Bank of Nova Scotia Has $218.91 Million Stock Holdings in Pembina Pipeline Corp. (NYSE:PBA)

Key Points

• The Bank of Nova Scotia reduced its stake in Pembina Pipeline Corp. by 23%, owning 5,472,289 shares valued at approximately $218.91 million as of its latest SEC filing.
• Pembina Pipeline announced an increase in its quarterly dividend to $0.5109 per share, representing an annualized payout of $2.04, with a dividend yield of 5.5%.
• Despite a revenue of $1.14 billion, which was below analyst estimates, Pembina reported earnings of $0.80 per share, exceeding expectations by $0.23.

Bank of Nova Scotia trimmed its stake in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 23.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,472,289 shares of the pipeline company's stock after selling 1,634,228 shares during the quarter. Bank of Nova Scotia owned 0.94% of Pembina Pipeline worth $218,914,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. boosted its holdings in Pembina Pipeline by 69.9% during the first quarter. First Horizon Advisors Inc. now owns 673 shares of the pipeline company's stock valued at $27,000 after purchasing an additional 277 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new stake in Pembina Pipeline during the first quarter valued at approximately $27,000. Dunhill Financial LLC boosted its holdings in Pembina Pipeline by 100.0% during the fourth quarter. Dunhill Financial LLC now owns 1,350 shares of the pipeline company's stock valued at $50,000 after purchasing an additional 675 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Pembina Pipeline by 53.4% during the first quarter. Larson Financial Group LLC now owns 1,341 shares of the pipeline company's stock valued at $54,000 after purchasing an additional 467 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Pembina Pipeline by 108.3% in the 1st quarter. Versant Capital Management Inc now owns 1,525 shares of the pipeline company's stock worth $61,000 after acquiring an additional 793 shares in the last quarter. 55.37% of the stock is owned by institutional investors and hedge funds.

Pembina Pipeline Price Performance

PBA opened at $37.19 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.64 and a debt-to-equity ratio of 0.75. Pembina Pipeline Corp. has a 12 month low of $34.13 and a 12 month high of $43.44. The company has a fifty day simple moving average of $37.27 and a 200 day simple moving average of $37.54. The stock has a market cap of $21.60 billion, a P/E ratio of 16.83 and a beta of 0.78.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last announced its earnings results on Thursday, May 8th. The pipeline company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.23. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.47 billion. Pembina Pipeline had a net margin of 23.73% and a return on equity of 12.61%. The company's revenue for the quarter was up 48.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.73 EPS. On average, research analysts expect that Pembina Pipeline Corp. will post 2.15 EPS for the current year.

Pembina Pipeline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a dividend of $0.5109 per share. The ex-dividend date was Monday, June 16th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.5%. This is a positive change from Pembina Pipeline's previous quarterly dividend of $0.48. Pembina Pipeline's dividend payout ratio (DPR) is currently 93.67%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. National Bank Financial raised Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a report on Wednesday, June 25th. Jefferies Financial Group cut shares of Pembina Pipeline from a "buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. Barclays restated an "overweight" rating on shares of Pembina Pipeline in a research report on Tuesday, June 3rd. Finally, National Bankshares upgraded shares of Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a research report on Thursday, June 26th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.00.

Pembina Pipeline 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.

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