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

Several other institutional investors have also made changes to their positions in the stock. Candriam S.C.A. lifted its position in shares of Pembina Pipeline by 11.4% during the 1st quarter. Candriam S.C.A. now owns 19,079 shares of the pipeline company's stock valued at $763,000 after acquiring an additional 1,960 shares during the period. Erste Asset Management GmbH bought a new stake in Pembina Pipeline during the first quarter worth about $278,000. Credit Agricole S A increased its holdings in Pembina Pipeline by 55.0% in the 1st quarter. Credit Agricole S A now owns 67,157 shares of the pipeline company's stock valued at $2,688,000 after buying an additional 23,828 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Pembina Pipeline by 47.4% during the 1st quarter. Hsbc Holdings PLC now owns 1,683,036 shares of the pipeline company's stock worth $67,319,000 after acquiring an additional 541,266 shares during the period. Finally, HITE Hedge Asset Management LLC lifted its holdings in shares of Pembina Pipeline by 66.5% during the 1st quarter. HITE Hedge Asset Management LLC now owns 722,092 shares of the pipeline company's stock worth $28,880,000 after acquiring an additional 288,274 shares during the period. 55.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wells Fargo & Company downgraded shares of Pembina Pipeline from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 6th. Barclays reiterated an "overweight" rating on shares of Pembina Pipeline in a research report on Tuesday, June 3rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of Pembina Pipeline in a research note on Monday, August 11th. National Bank Financial upgraded Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, June 25th. Finally, National Bankshares upgraded Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Pembina Pipeline presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.00.

Pembina Pipeline Trading Up 0.7%

NYSE:PBA traded up $0.27 on Wednesday, reaching $37.68. 1,520,777 shares of the stock traded hands, compared to its average volume of 1,352,923. The company has a current ratio of 0.77, a quick ratio of 0.62 and a debt-to-equity ratio of 0.81. Pembina Pipeline Corp. has a 1-year low of $34.13 and a 1-year high of $43.44. The company's 50 day moving average is $37.01 and its 200-day moving average is $37.56. The firm has a market capitalization of $21.89 billion, a price-to-earnings ratio of 17.69 and a beta of 0.78.

Pembina Pipeline Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $0.71 dividend. The ex-dividend date is Monday, September 15th. This is a positive change from Pembina Pipeline's previous quarterly dividend of $0.51. This represents a $2.84 annualized dividend and a yield of 7.5%. Pembina Pipeline's dividend payout ratio (DPR) is presently 95.77%.

Pembina Pipeline Company 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.