Pembina Pipeline Corp (PPL.TO)

A defensive holding. Surprised by how well the pipeline stocks have done. War has definitely had an impact on energy infrastructure. Still a standout to grow, with lower valuation and excess capital.

Pipelines and utilities have soared, because of energy demand from data centres. PPL is quality with a healthy balance sheet and growth outlook. Most of their projects are already sanctioned. 

Their PE is lower than TC and ENB. Better scale and diversification from all peers.

Likes the business of pipelines -- local monopoly, contracted cashflows. Problem today is that their value is not lost on investors. Trades at 22x forward PE, yield is 4-ish%. A HALO stock, which AI can't replace. He'd trim, look for a better valuation to enter.

He owns TRP.

Is bullish in gas with LNG exports, which PPL is exposed to. PPL's contracts are long-term which pays the stable, growing dividend.

APO has pretty smart people, and they're seeing an opportunity here. Purchase was from KKR, so nothing much changes.

As for PPL itself, trading a bit expensive with growth catalysts of 5-7%. Nice, visible project backlog. Nice dividend. Wouldn't add here, but you'll do OK if you own it.

Still thinks KEY is the better buy.

The chart looks good, bouncing off a low in the low-$50s at the end of 2025 and has since broken above $60 to an all-time higher. There's strength across the board in energy, a strong sector.

Well managed, decent distribution. Attractive opportunity today, but you have to have the medium-term view that the oil-price shock will be persistent. He's a buyer, but you have to be careful. Average in over time.

It is not a pure energy stock. It has done quite well and its breakout from consolidation is supported by some good purchases. Its dividend of 4.6% is good quality and it has some good growth as well.      Buy 11  Hold 6  Sell 1

PPL is more pure-play pipeline infrastructure. Better dividend yield. Contracted cashflow gives you earnings and revenue visibility. This would be his preference.

ALA gives you a mix of energy infrastructure (~45%) with regulated utilities (~55%). Utility component gives more stability, but lower dividend. He's not a huge fan of utilities unless they're tied to AI infrastructure buildout.

(Note the shortish timeframe.)  Delivering what he wanted. Gives the portfolio some ballast and generates some income.

Great operator. Might need to raise some equity fairly soon, as its recent acquisition will need to be financed. Recent downgrades. Good dividend yield. Good for a long-term investment.

Note:  Owned by his colleague, Christine Poole.