|Bid||49.74 x 0|
|Ask||49.77 x 0|
|Day's Range||49.43 - 49.94|
|52 Week Range||39.15 - 50.65|
|Beta (3Y Monthly)||1.23|
|PE Ratio (TTM)||16.41|
|Earnings Date||Oct 31, 2019|
|Forward Dividend & Yield||2.40 (4.90%)|
|1y Target Est||56.63|
CALGARY , Sept. 12, 2019 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced ...
NYSE: PBA) today announced that it has agreed with Kinder Morgan Canada Limited (KML.TO) ("KML") to amend and restate the previously announced arrangement agreement dated August 20, 2019 (the "Arrangement Agreement") to include the preferred shares of KML in the arrangement transaction pursuant to which Pembina will acquire KML (the "Transaction"). If requisite approval by the holders of KML preferred shares is obtained, upon closing of the Transaction, each outstanding KML preferred share of a series will be exchanged for one preferred share of Pembina with the same commercial terms and conditions as that series of KML preferred shares. The inclusion of KML preferred shares in the Transaction is subject to approval by at least 66 2/3 percent of the votes cast by holders of KML preferred shares, voting together as a single class, present in person or represented by proxy at the special meeting of the holders of KML preferred shares to be held to approve the Transaction, but is not a condition to closing of the Transaction.
NYSE: PBA) announced today that its Board of Directors declared a common share cash dividend for September 2019 of $0.20 per share to be paid, subject to applicable law, on October 15, 2019 to shareholders of record on September 25, 2019. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax. For shareholders receiving their common share dividends in U.S. funds, the September 2019 cash dividend is expected to be approximately U.S. $0.1520 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7602.
Closing of the Offering is expected to occur on September 12, 2019 and the net proceeds are intended to be used to repay short-term indebtedness of the Company under its unsecured $1.0 billion non-revolving term loan due March 2021, as well as to fund Pembina's capital program and for general corporate purposes.
Oil prices plunged on Friday morning as China announced new tariffs on U.S. crude oil, the first time that U.S. oil exports have been brought into the trade war
The deal values the Canadian subsidiary at approximately $1.73 billion, with Kinder Morgan's 70 percent stake representing about $935 million, and the U.S. portion of the pipeline at nearly $1.55 billion.
Kinder Morgan (KMI) announced that it agreed to sell the US portion of Cochin Pipeline and its 70% stake in Kinder Morgan Canada Ltd. to Pembina Pipeline.
A company based in Calgary, Canada, will pay $1.55 billion for the pipeline and $1.73 billion for the subsidiary.
Years of delay in building new pipelines have led to Western Canada's oil production outpacing takeaway capacity and driven up demand for storage tanks. Pembina's deal follows an unsolicited bid for rival Inter Pipeline Ltd , highlighting growing interest in the midstream business of transporting and storing crude. The sale of Kinder Morgan Canada, whose parent is Houston-based Kinder Morgan Inc , also represents the exit of another foreign company from Canada's oil sector.
Canada's Pembina Pipeline Corp has agreed to buy Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for C$4.35 billion ($3.28 billion), bulking up its storage resources in Canada. Years of delay in building new pipelines have led to Western Canada's oil production outpacing takeaway capacity and driven up demand for storage tanks. Pembina's deal follows an unsolicited bid for rival Inter Pipeline Ltd, highlighting growing interest in the midstream business of transporting and storing crude.
Shares of Kinder Morgan Inc. rallied 2.9% in premarket trading Wednesday, after the energy transportation and storage company announced a deal to sell the U.S. portion of the Cochin Pipeline for $1.55 billion to Pembina Pipeline Corp. . As part of the deal, Pembina has agreed to buy all of the outstanding common stock of Kinder Morgan Canada Ltd. , of which Kinder Morgan owns a 70% stake. Kinder Morgan will receive 0.3068 shares of Pembina for each Kinder Morgan Canada share it owns, which will result in Kinder Morgan receiving 25 million shares of Pembina stock, or just under 5% of the shares outstanding. Based on Tuesday's closing price of the U.S.-listed Pembina stock, that would be worth about $923.8 million. The deals are expected to close late in the fourth quarter or in the first quarter of 2020. Kinder Morgan initially expects to use the proceeds to pay down debt. Kinder Morgan's stock has soared 31% year to date through Tuesday, while the SPDR Energy Select Sector ETF has edged up 0.8% and the S&P 500 has gained 16%.
All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") and adjusted cash flow from operating activities per share ("adjusted cash flow per share"), which are financial measures that are not defined by Generally Accepted Accounting Principles ("GAAP").
NYSE: PBA) ( Pembina ) under which Pembina has agreed to acquire all of the outstanding common equity of KML (including the 70 percent majority voting interest held by Kinder Morgan Inc. (NYSE: KMI)), subject to the terms of the arrangement agreement between KML and Pembina. On closing, KML shareholders will receive .3068 shares of Pembina for each KML share. Based on yesterday's closing price for Pembina , the total consideration to be received by KML common shareholders is valued at $15.12 per KML share, which represents a 38 percent premium to yesterday's KML closing price.
Oil and gas pipeline company Kinder Morgan said it will sell the U.S. part of its Cochin pipeline to Pembina Pipeline in a cash-and-stock deal. Kinder will get around $1.6 billion in cash as well as 25 million shares of Pembina, valued at close to $925 million. In addition, Pembina will purchase all outstanding shares of Kinder Morgan Canada Limited.