Rebecca TeltscherPembina Pipeline CorpPPL.TOBUYFeb 17, 2026

He doesn't own any of the pure-play oil producers right now (though he does own TOU). The reason is the volatility we're seeing. 

His team plays energy these days by owning ENB, and some of the smaller midstream companies like PPL and GEI. He likes their stability. 

Obviously executing. Data centre deals. Likes it, but it's had a really big run. Not much earnings growth right now relative to peers. He wouldn't buy more right now.

A name for a good dividend and safety. Pipelines are not quite as good as utilities, because they're perceived as being commodity-sensitive (even though they're really not). 

You'll get your dividend, and the safety means you can sleep at night (and that's worth something). You can get diversification via funds and ETFs.

It broke out early this year and the move since has been sort of parabolic. A pullback is possible.

Are more aggressive than Enbridge in their backlog, a good thing. The Basin is well-positioned.

Nice yield, and more growth projects.

Owns in his firm's high-yield growth fund. Very well positioned, especially after today's government announcement about a Western pipeline -- Pembina gets a slice of that.

Western Canada has many opportunities for more production and PPL is in the middle of that. Is a decent long-term gold with a good dividend.

Both benefit from AI centre demand. Pembina is building a 1.8 gigawatt natural gas plant in Alberta. Half of ALA's business is in the US, regulated utilities, in Virginia--the world capital of data centre traffic. ALA also has activity in Western Canada. ALA's growth rate is higher than Pembina. ALA gets the slight edge.

All energy stocks have come off because we've had (cynically) a "peace scare" in the Middle East. Energy sector will continue to be robust.

Also likes, and owns, TOU.

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.