949,728 Shares in Pembina Pipeline Corp. $PBA Purchased by BlackRock Inc.

Key Points

• BlackRock purchased 949,728 shares of Pembina Pipeline during the second quarter, valued at approximately $43.9 million, giving it a 0.16% stake. Institutional investors collectively own 55.37% of the company.
• Pembina reported quarterly EPS of $0.48, slightly below the $0.49 consensus estimate, while revenue of $1.07 billion missed expectations of $1.46 billion but increased 20.1% year over year.
• The company declared a quarterly dividend of $0.735 per share, equivalent to an annualized $2.94 payout and a 6.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $64.

BlackRock Inc. bought a new stake in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 949,728 shares of the pipeline company's stock, valued at approximately $43,925,000. BlackRock Inc. owned approximately 0.16% of Pembina Pipeline as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Western Wealth Management LLC purchased a new position in Pembina Pipeline during the 1st quarter worth $25,000. Dunhill Financial LLC purchased a new stake in shares of Pembina Pipeline in the second quarter valued at about $31,000. N.E.W. Advisory Services LLC bought a new position in shares of Pembina Pipeline during the second quarter valued at about $31,000. Tobam bought a new position in shares of Pembina Pipeline during the fourth quarter valued at about $28,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Pembina Pipeline during the third quarter worth about $31,000. Hedge funds and other institutional investors own 55.37% of the company's stock.

Pembina Pipeline Trading Up 1.5%

Shares of PBA opened at $48.72 on Tuesday. Pembina Pipeline Corp. has a fifty-two week low of $36.20 and a fifty-two week high of $51.58. The business has a 50-day moving average of $48.64 and a 200 day moving average of $46.65. The firm has a market cap of $28.33 billion, a P/E ratio of 23.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.50 and a current ratio of 0.62.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last released its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.01). The business had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $1.46 billion. Pembina Pipeline had a net margin of 22.41% and a return on equity of 11.41%. Pembina Pipeline's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the company earned $0.65 earnings per share. As a group, research analysts forecast that Pembina Pipeline Corp. will post 2.23 EPS for the current year.

Pembina Pipeline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.735 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.94 annualized dividend and a yield of 6.0%. Pembina Pipeline's dividend payout ratio (DPR) is 104.41%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PBA shares. Scotiabank downgraded shares of Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a research report on Monday, July 20th. Barclays restated an "overweight" rating on shares of Pembina Pipeline in a research note on Thursday, May 21st. Weiss Ratings lowered Pembina Pipeline from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 18th. Royal Bank Of Canada increased their price target on Pembina Pipeline from $64.00 to $68.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded Pembina Pipeline from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $64.00.

About Pembina Pipeline

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source