Bank of Nova Scotia Makes New Investment in Pembina Pipeline Corp. $PBA

Bank of Nova Scotia purchased a new stake in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,763,790 shares of the pipeline company's stock, valued at approximately $174,133,000. Bank of Nova Scotia owned about 0.65% of Pembina Pipeline at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cardinal Capital Management Inc. grew its position in Pembina Pipeline by 2.2% in the second quarter. Cardinal Capital Management Inc. now owns 3,634,579 shares of the pipeline company's stock worth $167,835,000 after acquiring an additional 79,578 shares during the period. Vanguard Group Inc. lifted its stake in shares of Pembina Pipeline by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 27,233,442 shares of the pipeline company's stock valued at $1,037,512,000 after purchasing an additional 541,615 shares during the last quarter. K.J. Harrison & Partners Inc lifted its stake in shares of Pembina Pipeline by 27.3% in the 4th quarter. K.J. Harrison & Partners Inc now owns 207,560 shares of the pipeline company's stock valued at $7,919,000 after purchasing an additional 44,500 shares during the last quarter. Nicola Wealth Management LTD. grew its holdings in shares of Pembina Pipeline by 28.0% during the 4th quarter. Nicola Wealth Management LTD. now owns 987,800 shares of the pipeline company's stock worth $37,638,000 after purchasing an additional 216,300 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in shares of Pembina Pipeline by 4.9% during the 4th quarter. Intact Investment Management Inc. now owns 2,170,014 shares of the pipeline company's stock worth $82,668,000 after purchasing an additional 101,390 shares during the period. Institutional investors and hedge funds own 55.37% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Pembina Pipeline in a research note on Friday, July 3rd. TD Securities reaffirmed a "buy" rating on shares of Pembina Pipeline in a research report on Thursday, July 16th. BMO Capital Markets reiterated a "market perform" rating on shares of Pembina Pipeline in a report on Friday, July 31st. Scotiabank downgraded shares of Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a report on Monday, July 20th. Finally, Barclays reissued an "overweight" rating on shares of Pembina Pipeline in a research report on Thursday, May 21st. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pembina Pipeline presently has an average rating of "Moderate Buy" and a consensus target price of $64.00.

Pembina Pipeline Price Performance

PBA stock opened at $48.72 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.62 and a quick ratio of 0.50. The firm has a market capitalization of $28.33 billion, a P/E ratio of 23.88 and a beta of 0.57. The business's 50-day moving average is $48.43 and its two-hundred day moving average is $46.37. Pembina Pipeline Corp. has a 1 year low of $36.20 and a 1 year high of $51.58.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last released its earnings results on Thursday, July 30th. The pipeline company reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The firm's quarterly revenue was up 20.1% on a year-over-year basis. Analysts anticipate that Pembina Pipeline Corp. will post 2.23 earnings per share for the current fiscal year.

Pembina Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.735 dividend. This represents a $2.94 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Pembina Pipeline's dividend payout ratio is 104.41%.

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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