Cidel Asset Management Inc. Grows Position in Pembina Pipeline Corp. $PBA

Key Points

• Cidel Asset Management increased its Pembina Pipeline position by 22% in the second quarter, acquiring 55,401 shares to hold 307,057 shares valued at approximately $14.2 million. Institutional investors collectively own 55.37% of the company.
• Pembina reported quarterly revenue of $1.07 billion, up 20.1% year over year, but earnings of $0.48 per share narrowly missed analysts’ $0.49 estimate. Analysts’ consensus rating is “Moderate Buy,” with a $64 price target.
• The company declared a quarterly dividend of $0.735 per share, or $2.94 annualized, representing a 6.0% yield; however, its dividend payout ratio is elevated at 104.41%.

Cidel Asset Management Inc. increased its holdings in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 22.0% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 307,057 shares of the pipeline company's stock after buying an additional 55,401 shares during the quarter. Cidel Asset Management Inc. owned about 0.05% of Pembina Pipeline worth $14,202,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Western Wealth Management LLC purchased a new stake in shares of Pembina Pipeline during the 1st quarter valued at about $25,000. Tobam bought a new position in Pembina Pipeline during the fourth quarter valued at approximately $28,000. Dunhill Financial LLC bought a new position in Pembina Pipeline during the second quarter valued at approximately $31,000. N.E.W. Advisory Services LLC purchased a new stake in Pembina Pipeline in the second quarter worth approximately $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Pembina Pipeline in the third quarter worth approximately $31,000. Hedge funds and other institutional investors own 55.37% of the company's stock.

Pembina Pipeline Trading Up 1.7%

Pembina Pipeline stock opened at $49.21 on Wednesday. The firm has a market capitalization of $28.62 billion, a price-to-earnings ratio of 24.12 and a beta of 0.58. Pembina Pipeline Corp. has a 12-month low of $36.20 and a 12-month high of $51.58. The firm has a 50 day moving average of $48.87 and a 200 day moving average of $46.86. The company has a current ratio of 0.62, a quick ratio of 0.50 and a debt-to-equity ratio of 0.78.

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 net margin of 22.41% and a return on equity of 11.41%. The firm had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter last year, the firm posted $0.65 EPS. The firm's quarterly revenue was up 20.1% compared to the same quarter last year. As a group, research analysts predict that Pembina Pipeline Corp. will post 2.23 earnings per share for the current year.

Pembina Pipeline Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Pembina Pipeline in a research note on Friday, July 3rd. Scotiabank downgraded Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, July 20th. Barclays reaffirmed an "overweight" rating on shares of Pembina Pipeline in a report on Thursday, May 21st. BMO Capital Markets reissued a "market perform" rating on shares of Pembina Pipeline in a report on Friday, July 31st. Finally, Weiss Ratings raised Pembina Pipeline from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.00.

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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