18:50:06 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Parkland Fuel Corp
Symbol PKI
Shares Issued 75,014,657
Close 2014-09-18 C$ 22.95
Market Cap C$ 1,721,586,378
Recent Sedar Documents

Globe says Parkland Fuel maintained at "sector perform"

2014-09-19 05:48 ET - In the News

Also In the News (C-SU) Suncor Energy Inc

The Globe and Mail reports in its Friday, Sept. 19, edition that CIBC World Markets analyst Kevin Chiang has hiked his target on Parkland Fuel ($22.95) to $23 from $22.50. The Globe's Jody White, Darcy Keith and Sonali Verma write that Mr. Chiang's rating remains unchanged at "sector performer." Parkland Fuel has entered into an agreement to acquire the assets of Pioneer Energy. Parkland will pay $378-million, including $259-million in cash, $119-million in common shares of Parkland, and the assumption of standard operating liabilities. At 6.9 times Pioneer's trailing 12-month pretax earnings of approximately $55-million, Parkland says the acquisition is both accretive and attractively priced for a premier retail fuel network. Suncor Energy, as one of the current joint owners of Pioneer Energy, will receive $182.5-million in cash for its share. Mr. Chiang says, "As with a typical Parkland acquisition, the roll up of Pioneer will result in significant supply synergies as it can take advantage of arbitrage pricing opportunities and improved negotiating terms with suppliers." RBC Dominion Securities analyst Dillon Culhane rated Parkland "outperform" in The Globe on May 29. The shares were then worth $21.50.

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