BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Holdings in Pembina Pipeline Corp. $PBA

Key Points

• British Columbia Investment Management Corp reduced its stake in Pembina Pipeline Corp by 36.9%, selling 1,163,273 shares and now holding about 0.34% of the company worth approximately $79.7 million.
• Pembina Pipeline announced an increase in its quarterly dividend to $0.71 per share, reflecting a dividend yield of 7.5%, up from its previous dividend of $0.51.
• Analyst ratings for Pembina Pipeline show a consensus of a "Moderate Buy" with an average target price of $56.00, as multiple firms have recently adjusted their ratings.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its holdings in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 36.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,992,285 shares of the pipeline company's stock after selling 1,163,273 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.34% of Pembina Pipeline worth $79,702,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Pembina Pipeline in the 4th quarter worth $2,832,000. NewEdge Advisors LLC raised its position in shares of Pembina Pipeline by 4.5% in the 4th quarter. NewEdge Advisors LLC now owns 9,883 shares of the pipeline company's stock valued at $365,000 after purchasing an additional 430 shares during the last quarter. First Trust Advisors LP raised its position in shares of Pembina Pipeline by 34.6% in the 4th quarter. First Trust Advisors LP now owns 161,317 shares of the pipeline company's stock valued at $5,959,000 after purchasing an additional 41,425 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Pembina Pipeline by 2.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,141,770 shares of the pipeline company's stock valued at $42,147,000 after purchasing an additional 29,427 shares during the last quarter. Finally, Syon Capital LLC purchased a new position in shares of Pembina Pipeline in the 4th quarter valued at approximately $284,000. Hedge funds and other institutional investors own 55.37% of the company's stock.

Pembina Pipeline Trading Down 0.6%

Shares of Pembina Pipeline stock traded down $0.23 during trading hours on Thursday, hitting $37.45. The company's stock had a trading volume of 475,511 shares, compared to its average volume of 1,348,693. Pembina Pipeline Corp. has a twelve month low of $34.13 and a twelve month high of $43.44. The firm has a fifty day moving average of $37.03 and a 200-day moving average of $37.56. The stock has a market cap of $21.75 billion, a price-to-earnings ratio of 17.56 and a beta of 0.78. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.62 and a current ratio of 0.77.

Pembina Pipeline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.71 per share. This is a positive change from Pembina Pipeline's previous quarterly dividend of $0.51. The ex-dividend date is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 7.6%. Pembina Pipeline's dividend payout ratio (DPR) is currently 97.18%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Raymond James Financial reissued an "outperform" rating on shares of Pembina Pipeline in a report on Monday, August 11th. Wall Street Zen lowered Pembina Pipeline from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Barclays reaffirmed an "overweight" rating on shares of Pembina Pipeline in a report on Tuesday, June 3rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of Pembina Pipeline in a report on Monday, August 11th. Finally, Wells Fargo & Company lowered Pembina Pipeline from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy".

About Pembina Pipeline

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.