-31 | 2026-05-07 | 0.8100 | 0.7000 | +15.7% |
| 2025-12-31 | 2026-02-26 | 0.7558 | 0.7500 | +0.8% |
| 2025-09-30 | 2025-11-06 | 0.4700 | 0.6200 | -24.2% |
Revenue rose to C$2.179 billion from C$1.791 billion a year earlier. Adjusted EBITDA increased 9% to C$1.128 billion. Management raised the lower end of its 2026 adjusted EBITDA guidance to C$4.45 billion from C$4.35 billion. Based on its current commodity-price outlook, the company said results were trending toward the upper end of the range.
Investor takeaway: The earnings beat came with higher revenue, stronger adjusted EBITDA and improved full-year guidance. Growth came from Facilities and Marketing & New Ventures, while Pipelines adjusted EBITDA fell 4%, partly due to a new Alliance Pipeline toll structure.
Pembina declared a fourth-quarter dividend of C$0.735 per share, payable December 31 to shareholders of record on December 15. The supplied snapshot shows a 4.37% dividend yield, which can change as the share price moves. See the Pembina Pipeline stock page for company and share information.
C$0.77 adjusted EPS, 13.2% above estimate
Pembina’s adjusted earnings were C$0.77 per share, beating the C$0.68 estimate by C$0.09. Adjusted EBITDA reached C$1.128 billion, up from C$1.034 billion in the same quarter last year. The company reported total earnings of C$570 million, or C$0.92 per share, and adjusted earnings of C$479 million. Its fourth-quarter dividend is C$0.735 per share.
Bull case
Adjusted EBITDA grew 9% year over year. Facilities increased 13%, while Marketing & New Ventures rose 69%. Pembina also raised the lower end of its 2026 guidance and said it had sanctioned nearly C$3 billion in projects since April.
The company targets 5% to 7% annual compound growth in fee-based adjusted EBITDA per share through 2030. The Lator infrastructure entered service in early October under long-term take-or-pay contracts. The Greenlight Electricity Centre also offers a contracted power-generation opportunity linked to data-centre demand.
Bear case
The earnings beat doesn’t remove operating and execution risks. Pipelines adjusted EBITDA fell 4%, with the Alliance toll structure among the factors cited. Management also said Asian propane prices and related market arbitrages are unusually strong and may not last.
Results remain exposed to NGL fractionation spreads, interruptible volumes and foreign exchange. Major projects such as Greenlight and Cedar LNG require capital and careful execution. The proposed Pacific Link pipeline is still at the non-binding agreement stage.
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