Cumberland Partners Ltd decreased its holdings in Pembina Pipeline Corp (NYSE:PBA) (TSE:PPL) by 66.4% in the 1st quarter, HoldingsChannel reports. The firm owned 253,054 shares of the pipeline company’s stock after selling 499,088 shares during the quarter. Cumberland Partners Ltd’s holdings in Pembina Pipeline were worth $4,730,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in Pembina Pipeline in the 4th quarter valued at $165,062,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Pembina Pipeline by 145,709.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,187,660 shares of the pipeline company’s stock worth $78,025,000 after purchasing an additional 4,184,788 shares in the last quarter. Cardinal Capital Management Inc. boosted its position in shares of Pembina Pipeline by 3,064.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 3,014,061 shares of the pipeline company’s stock worth $56,339,000 after purchasing an additional 2,918,800 shares in the last quarter. Citigroup Inc. boosted its position in shares of Pembina Pipeline by 481.2% in the 1st quarter. Citigroup Inc. now owns 2,886,358 shares of the pipeline company’s stock worth $53,535,000 after buying an additional 2,389,731 shares in the last quarter. Finally, Brookfield Public Securities Group LLC boosted its position in shares of Pembina Pipeline by 45.4% in the 4th quarter. Brookfield Public Securities Group LLC now owns 6,359,543 shares of the pipeline company’s stock worth $235,756,000 after buying an additional 1,984,769 shares in the last quarter. 56.66% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE PBA traded down $0.05 on Wednesday, reaching $26.35. 1,005,177 shares of the company traded hands, compared to its average volume of 1,715,305. Pembina Pipeline Corp has a fifty-two week low of $10.58 and a fifty-two week high of $40.65. The company has a 50 day moving average of $22.57 and a 200 day moving average of $30.50. The company has a current ratio of 0.61, a quick ratio of 0.51 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $14.04 billion, a PE ratio of 13.55, a P/E/G ratio of 3.44 and a beta of 1.37.
The company also recently disclosed a monthly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, May 25th will be given a $0.151 dividend. This is an increase from Pembina Pipeline’s previous monthly dividend of $0.15. The ex-dividend date is Friday, May 22nd. This represents a $1.81 annualized dividend and a yield of 6.88%. Pembina Pipeline’s dividend payout ratio (DPR) is 90.50%.
PBA has been the topic of several recent research reports. Royal Bank of Canada boosted their price objective on shares of Pembina Pipeline from $26.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Barclays reiterated a “buy” rating and issued a $34.00 price objective on shares of Pembina Pipeline in a research report on Wednesday, March 25th. Zacks Investment Research upgraded shares of Pembina Pipeline from a “sell” rating to a “hold” rating in a research report on Friday, April 10th. Canaccord Genuity reiterated a “buy” rating on shares of Pembina Pipeline in a research report on Tuesday. Finally, Wells Fargo & Co upgraded shares of Pembina Pipeline from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $50.00 to $56.00 in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $50.00.
Pembina Pipeline Company Profile
Pembina Pipeline Corporation provides transportation and midstream services for the energy industry in North America. It operates through three divisions: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines division operates conventional, transmission, and oil sands and heavy oil pipeline assets with a total capacity of 3 million barrels of oil serving markets and basins across North America through conventional, transmission, and oil sand pipelines assets.
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