Lincluden Management Ltd. Sells 33,729 Shares of Pembina Pipeline Corp. $PBA

Key Points

• Lincluden Management sold 33,729 Pembina Pipeline shares in Q4, leaving it with 894,163 shares (worth ~$34.0M), which represent about 0.15% of Pembina and make PBA its 9th largest holding (≈3.7% of Lincluden’s portfolio).
• Pembina beat Q4 EPS estimates ($0.56 vs. $0.50) but missed on revenue ($1.02B vs. $1.41B) as revenue fell 10.8% year-over-year, with analysts projecting ~2.18 EPS for the current year.
• Pembina declared a $0.71 quarterly dividend (annualized $2.84) yielding 6.4%, though the payout ratio is high at 109.47%, which may raise sustainability concerns.

Lincluden Management Ltd. cut its holdings in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 3.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 894,163 shares of the pipeline company's stock after selling 33,729 shares during the period. Pembina Pipeline comprises about 3.7% of Lincluden Management Ltd.'s holdings, making the stock its 9th largest position. Lincluden Management Ltd. owned 0.15% of Pembina Pipeline worth $34,032,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. M&T Bank Corp raised its stake in Pembina Pipeline by 0.5% in the fourth quarter. M&T Bank Corp now owns 111,253 shares of the pipeline company's stock valued at $4,234,000 after buying an additional 600 shares in the last quarter. UBS Group AG raised its stake in Pembina Pipeline by 17.1% in the fourth quarter. UBS Group AG now owns 1,330,969 shares of the pipeline company's stock valued at $50,657,000 after buying an additional 194,129 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Pembina Pipeline in the fourth quarter valued at $303,000. Vanguard Group Inc. raised its stake in Pembina Pipeline by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 27,233,442 shares of the pipeline company's stock valued at $1,037,512,000 after buying an additional 541,615 shares in the last quarter. Finally, Davis Rea LTD. raised its stake in Pembina Pipeline by 4.6% in the fourth quarter. Davis Rea LTD. now owns 117,368 shares of the pipeline company's stock valued at $4,474,000 after buying an additional 5,196 shares in the last quarter. 55.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Weiss Ratings upgraded Pembina Pipeline from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. BMO Capital Markets reiterated a "market perform" rating on shares of Pembina Pipeline in a research report on Wednesday, April 8th. JPMorgan Chase & Co. lifted their target price on Pembina Pipeline from $55.00 to $60.00 and gave the stock a "neutral" rating in a research report on Thursday, March 19th. TD Securities reiterated a "hold" rating on shares of Pembina Pipeline in a research report on Wednesday, April 8th. Finally, Zacks Research upgraded Pembina Pipeline from a "strong sell" rating to a "hold" rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Pembina Pipeline currently has a consensus rating of "Hold" and an average price target of $60.00.

Pembina Pipeline Stock Performance

Shares of PBA stock opened at $44.28 on Wednesday. The stock has a market capitalization of $25.74 billion, a PE ratio of 23.30 and a beta of 0.62. Pembina Pipeline Corp. has a 52-week low of $35.45 and a 52-week high of $46.19. The stock's 50-day moving average price is $44.19 and its 200 day moving average price is $40.82. The company has a quick ratio of 0.47, a current ratio of 0.61 and a debt-to-equity ratio of 0.80.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last issued its quarterly earnings results on Thursday, February 26th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.06. The firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.41 billion. Pembina Pipeline had a return on equity of 11.17% and a net margin of 21.76%.The firm's revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 EPS. As a group, equities research analysts forecast that Pembina Pipeline Corp. will post 2.18 EPS for the current year.

Pembina Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 6.4%. The ex-dividend date was Monday, March 16th. Pembina Pipeline's payout ratio is 109.47%.

Pembina Pipeline Profile

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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