Canadian pipeline stocks: Enbridge, TC Energy and Pembina on yield, valuation and Pacific Link

Seven liquid Canadian midstream names — Enbridge, TC Energy, Pembina, AltaGas, Keyera, South Bow and Gibson Energy — add up to about CA$334.3 billion of market value on the October 25, 2026 screener. Over the past year the peer median is up about 28%, ahead of the S&P/TSX Composite’s approximate +18%. The last month stayed positive: the peer median is up about 3.2%, against a Composite that was roughly up about 1%. Setup for this living note: a yield sector that has worked, a giant (Enbridge) that has not kept up over one year, and a west-coast oil pipeline that is now a federal project of national interest without being a company cash-flow line yet.

Canadian pipeline snapshot: market cap, P/E, yield and returns vs the TSX

Metric	Peer set (7)	vs TSX (approx.)
Combined market cap	~CA$333.1B	—
Median trailing P/E	26.2x	—
Median forward P/E	22.2x	—
Median indicated yield	4.32%	—
Median 1M price return	−1.2%	TSX ~+1.4%
Median 1Y price return	+24.6%	TSX ~+18.2%

Screener as of November 9, 2026 (CAD; merge tsx-2026-11-09.csv, 2,564 rows). Peer set: ENB, TRP, PPL, ALA, KEY, SOBO, GEI. Medians skip blank cells; P/E medians skip non-positive multiples. The TSX column is the approximate index return carried from the October 26 build and was not re-pulled for this refresh.

November 9, 2026 refresh. Between the November 3 and November 9 screener files the median peer price moved −3.9%. Weakest: South Bow (−10.5%) and Keyera (−7.3%). The snapshot and every peer table below are on the November 9 file. Commentary paragraphs between the tables were written on the October 25 file and quote those figures unless they give a later date.

These are not producer multiples. The median trailing P/E is about 26x and the median forward P/E is still about 23x. Investors pay that because the cash distribution is the product: the median indicated yield is about 4.2%, and several trailing payout ratios sit above 100% of accounting earnings. Enbridge and South Bow yield about 5.8%. AltaGas, the utility-and-midstream hybrid, yields about 2.4% and is the income laggard in the set.

What is driving Canadian pipeline stocks: Pacific Link, Enbridge’s equity and the gas buildout

November 9, 2026 update. Enbridge reported third-quarter adjusted EBITDA of C$4.434 billion (C$4.267 billion a year earlier), placed more than C$3 billion of gas transmission projects into service and reaffirmed 2026 adjusted EBITDA guidance of C$20.2–20.8 billion, expecting the midpoint. South Bow reported revenue of US$503 million and EPS of US$0.47, above estimates, and raised 2026 cash-flow guidance, but its shares fell about 6.5% on weaker Gulf Coast throughput and normalized EBITDA down 11% from the prior quarter. Between the November 3 and November 9 screener files the peer median price moved −3.9% (South Bow −10.5%, Keyera −7.3%) as WTI fell 12.8% in the week to November 6. On October 28, 2026 the Bank of Canada raised the overnight target by 25 basis points to 2.50%, its first hike since July 2023 and the end of seven straight holds at 2.25%. It said further increases may be needed but it would proceed carefully; the next decision is December 9. Calendar items below dated November 3–8 have since reported; this update summarizes only the results named here.

Q3 results since the last refresh (added November 3, 2026). AltaGas reported on October 29: normalized EBITDA of CA$389 million, up from CA$268 million; normalized EPS of CA$0.29, up from CA$0.04; a GAAP loss of CA$0.07 a share. The company cited stronger global export volumes and margins, Pipestone II and fractionation, and said it expects 2026 results toward the high end of guidance (normalized EPS CA$2.35–2.60; normalized EBITDA CA$2.0–2.1 billion). Revenue was CA$3.43 billion against CA$2.60 billion a year earlier, per The Canadian Press via BNN Bloomberg.

1. October 1, 2026 — Pacific Link is listed as a project of national interest. Ottawa listed the west-coast oil pipeline, now called Pacific Link, under the Building Canada Act. Pembina’s October 1 release says its economic interest through construction is 10%, with a chance to buy up to another 10% after commercial operation, full discretion on any final investment decision, and no at-risk development capital before that decision. The project is described as about one million barrels a day from Alberta to the west coast. The Prime Minister’s office said Canada and Alberta will share equal ownership, Indigenous communities will be offered at least 10%, and the Major Projects Office is working toward final conditions by September 1, 2027. For Pembina’s stock, this is an option on a future pipe, not a barrel in this year’s EBITDA.

2. August–September 2026 — Enbridge funded crude deals with equity. Company releases on the Enbridge news index: an August 26 agreement to acquire Salt Creek Midstream’s crude gathering business; an August 27 joint venture with KKR, described as a C$2.7 billion transaction, to fund the Aspen Point and Sunrise expansion programs on the Westcoast gas system in British Columbia; a September 8 succession (Greg Ebel retiring December 31, 2026, Michele Harradence becoming CEO on January 1, 2027); a September 9 agreement to acquire Tallgrass’s crude transportation business and a C$2.6 billion bought deal; and a September 14 close of that offering at C$3.0 billion including the over-allotment. Enbridge is the one-year laggard in this set (+0.6%) and the only name down over six months (−6.4%). The equity cheque is a large part of why.

3. September 21, 2026 — TC Energy’s Mexico sale. TC Energy agreed to sell the Guadalajara–Manzanillo gas pipeline for about C$560 million, a small recycling deal relative to a CA$91 billion company. The October 1 StockSummarizer brief covers the terms. On this screener TC Energy is up about 20% over one year and about 3.2% over one month, with an indicated yield of about 4.0%, the low end of the pure-pipe group.

4. October 5, 2026 — Enbridge’s third-quarter webcast. Enbridge will host its third-quarter call and webcast on November 6, 2026, at 9 a.m. ET. That is the next place to hear how management talks about the equity issued in September, the crude acquisitions, the Westcoast expansion funding, and the dividend.

5. South Bow is the liquids stub. South Bow is the liquids pipeline company spun out of TC Energy. It is the cheapest trailing earnings multiple in the set (17.2x) and yields about 5.75%, in line with Enbridge. The screener’s five-year and ten-year returns are the same +77%, which is what a short trading history looks like. Read those cells as “since listing,” not as a decade of compounding.

Which Canadian pipeline stocks are leading and lagging

One month (screener): Pembina (+9.2%) leads, then Gibson (+8.2%) and AltaGas (+5.3%). TC Energy is the median at +3.2%. Enbridge (−0.2%) is the only red print. Pembina’s month includes the October 1 Pacific Link listing.

One year: Gibson (+39.0%) leads, then South Bow (+33.5%), Pembina (+30.4%), AltaGas (+28.3%) and Keyera (+26.2%). TC Energy is +20.3%. Enbridge (+0.6%) is the laggard by a wide margin, and it is also the worst three-month and six-month name (−15.3% and −6.4%). The sector’s one-year win versus the TSX was earned by the names smaller than Enbridge.

Canadian midstream peer comparison: size, performance, valuation, dividends and targets

Peer set: Enbridge (ENB), TC Energy (TRP), Pembina (PPL), AltaGas (ALA), Keyera (KEY), South Bow (SOBO) and Gibson Energy (GEI). Oil and gas producers, royalty companies, drillers and oilfield services stay out. Waste Connections, WSP, Stantec and AtkinsRéalis share some screener sectors with these names and are not midstream businesses. Tidewater Midstream is about CA$0.5 billion and is too small for this table. Rockpoint Gas Storage is a gas-storage listing near CA$3 billion and is left out so the table stays with cross-country pipes and processors. AltaGas is included on purpose: it is the utility-and-midstream hybrid, and the utilities note can still cover the regulated gas side later.

Canadian pipeline overview: price, market cap, revenue and earnings

Company (Ticker)	Price	Market cap	Revenue (LTM)	Net income (LTM)
Enbridge (ENB)	$66.14	$154.3B	$83.3B	$6.1B
TC Energy (TRP)	$87.52	$91.2B	$16.0B	$3.6B
Pembina (PPL)	$68.16	$39.6B	$7.8B	$1.8B
AltaGas (ALA)	$53.07	$17.2B	$14.7B	$631M
Keyera (KEY)	$50.69	$15.4B	$7.2B	$361M
South Bow (SOBO)	$43.91	$9.9B	$2.1B	$602M
Gibson Energy (GEI)	$31.44	$5.6B	$13.6B	$200M
Average	—	$47.6B	$20.7B	$1.9B

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD · LTM = last 12 months. Average includes every row.

Enbridge is almost half the combined market cap. TC Energy is the gas-and-power major after the liquids spin. Pembina is the large Western Canadian pipe and processing company. AltaGas, Keyera, South Bow and Gibson are the CA$6–17 billion tier. Revenue is a poor ranking tool here. Enbridge’s CA$83 billion and Gibson’s CA$13 billion include energy marketing that passes through the income statement. Gibson’s price-to-sales ratio of 0.45x in the valuation table is that pass-through, not a deep-value signal. Net income is the cleaner size check: Enbridge about CA$6.1 billion, TC Energy about CA$3.6 billion, Pembina about CA$1.8 billion, and then a steep drop.

Canadian pipeline performance: returns from one month to ten years

Company (Ticker)	1M	3M	6M	YTD	1Y	5Y	10Y
Enbridge (ENB)	−0.4%	−8.1%	−11.5%	+0.6%	+1.0%	+25%	+21%
TC Energy (TRP)	+2.2%	−1.7%	−1.6%	+15.7%	+24.6%	+32%	+52%
Pembina (PPL)	+2.5%	+1.7%	+8.2%	+30.6%	+27.7%	+67%	+76%
AltaGas (ALA)	−2.6%	−0.7%	+4.3%	+25.8%	+31.1%	+110%	+68%
Keyera (KEY)	−4.2%	−13.5%	+0.8%	+15.3%	+24.5%	+66%	+29%
South Bow (SOBO)	−9.8%	−11.1%	−7.4%	+16.2%	+21.2%	+57%	+57%
Gibson Energy (GEI)	−1.2%	+0.3%	+13.2%	+24.6%	+38.1%	+34%	+96%
Average	−1.9%	−4.7%	+0.9%	+18.4%	+24.0%	+56%	+57%

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD · price returns. Bold = leader on 1M and on 1Y. Average skips blanks.

Three months are still red for everyone except Gibson. The sector rallied over six and twelve months, then gave some of it back into late summer, and October has been a partial repair — sharpest at Pembina and Gibson. Enbridge’s five-year and ten-year price returns (+28% and +16%) are the reminder that a high yield has done more of the long-run work than the share price.

Canadian pipeline valuation: P/E, forward P/E, price to book and price to sales

Company (Ticker)	P/E	Fwd P/E	PEG	P/S	P/B	P/FCF
Enbridge (ENB)	25.4	22.2	—	1.81	2.47	61.3
TC Energy (TRP)	26.2	23.0	—	5.78	3.58	22.4
Pembina (PPL)	24.0	22.2	—	5.23	2.58	19.3
AltaGas (ALA)	26.7	22.5	—	1.17	1.80	—
Keyera (KEY)	35.7	17.4	—	1.97	2.82	—
South Bow (SOBO)	15.2	16.5	0.39	4.85	2.42	9.7
Gibson Energy (GEI)	27.0	19.5	1.05	0.43	5.29	18.1
Average	25.8	20.5	0.72	3.03	2.99	26.2

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD. Average skips blanks; one large multiple can dominate a column average, so read the medians in the snapshot.

South Bow is the cheap earnings multiple (17.2x trailing, 19.7x forward). Keyera is the expensive trailing multiple (38.7x) and the one that compresses the most on the forward figure (18.8x). Enbridge, TC Energy, Pembina, AltaGas and Gibson all still sit near 22–23x forward earnings. Gibson’s 0.45x sales multiple and 5.65x book multiple should be read together: marketing revenue inflates sales, and the equity is not cheap against book. Enbridge at 62.5x price to free cash flow is the number that says the distribution is being funded with a balance sheet and with the equity issued in September, not with a wide free-cash-flow surplus on this screener’s definition.

Canadian pipeline dividends: indicated yield and payout ratio

Company (Ticker)	Dividend / share	Yield (ind.)	Payout ratio
Enbridge (ENB)	$3.77	5.70%	146.4%
TC Energy (TRP)	$3.40	4.01%	103.5%
Pembina (PPL)	$2.82	4.32%	100.8%
AltaGas (ALA)	$1.26	2.43%	66.3%
Keyera (KEY)	$2.12	4.28%	152.1%
South Bow (SOBO)	$2.78	5.99%	96.8%
Gibson Energy (GEI)	$1.72	5.54%	152.0%
Average	$2.55	4.61%	116.8%

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD. DPS is annual; yield is indicated. Payout is trailing; negative payouts show as — and are left out of the average.

Yield is the point of the sector, and it is not evenly shared. Enbridge (5.76%), South Bow (5.75%) and Gibson (5.36%) are the income names. Pembina, Keyera and TC Energy cluster near 4.0–4.2%. AltaGas at 2.41% is priced more like a utility growth story than a pipeline coupon. Payout ratios above 100% at Enbridge, Keyera and Gibson are in the screener because dividends exceed trailing accounting earnings. That is common in this business. It is also why a single soft cash quarter matters more here than a single soft earnings multiple.

Canadian pipeline analyst targets: ratings, one-year targets and upside

Company (Ticker)	Rating	Price	Target 1Y	Upside	Analysts
Enbridge (ENB)	Buy	$66.14	CA$77.63	+17.4%	13
TC Energy (TRP)	Buy	$87.52	CA$96.29	+10.0%	15
Pembina (PPL)	Buy	$68.16	CA$69.29	+1.7%	13
AltaGas (ALA)	Buy	$53.07	CA$57.44	+8.2%	8
Keyera (KEY)	Buy	$50.69	CA$73.00	+44.0%	14
South Bow (SOBO)	Neutral	$43.91	—	—	—
Gibson Energy (GEI)	Buy	$31.44	CA$33.10	+5.3%	9
Average	—	—	CA$67.79	+14.4%	—

Rating = screener analyst rating on the November 9, 2026 file. Target 1Y and analyst counts are the MarketBeat TSE consensus figures (CAD) pulled October 27, 2026, not re-pulled in bulk for this refresh (Royal Bank spot-checked November 9, unchanged). Upside is the October 27 target versus the November 9 screener price. The dollar average mixes very different share prices; read the upside column.

South Bow has no CAD target in this table. MarketBeat’s TSE forecast address redirects to the NYSE listing, where the consensus pulled the same day is US$32.50 from 15 analysts. That figure is US dollars against a US listing price, so it is not converted and not averaged with the Canadian-dollar targets.

Among the CAD targets, the Street still has room at Enbridge (+15.2%) and TC Energy (+10.3%) — the two largest names, and the ones that lagged the smaller pipes over one year. Pembina and Gibson are at or through the average target after strong one-year runs. Keyera shows the largest gap (+32.9% to CA$73), with a high target of CA$112 that a single bullish note can move. AltaGas is only about 4% above the screener price.

How crude pipes, gas pipes and processors differ

Enbridge is the diversified system: liquids (including the Mainline), gas transmission, gas utilities and a smaller power book. The September equity and the crude acquisitions are why it screens as the yield name that did not re-rate. South Bow is the pure liquids spin-out. Pembina is Western Canadian pipelines plus processing, and it is the listed company with a defined, optional stake in Pacific Link.

TC Energy is the gas transmission and power company after that spin, including the Mexico pipes it is still pruning. The Michigan marker in the photo above is one segment of a system that also crosses into Ontario. Keyera and Gibson are the processing, liquids and terminal businesses. They are smaller, they led the one-year tape, and Gibson in particular is already at the average target. AltaGas mixes regulated gas distribution with midstream export and processing. Its lower yield and its utility multiple are why it sits in this note as a hybrid, not as a second Enbridge.

Bull case for Canadian pipeline stocks

1. The coupon is still high versus the TSX, and two giants are below the Street. A median indicated yield near 4.2%, with Enbridge and South Bow near 5.8%, is the income case. Enbridge’s CA$77.63 target and TC Energy’s CA$96.29 target are still above the October 25 prices.

2. Volume and sanctioned gas projects have a home. The Westcoast expansions Enbridge and KKR are funding, and TC Energy’s contracted gas network, are the growth that does not need a new oil-price spike. Pacific Link, if it is built, is extra takeaway for the producers in the oil-and-gas note — and a fee opportunity for Pembina only after a final investment decision.

3. The smaller names have already shown the sector can re-rate. Gibson, South Bow, Pembina, AltaGas and Keyera are all up more than 26% over one year. That is evidence the market will pay up for midstream cash flow when the equity story is clean.

Bear case and risks for Canadian pipeline stocks

1. Enbridge’s catch-up is an equity story as much as an earnings story. The company issued C$3.0 billion of stock in September. A target 15% above the screener price can sit there for a long time if cash flow per share has to digest the new shares. The 62.5x price to free cash flow is the screener’s version of that warning.

2. Pacific Link is not a 2026 cash flow. Pembina has said it has no at-risk development capital before a final investment decision, and the federal timetable points at conditions by September 2027. A headline can move the stock, as October did. It does not move the dividend.

3. Accounting payouts over 100% leave less room for a mistake. Enbridge, Keyera and Gibson all distribute more than trailing earnings on this merge. If a project slips or a regulatory decision trims tolls, the yield the sector is priced for is the first thing that gets questioned.

What to watch next for Canadian pipelines: Enbridge’s quarter, Pacific Link and targets

1. November 6, 2026 — Enbridge third-quarter webcast, 9 a.m. ET. Equity deployed, dividend coverage, and how management frames the Tallgrass, Salt Creek and Westcoast projects.

2. Pacific Link process after the October 1 listing. Route, ownership and Pembina’s final-investment-decision language. The federal conditions date in the government release is September 1, 2027.

3. TC Energy’s Mexico closing timetable. The Guadalajara–Manzanillo sale is small. The question is whether more mature-asset sales follow, and at what multiple.

4. Keyera’s target range. A CA$56 to CA$112 span around a CA$73 average is too wide to treat +33% upside as a consensus. The next note that moves the average will matter more than the average itself.

5. Whether Gibson and Pembina stay ahead of their targets. Both led the recent tape and both now sit at or through the CAD consensus. Further gains need cash flow, not another look at the same target.

Related StockSummarizer videos: Enbridge and TC Energy

• Enbridge (ENB) — yield, Tallgrass and the equity raise · Watch on YouTube
• TC Energy (TRP) — the Guadalajara–Manzanillo sale · Watch on YouTube

Pembina, Keyera, South Bow, Gibson and AltaGas are not in the coverage log yet.

Data notes: screener date, peer set and where the targets come from

November 9, 2026 refresh. The snapshot strip and every peer table now come straight from merge tsx-2026-11-09.csv (2,564 rows): prices, market caps, LTM revenue and net income, returns, multiples, dividends and screener ratings. Average rows skip blanks. Analyst targets were not re-pulled in bulk: Target 1Y and analyst counts are still the MarketBeat TSE figures pulled October 27, 2026 (a November 9 spot-check of Royal Bank’s MarketBeat page showed the consensus unchanged at C$292.86 on 12 analysts, with the latest broker action dated September 3); upside compares those targets with the November 9 price. Rows for tickers missing from the November 9 export keep the previous build’s values and are named under the snapshot. The November 9 update paragraph uses the news and company releases listed under Sources, checked November 9, 2026; the TSX comparison column is the approximate index return carried from the October 26 build. The method notes below describe the October 27 build and still apply to the commentary written on it.

Table figures are TSX screener values from merge tsx-2026-10-25.csv (2,532 rows; October 25, 2026 close; CAD) unless labelled otherwise. Peer rule: liquid Canadian pipeline and midstream operators — ENB, TRP, PPL, KEY, SOBO, GEI, plus ALA as the utility-and-midstream hybrid. Excluded: oil and gas producers, royalties, drillers, oilfield services, engineering firms, Waste Connections, Tidewater Midstream (scale) and Rockpoint Gas Storage (gas-storage specialist). Average rows include all seven names and skip blank cells. South Bow’s identical 5-year and 10-year return is flagged under the performance table. Target 1Y is MarketBeat TSE consensus in CAD, pulled October 27, 2026 (analyst counts 8–15 on the six CAD targets). South Bow’s TSE page redirects to NYSE:SOBO, where the consensus is US$32.50 from 15 analysts; that USD figure is excluded from the table and the average. Screener ratings are in the analyst table. MarketBeat’s own labels are Moderate Buy on the CAD pages. Enbridge dates and the C$2.7 billion and C$3.0 billion figures are from the company’s 2026 news index. Pacific Link terms are from Pembina’s October 1, 2026 release and the Prime Minister’s October 1, 2026 release. The TC Energy sale figure is from the October 1 StockSummarizer brief. TSX Composite 1M/1Y are approximate public index price returns near October 26, 2026. Snapshot medians use the seven-name set.

Sources for Pacific Link, Enbridge’s deals, targets and the TSX screener

• TSX screener merge tsx-2026-10-25.csv (StockSummarizer data pipeline), October 25, 2026
• Pembina Pipeline, “Pacific Link Listed as a Project of National Interest,” October 1, 2026
• Prime Minister of Canada, Pacific Link listed as a project of national interest, October 1, 2026
• Enbridge Inc. news releases index for 2026: August 26 (Salt Creek), August 27 (KKR joint venture, C$2.7 billion, Westcoast expansions), September 8 (CEO succession), September 9 (Tallgrass agreement and C$2.6 billion bought deal), September 14 (C$3.0 billion close including over-allotment), October 5 (third-quarter webcast on November 6, 2026, 9 a.m. ET)
• StockSummarizer TC Energy brief, October 1, 2026 — Guadalajara–Manzanillo sale, about C$560 million, announced September 21, 2026
• MarketBeat TSE forecast pages for ENB, TRP, PPL, ALA, KEY and GEI, and the NYSE:SOBO page reached from the TSE address (pulled October 27, 2026)
• S&P/TSX Composite approximate 1M/1Y price returns (public index trackers near October 26, 2026)
• StockSummarizer coverage log — Enbridge brief dated 2026-09-28; TC Energy brief dated 2026-10-01
• Enbridge third-quarter 2026 news release, November 6, 2026; South Bow third-quarter 2026 news release, November 2026
• Bank of Canada rate announcement, October 28, 2026 (overnight target raised to 2.50%; Bank Rate 2.75%), as reported by Reuters and CBC; next decision December 9, 2026
• TD Securities, Weekly Bottom Line, November 6, 2026 (WTI, copper, gold, Canada 10-year yield); Baystreet.ca and Investcom TSX close reports, November 6, 2026 (S&P/TSX Composite 35,789.09, +0.48% on the week; October unemployment rate 6.7%)

Media credits

Wikimedia Commons photographs, cropped to 16:9 and resized for this page. No AI-generated images were used. Company logos and video thumbnails on linked stock summaries keep the credits on those pages.

• Hero: “Pipeline construction in Canada” by Jason Woodhead, CC BY 2.0, via Wikimedia Commons. The photographer’s description says the work is in Alberta.
• TC Energy marker: “TC Energy - Great Lakes Gas Transmission - Natural Gas Pipeline (52877548102)” by Tony Webster, CC BY 2.0, via Wikimedia Commons. St. Ignace, Michigan.
• TransCanada Tower: “TransCanapr20.JPG” by Samuel Boisvert, CC BY-SA 3.0, via Wikimedia Commons. Calgary, April 20, 2009.

By Andrew · stocksummarizer.com