Pembina Pipeline Corp. (PBA) Stock Price & How to Invest
Last updated July 2026
Short answer
PBA is Pembina Pipeline Corporation, a Calgary-based energy-infrastructure (midstream) company dual-listed on the NYSE (PBA) and the Toronto Stock Exchange (PPL). Investing in it is a bet on fee-based Western Canadian oil and gas transportation and processing, wrapped in a high dividend paid in Canadian dollars.
PBA stock price
As of 2026-07-24, Pembina Pipeline Corp. (PBA) last closed at $51.37, up 39.7% over the past year. Over the past 52 weeks it has traded between $35.50 and $51.37.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Pembina Pipeline Corp.'s investor relations page. Walnut is informational, not investment advice.
What does Pembina Pipeline Corp. (PBA) do?
Pembina Pipeline owns and operates the pipelines, gas-processing plants, fractionators, and storage that move crude oil, natural gas, and natural gas liquids out of the Western Canadian Sedimentary Basin (WCSB). Its business runs across three divisions: Pipelines (conventional and transmission systems including Alliance and Cochin), Facilities (gas processing and NGL fractionation, much of it through the Pembina Gas Infrastructure joint venture), and Marketing and New Ventures, which includes commodity marketing and growth projects such as the Cedar LNG export venture with the Haisla Nation. Most of the profit is fee-based and contracted, which is what gives the cash flow its utility-like character.
The investment picture is one of a mature, income-oriented infrastructure operator rather than a growth story. Pembina generated roughly C$4.3 billion of adjusted EBITDA in 2025 and guides to C$4.35 billion to C$4.55 billion for 2026, funds a large and growing dividend, and carries one of the stronger balance sheets among Canadian pipeline peers. The trade-offs are exposure to WCSB production volumes, commodity-linked marketing margins, currency (results and dividends are in Canadian dollars), and regulatory and build-cost risk on large projects.
What's driving Pembina Pipeline Corp. (PBA)?
1. Fee-based WCSB toll cash flow
The core of Pembina is contracted, take-or-pay and fee-for-service infrastructure tied to Western Canadian oil, gas, and NGL volumes. This gives the Pipelines and Facilities divisions relatively steady, utility-like earnings that underpin the dividend. Rising WCSB production and egress demand are the main volume tailwind.
2. Growth projects and LNG optionality
Pembina is advancing expansions across its gas-processing and pipeline footprint and holds a stake in the Cedar LNG export project on Canada's west coast. Management raised its 2026 adjusted EBITDA guidance to a C$4.35 billion to C$4.55 billion range, pointing to project ramp and new capacity. These builds are the primary path to per-share cash-flow growth.
3. Dividend and balance-sheet strength
Pembina is an income name: it raised its quarterly common-share dividend to C$0.735 (roughly C$2.94 annualized) alongside Q1 2026 results, for a yield near 4.5 percent. It carries one of the lowest leverage profiles among Canadian midstream peers, with debt to EBITDA around 3.9x, which supports dividend durability and self-funded growth.
What are the risks to Pembina Pipeline Corp. (PBA)?
Pembina's fortunes are tied to Western Canadian oil and gas activity, so a sustained drop in basin production, drilling, or egress demand would pressure volumes and tolls. The Marketing and New Ventures division carries commodity-price exposure that makes a slice of earnings more volatile than the fee-based core. Large capital projects, including LNG, add build-cost, permitting, and regulatory risk, and Canadian pipeline approvals can be slow and politically charged. Because results and dividends are reported in Canadian dollars, US-based holders of the NYSE line take on currency risk. Rising interest rates also weigh on capital-intensive, high-yield infrastructure valuations.
How is Pembina Pipeline Corp. (PBA) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Pembina Pipeline Corp.'s investor relations page or your broker.
- Revenue (TTM): ~C$6 billion
- Adjusted EBITDA (2025 / 2026 guidance): ~C$4.3B / ~C$4.35B-C$4.55B
- Market cap: ~$27 billion (USD)
- P/E (TTM): ~25x
- Dividend yield: ~4.5%
- Quarterly dividend: ~C$0.735 per share (~C$2.94 annualized)
Pembina trades like an income-and-infrastructure name, with a mid-20s trailing earnings multiple and a yield around 4.5 percent. Q1 2026 revenue was roughly C$1.52 billion with adjusted earnings of about C$505 million, and management raised full-year adjusted EBITDA guidance. Figures are in Canadian dollars except the USD market cap of the NYSE-listed shares.
Who competes with Pembina Pipeline Corp. (PBA)?
Canadian pipeline giants
Enbridge and TC Energy are the two largest Canadian midstream companies by market cap and the closest large-cap comparables, though both are far bigger and more geographically diversified than Pembina.
WCSB midstream peers
Keyera, Gibson Energy, and AltaGas compete more directly for Western Canadian gas processing, NGL fractionation, storage, and marketing volumes, which is Pembina's home turf.
US midstream operators
For income investors comparing North American infrastructure, US names such as Enterprise Products, Williams, ONEOK, and Kinder Morgan are alternative fee-based, high-yield midstream exposures.
How to invest in Pembina Pipeline Corp. (PBA)
There are three common ways to get PBA exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so PBA sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where PBA fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Pembina Pipeline Corp. (PBA)
PBA packages toll-based Canadian midstream cash flows and a roughly 4.5 percent dividend into a single NYSE-listed income and infrastructure name.
More on Pembina Pipeline Corp. (PBA)
Whether PBA is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PBA a buy?, and where the stock could go from here in the PBA stock forecast.
For income investors, whether PBA pays a dividend and how the payout looks is covered in does PBA pay a dividend?
Build a basket around PBA with Walnut
Use Pembina Pipeline Corp. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Pembina Pipeline do?
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Pembina is a Canadian midstream energy company. It owns pipelines, gas-processing plants, fractionators, and storage that move and process crude oil, natural gas, and natural gas liquids out of the Western Canadian Sedimentary Basin, mostly under fee-based contracts.
Where is PBA listed?
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The company trades on the New York Stock Exchange under the ticker PBA and on the Toronto Stock Exchange under PPL. The two listings represent the same underlying company, Pembina Pipeline Corporation.
Does PBA pay a dividend?
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Yes. Pembina is an income-focused stock and raised its quarterly common-share dividend to about C$0.735 per share alongside Q1 2026 results, roughly C$2.94 annualized, for a yield near 4.5 percent. Dividends are declared in Canadian dollars.
What is Pembina's dividend yield?
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As of July 2026 the yield is approximately 4.5 percent, which is typical for a large midstream infrastructure name. The exact yield moves with the share price and the Canadian-to-US dollar exchange rate for NYSE holders.
How big is Pembina Pipeline?
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It is one of the larger Canadian midstream companies, with a market capitalization around $27 billion (USD) as of July 2026, adjusted EBITDA of roughly C$4.3 billion in 2025, and 2026 guidance of C$4.35 billion to C$4.55 billion.
Who are Pembina's main competitors?
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Its closest large peers are Enbridge and TC Energy. In Western Canadian gas processing and NGLs it competes with Keyera, Gibson Energy, and AltaGas, and US midstream names like Enterprise Products, Williams, and ONEOK are alternative infrastructure exposures.
What are the main risks of investing in PBA?
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Key risks include a decline in Western Canadian oil and gas volumes, commodity-price swings in the marketing segment, large project build and permitting risk (including LNG), Canadian-dollar currency exposure for US holders, and interest-rate sensitivity common to high-yield infrastructure.
Is PBA an income or growth stock?
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It is primarily an income and infrastructure name. Most earnings are fee-based and support a large, growing dividend, while per-share growth comes gradually from processing and pipeline expansions and projects such as Cedar LNG rather than rapid revenue gains.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Pembina Pipeline Corp.'s investor relations page or your broker before making investment decisions.