Bank of America Corp DE Reduces Position in Pembina Pipeline Corp. $PBA

Key Points

• Bank of America cut its Pembina Pipeline stake by 53.1% in the first quarter, selling 3.3 million shares and retaining 2.9 million shares worth approximately $130.1 million. Institutional investors collectively own 55.37% of PBA.
• Pembina shares opened at $48.04, up 1.9%, while the company’s latest quarterly results slightly missed expectations with EPS of $0.48 versus $0.49 forecast and revenue of $1.07 billion versus $1.46 billion expected.
• The company declared a quarterly dividend of $0.735 per share, equivalent to an annualized $2.94 payout and a 6.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.00.

Bank of America Corp DE trimmed its stake in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 53.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,906,204 shares of the pipeline company's stock after selling 3,295,325 shares during the quarter. Bank of America Corp DE owned approximately 0.50% of Pembina Pipeline worth $130,082,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PBA. Cardinal Capital Management Inc. grew its holdings in shares of Pembina Pipeline by 10.0% during the fourth quarter. Cardinal Capital Management Inc. now owns 3,274,336 shares of the pipeline company's stock worth $124,621,000 after buying an additional 298,412 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of Pembina Pipeline by 2.5% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,703,413 shares of the pipeline company's stock valued at $64,798,000 after buying an additional 40,944 shares during the period. Vanguard Group Inc. lifted its stake in shares of Pembina Pipeline by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 27,233,442 shares of the pipeline company's stock valued at $1,037,512,000 after buying an additional 541,615 shares during the period. K.J. Harrison & Partners Inc boosted its position in Pembina Pipeline by 27.3% during the fourth quarter. K.J. Harrison & Partners Inc now owns 207,560 shares of the pipeline company's stock worth $7,919,000 after acquiring an additional 44,500 shares during the last quarter. Finally, Nicola Wealth Management LTD. boosted its position in Pembina Pipeline by 28.0% during the fourth quarter. Nicola Wealth Management LTD. now owns 987,800 shares of the pipeline company's stock worth $37,638,000 after acquiring an additional 216,300 shares during the last quarter. 55.37% of the stock is currently owned by hedge funds and other institutional investors.

Pembina Pipeline Stock Up 1.9%

Shares of PBA opened at $48.04 on Friday. Pembina Pipeline Corp. has a fifty-two week low of $35.45 and a fifty-two week high of $51.58. The company's fifty day moving average is $48.35 and its two-hundred day moving average is $45.77. The firm has a market cap of $27.93 billion, a PE ratio of 23.55 and a beta of 0.57. The company has a quick ratio of 0.68, a current ratio of 0.62 and a debt-to-equity ratio of 0.78.

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 analysts' consensus estimates of $0.49 by ($0.01). The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.46 billion. Pembina Pipeline had a return on equity of 11.41% and a net margin of 22.41%.The company's quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 earnings per share. Analysts forecast that Pembina Pipeline Corp. will post 2.2 earnings per share for the current year.

Pembina Pipeline Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued 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 dividend yield of 6.1%. Pembina Pipeline's payout ratio is presently 100.98%.

Analyst Ratings Changes

Several research firms have commented on PBA. TD Securities reaffirmed a "buy" rating on shares of Pembina Pipeline in a research note on Thursday, July 16th. BMO Capital Markets restated a "market perform" rating on shares of Pembina Pipeline in a report on Friday, July 31st. Weiss Ratings raised Pembina Pipeline from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 28th. Royal Bank Of Canada lifted their price objective 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, Scotiabank lowered Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, July 20th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Pembina Pipeline presently has a consensus rating of "Moderate Buy" and an average target price 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.

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