Bank of America Corp DE Invests $119.21 Million in Pembina Pipeline Corp. $PBA

Key Points

• Bank of America acquired 2.58 million Pembina Pipeline shares worth approximately $119.2 million during the second quarter, giving it a 0.44% stake. Institutional investors collectively own 55.37% of the company.
• Pembina reported quarterly earnings of $0.48 per share, slightly below analyst estimates, while revenue rose 20.1% year over year to $1.07 billion.
• The company announced a quarterly dividend of $0.735 per share, equivalent to an annualized yield of about 6.2%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $64, compared with a recent price of $47.50.

Bank of America Corp DE bought a new position in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,577,487 shares of the pipeline company's stock, valued at approximately $119,209,000. Bank of America Corp DE owned about 0.44% of Pembina Pipeline at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Western Wealth Management LLC acquired a new position in shares of Pembina Pipeline in the first quarter worth about $25,000. Dunhill Financial LLC acquired a new position in Pembina Pipeline in the 2nd quarter worth about $31,000. N.E.W. Advisory Services LLC acquired a new position in Pembina Pipeline in the 2nd quarter worth about $31,000. Tobam purchased a new position in Pembina Pipeline during the fourth quarter worth approximately $28,000. Finally, IFP Advisors Inc boosted its position in Pembina Pipeline by 74.8% during the fourth quarter. IFP Advisors Inc now owns 1,199 shares of the pipeline company's stock worth $46,000 after purchasing an additional 513 shares in the last quarter. Institutional investors and hedge funds own 55.37% of the company's stock.

Pembina Pipeline Price Performance

PBA stock opened at $47.50 on Friday. The business's fifty day moving average price is $48.98 and its 200 day moving average price is $47.06. Pembina Pipeline Corp. has a 12-month low of $36.20 and a 12-month high of $51.58. The company has a current ratio of 0.62, a quick ratio of 0.50 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $27.62 billion, a PE ratio of 23.28 and a beta of 0.58.

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

Pembina Pipeline Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.735 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.94 dividend on an annualized basis and a yield of 6.2%. Pembina Pipeline's dividend payout ratio is presently 103.92%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PBA shares. Weiss Ratings upgraded Pembina Pipeline from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Wall Street Zen raised shares of Pembina Pipeline from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Pembina Pipeline in a research report on Friday, July 3rd. Scotiabank downgraded shares of Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a research report on Monday, July 20th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Pembina Pipeline in a research note on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.00.

Pembina Pipeline Profile

Pembina Pipeline Corporation is a Canadian energy transportation and midstream services company headquartered in Calgary, Alberta. Founded in 1954, the company develops and operates infrastructure that transports and processes hydrocarbons produced primarily in Western Canada.

Pembina's operations include conventional and oil sands pipelines, natural gas gathering and processing facilities, fractionation and storage assets, and terminals for hydrocarbon liquids. Its infrastructure supports the movement of crude oil, condensate, natural gas, propane, butane and other natural gas liquids from producing regions to domestic and international markets.

The company also provides marketing, logistics and related midstream services and is pursuing opportunities tied to liquefied natural gas and other energy exports.

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