Bank of Nova Scotia Trims Stake in Pembina Pipeline Corp. $PBA

Bank of Nova Scotia lessened its stake in shares of Pembina Pipeline Corp. (NYSE:PBA) (TSE:PPL) by 7.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,766,410 shares of the pipeline company’s stock after selling 297,961 shares during the quarter. Bank of Nova Scotia’s holdings in Pembina Pipeline were worth $168,554,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Walleye Capital LLC acquired a new position in shares of Pembina Pipeline in the first quarter worth $795,000. Cetera Investment Advisers boosted its stake in shares of Pembina Pipeline by 64.5% during the first quarter. Cetera Investment Advisers now owns 119,983 shares of the pipeline company’s stock valued at $5,370,000 after acquiring an additional 47,066 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Pembina Pipeline by 15.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,328,784 shares of the pipeline company’s stock worth $149,011,000 after purchasing an additional 443,270 shares in the last quarter. Parallel Advisors LLC raised its stake in Pembina Pipeline by 28.2% in the 1st quarter. Parallel Advisors LLC now owns 1,854 shares of the pipeline company’s stock valued at $83,000 after purchasing an additional 408 shares during the last quarter. Finally, Broderick Brian C raised its stake in Pembina Pipeline by 0.9% in the 1st quarter. Broderick Brian C now owns 32,823 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 55.37% of the company’s stock.

Pembina Pipeline Stock Performance

NYSE PBA opened at $51.17 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.83 and a quick ratio of 0.68. Pembina Pipeline Corp. has a 1-year low of $35.45 and a 1-year high of $51.56. The firm has a market capitalization of $29.76 billion, a P/E ratio of 26.65 and a beta of 0.57. The business’s 50-day simple moving average is $48.28 and its 200-day simple moving average is $44.94.

Pembina Pipeline (NYSE:PBA) (TSE:PPL) last posted its earnings results on Thursday, May 7th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.07. Pembina Pipeline had a net margin of 22.22% and a return on equity of 11.47%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the company earned $0.80 EPS. The company’s revenue was down 7.7% on a year-over-year basis. Equities analysts predict that Pembina Pipeline Corp. will post 2.22 EPS for the current year.

Pembina Pipeline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.735 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 5.7%. This is a boost from Pembina Pipeline’s previous quarterly dividend of $0.71. Pembina Pipeline’s payout ratio is 110.94%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PBA. Wall Street Zen downgraded shares of Pembina Pipeline from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Weiss Ratings lowered shares of Pembina Pipeline from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. TD Securities reaffirmed a “buy” rating on shares of Pembina Pipeline in a research note on Thursday, July 16th. Royal Bank Of Canada increased their price target on Pembina Pipeline from $64.00 to $68.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Finally, BMO Capital Markets restated a “market perform” rating and set a $68.00 price objective on shares of Pembina Pipeline in a report on Friday, July 3rd. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.00.

Pembina Pipeline Company Profile

Pembina Pipeline Corporation (NYSE: PBA) is a North American energy infrastructure company that develops, owns and operates midstream assets that transport, store and process hydrocarbons. Its core business focuses on the transportation of crude oil, natural gas liquids (NGLs) and condensate, along with gas processing, fractionation, storage and related marketing services. Pembina serves producers, refiners and other energy companies by providing pipeline capacity, terminal services and midstream solutions that link upstream production to downstream markets and export facilities.

The company’s asset base is concentrated in Western Canada, including major operations in Alberta and British Columbia, and it also has operations and commercial activities that extend into the United States.