AGF Management Ltd. Sells 42,983 Shares of Pembina Pipeline Corp. (NYSE:PBA)

Key Points

• AGF Management Ltd. reduced its stake in Pembina Pipeline Corp. by 4.0%, selling 42,983 shares and now owns approximately 1,037,870 shares valued at $41.61 million.
• The company recently announced an increase in its quarterly dividend to $0.71, resulting in an 8.0% yield and a total annualized dividend of $2.84.
• Pembina Pipeline is rated as a "Moderate Buy" by analysts, with a consensus target price of $56.00, despite receiving mixed ratings from various financial groups.

AGF Management Ltd. trimmed its position in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 4.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,037,870 shares of the pipeline company's stock after selling 42,983 shares during the period. AGF Management Ltd. owned approximately 0.18% of Pembina Pipeline worth $41,610,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PBA. Wells Fargo & Company MN raised its holdings in Pembina Pipeline by 4.5% during the fourth quarter. Wells Fargo & Company MN now owns 215,118 shares of the pipeline company's stock worth $7,949,000 after acquiring an additional 9,325 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Pembina Pipeline by 5.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 308,872 shares of the pipeline company's stock valued at $11,413,000 after buying an additional 15,002 shares during the period. Invesco Ltd. raised its stake in Pembina Pipeline by 8.6% in the fourth quarter. Invesco Ltd. now owns 1,624,743 shares of the pipeline company's stock valued at $60,034,000 after buying an additional 128,176 shares during the period. Renaissance Technologies LLC bought a new stake in Pembina Pipeline in the fourth quarter valued at approximately $2,995,000. Finally, Raymond James Financial Inc. bought a new stake in Pembina Pipeline in the fourth quarter valued at approximately $2,832,000. 55.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on PBA. Wall Street Zen lowered Pembina Pipeline from a "hold" rating to a "sell" rating in a research note on Saturday. National Bankshares raised Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a research report on Thursday, June 26th. Raymond James Financial reaffirmed an "outperform" rating on shares of Pembina Pipeline in a research report on Monday. National Bank Financial raised Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, June 25th. Finally, Barclays reissued an "overweight" rating on shares of Pembina Pipeline in a research report on Tuesday, June 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $56.00.

Pembina Pipeline Price Performance

Shares of NYSE PBA traded up $0.78 during mid-day trading on Wednesday, hitting $36.44. 1,010,898 shares of the stock traded hands, compared to its average volume of 1,016,753. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.77 and a quick ratio of 0.62. Pembina Pipeline Corp. has a twelve month low of $34.13 and a twelve month high of $43.44. The company has a market cap of $21.17 billion, a PE ratio of 17.11 and a beta of 0.78. The firm has a 50 day simple moving average of $37.09 and a two-hundred day simple moving average of $37.50.

Pembina Pipeline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.71 per share. This is a positive change from Pembina Pipeline's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a dividend yield of 7.8%. Pembina Pipeline's dividend payout ratio (DPR) is 97.18%.

Pembina Pipeline Company Profile

Pembina Pipeline Corporation provides energy transportation and midstream services. It operates through three segments: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines segment operates conventional, oil sands and heavy oil, and transmission assets with a transportation capacity of 2.9 millions of barrels of oil equivalent per day, the ground storage capacity of 10 millions of barrels, and rail terminalling capacity of approximately 105 thousands of barrels of oil equivalent per day serving markets and basins across North America.