HITE Hedge Asset Management LLC Has $28.88 Million Stock Position in Pembina Pipeline Corp. $PBA

Key Points

• HITE Hedge Asset Management LLC increased its stake in Pembina Pipeline Corp. by 66.5%, owning 722,092 shares after purchasing an additional 288,274 shares in the first quarter.
• Pembina Pipeline recently declared a quarterly dividend of $0.71, up from the previous $0.51, reflecting a yield of 7.7% and a dividend payout ratio of 95.77%.
• Wall Street analysts show mixed ratings for Pembina Pipeline, with two analysts rating it as a sell and others giving it a consensus rating of "Moderate Buy" with an average price target of $56.00.

HITE Hedge Asset Management LLC grew its stake in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 66.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 722,092 shares of the pipeline company's stock after buying an additional 288,274 shares during the period. Pembina Pipeline makes up 1.8% of HITE Hedge Asset Management LLC's portfolio, making the stock its 19th biggest position. HITE Hedge Asset Management LLC owned approximately 0.12% of Pembina Pipeline worth $28,880,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PBA. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Pembina Pipeline by 1,591.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 3,155,558 shares of the pipeline company's stock worth $116,440,000 after buying an additional 2,968,994 shares during the last quarter. Nuveen LLC bought a new position in Pembina Pipeline during the first quarter worth about $83,743,000. Mackenzie Financial Corp boosted its holdings in Pembina Pipeline by 10.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,930,847 shares of the pipeline company's stock worth $514,154,000 after buying an additional 1,331,294 shares during the last quarter. Invesco Ltd. boosted its holdings in Pembina Pipeline by 55.2% during the first quarter. Invesco Ltd. now owns 2,522,129 shares of the pipeline company's stock worth $100,961,000 after buying an additional 897,386 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Pembina Pipeline by 21.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,616,105 shares of the pipeline company's stock worth $96,665,000 after purchasing an additional 460,646 shares during the period. Institutional investors own 55.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wall Street Zen lowered Pembina Pipeline from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. National Bankshares raised Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a research report on Thursday, June 26th. Jefferies Financial Group lowered Pembina Pipeline from a "buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of Pembina Pipeline in a research report on Monday, August 11th. Finally, Wells Fargo & Company lowered Pembina Pipeline from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.00.

Pembina Pipeline Stock Up 0.6%

Pembina Pipeline stock traded up $0.2170 during midday trading on Friday, reaching $38.0570. The stock had a trading volume of 1,871,528 shares, compared to its average volume of 1,181,772. The firm's fifty day simple moving average is $37.01 and its 200-day simple moving average is $37.54. Pembina Pipeline Corp. has a 1-year low of $34.13 and a 1-year high of $43.44. The stock has a market capitalization of $22.11 billion, a P/E ratio of 17.87 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 given 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 of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a dividend yield of 7.5%. Pembina Pipeline's payout ratio is presently 97.18%.

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.