Bank of New York Mellon Corp Buys New Shares in Pembina Pipeline Corp. $PBA

Key Points

• Bank of New York Mellon purchased 530,096 Pembina Pipeline shares worth approximately $24.5 million, joining other institutional investors that have increased their positions. Institutional investors collectively own 55.37% of the company.
• Analysts maintain a generally positive outlook, with five Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $64, compared with the stock’s $47.99 opening price.
• Pembina reported quarterly EPS of $0.48, slightly below estimates, while revenue rose 20.1% year over year to $1.07 billion. The company declared a quarterly dividend of $0.735 per share, equivalent to a 6.1% annualized yield.

Bank of New York Mellon Corp purchased a new stake in shares of 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 & Exchange Commission. The firm purchased 530,096 shares of the pipeline company's stock, valued at approximately $24,517,000. Bank of New York Mellon Corp owned approximately 0.09% of Pembina Pipeline as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FIL Ltd boosted its stake in shares of Pembina Pipeline by 2.6% in the 4th quarter. FIL Ltd now owns 13,978,558 shares of the pipeline company's stock valued at $532,541,000 after purchasing an additional 359,109 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Pembina Pipeline by 1.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 9,828,960 shares of the pipeline company's stock worth $375,236,000 after buying an additional 94,655 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Pembina Pipeline by 17.8% in the 4th quarter. CIBC Asset Management Inc now owns 8,620,307 shares of the pipeline company's stock valued at $329,245,000 after acquiring an additional 1,304,227 shares during the last quarter. Scotia Capital Inc. lifted its stake in shares of Pembina Pipeline by 12.6% in the 3rd quarter. Scotia Capital Inc. now owns 6,425,487 shares of the pipeline company's stock valued at $258,724,000 after acquiring an additional 717,773 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Pembina Pipeline by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 5,781,068 shares of the pipeline company's stock valued at $224,837,000 after acquiring an additional 385,201 shares during the last quarter. Institutional investors own 55.37% of the company's stock.

Wall Street Analysts Forecast Growth

PBA has been the subject of a number of analyst reports. BMO Capital Markets reissued a "market perform" rating on shares of Pembina Pipeline in a research note on Friday, July 31st. Royal Bank Of Canada upped their price target on shares of Pembina Pipeline from $64.00 to $68.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Scotiabank cut shares of Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a research report on Monday, July 20th. Weiss Ratings lowered shares of Pembina Pipeline from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 18th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Pembina Pipeline in a research report on Friday, July 3rd. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $64.00.

Pembina Pipeline Price Performance

PBA stock opened at $47.99 on Monday. Pembina Pipeline Corp. has a 1 year low of $36.20 and a 1 year high of $51.58. The company has a market cap of $27.91 billion, a P/E ratio of 23.52 and a beta of 0.57. The firm has a 50-day moving average of $48.59 and a 200 day moving average of $46.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.62 and a quick ratio of 0.50.

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

Pembina Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Pembina Pipeline's dividend payout ratio (DPR) is 104.41%.

Pembina Pipeline Profile

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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