There’s a wonderfully annoying thing about the stock market. The correction you’ve been patiently waiting for can arrive right after prices have already climbed 15%.
Suddenly, that glorious 10% dip isn’t much of a bargain. It’s a slightly cheaper price than yesterday and still more expensive than the one you could’ve paid months ago.
This’s why long-term investors can spend far too much energy searching for the perfect entry price. Price matters, of course. Paying anything for anything is a terrific strategy for becoming poorer. Yet when the investing horizon stretches across decades, time has an advantage that a clever limit order simply can’t recreate.
That doesn’t mean buying every stock regardless of valuation. It means investors should be careful about turning “I’ll wait for a better price” into “Why am I still holding cash three years later?” And one stock offers a perfect example.
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PPL
Pembina Pipeline (TSX: PPL) owns pipelines, natural-gas processing plants, fractionation facilities, storage, and export infrastructure across Western Canada and beyond. The beauty of that business is that Pembina doesn’t need oil or gas prices to hit the jackpot every quarter. Much of its infrastructure earns fees for transporting, processing, and handling energy products, creating a steadier stream of cash flow.
Second-quarter earnings rose 23% year over year to $512 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.1 billion. Management is targeting 5% to 7% compound annual growth in fee-based adjusted EBITDA per share through 2030. Investors waiting for the perfect entry price could therefore be watching the underlying business expand without them.
AI angle
The newest twist isn’t another pipeline. Pembina and its partners recently approved the 932-megawatt Greenlight Electricity Centre in Alberta. The natural-gas-fired facility will provide dedicated electricity to Meta’s enormous new data centre.
Greenlight is expected to enter service in the second half of 2030 and, once operating, generate about $310 million in annual run-rate adjusted EBITDA net to Pembina. That creates an interesting loop. Data centres require reliable power. Greenlight burns natural gas to provide it. That additional gas demand can also benefit Pembina’s existing processing and transportation network.
Meanwhile, Cedar LNG remains on track for late 2028, giving Pembina stock another route to connect Western Canadian natural gas with global customers. Suddenly, this isn’t simply a story about maintaining old pipelines.
Considerations
Pembina stock recently traded around $68. Its quarterly dividend is $0.74 per share, or $2.94 annualized, producing a yield of roughly 4.3%. That means investors are collecting meaningful income while waiting for Greenlight, Cedar LNG, and other projects to contribute. In fact, here’s what $7,000 could bring in at writing.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| PPL | $68.00 | 102 | $2.94 | $299.88 | Quarterly | $6,936.00 |
There are risks. Pembina has billions of dollars of projects underway, so construction costs and financing need monitoring. Regulatory delays can complicate infrastructure development, while weaker Western Canadian production would eventually reduce demand for its assets. I wouldn’t ignore those risks simply because the dividend looks attractive.
Still, investors buying stocks in Canada don’t have to solve the timing problem in one afternoon. Starting a position now and adding on future weakness lets investors take advantage of a correction without requiring one to begin.
Bottom line
There will always be another reason to wait. Pembina stock doesn’t need to be at its cheapest price ever for time to start working. With a roughly 4.3% yield along the way, waiting indefinitely for a perfect entry could eventually become the more expensive choice.
