Lord Abbett & CO. LLC Sells 12,200 Shares of Pembina Pipeline Corp. $PBA

Key Points

• Lord Abbett & CO. LLC reduced its stake in Pembina Pipeline Corp. by 7.2%, holding 156,807 shares worth approximately $6.27 million at the end of the first quarter.
• Pembina Pipeline recently increased its quarterly dividend from $0.51 to $0.71, representing a 7.7% yield on an annualized basis.
• Analysts grade Pembina Pipeline with a "Moderate Buy" rating, with an average target price of $56.00, amidst a mix of buy, hold, and sell ratings from different firms.

Lord Abbett & CO. LLC cut its holdings in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 7.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 156,807 shares of the pipeline company's stock after selling 12,200 shares during the quarter. Lord Abbett & CO. LLC's holdings in Pembina Pipeline were worth $6,272,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Cetera Investment Advisers lifted its position in shares of Pembina Pipeline by 6.2% in the first quarter. Cetera Investment Advisers now owns 48,289 shares of the pipeline company's stock valued at $1,933,000 after acquiring an additional 2,834 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in shares of Pembina Pipeline by 25.2% in the first quarter. Westwood Holdings Group Inc. now owns 1,428,833 shares of the pipeline company's stock valued at $57,196,000 after acquiring an additional 288,003 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Pembina Pipeline by 11.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,182 shares of the pipeline company's stock valued at $728,000 after acquiring an additional 1,824 shares in the last quarter. Bank of Nova Scotia Trust Co. lifted its position in shares of Pembina Pipeline by 20.9% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 337,379 shares of the pipeline company's stock valued at $12,466,000 after acquiring an additional 58,366 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Pembina Pipeline by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,571,245 shares of the pipeline company's stock valued at $62,839,000 after acquiring an additional 25,265 shares in the last quarter. 55.37% of the stock is currently owned by hedge funds and other institutional investors.

Pembina Pipeline Price Performance

Shares of NYSE:PBA traded up $0.3950 during mid-day trading on Friday, reaching $38.2350. The stock had a trading volume of 431,881 shares, compared to its average volume of 1,323,810. The business's 50 day moving average price is $37.02 and its 200 day moving average price is $37.53. 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 has a market cap of $22.21 billion, a P/E ratio of 17.95 and a beta of 0.78.

Pembina Pipeline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, September 15th. This is an increase from Pembina Pipeline's previous quarterly dividend of $0.51. This represents a $2.84 annualized dividend and a yield of 7.4%. Pembina Pipeline's payout ratio is presently 97.18%.

Analysts Set New Price Targets

Several equities analysts have recently commented on PBA shares. Barclays restated an "overweight" rating on shares of Pembina Pipeline in a research report on Tuesday, June 3rd. Wall Street Zen downgraded Pembina Pipeline from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. National Bank Financial upgraded Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, June 25th. BMO Capital Markets reiterated an "outperform" rating on shares of Pembina Pipeline in a research report on Monday, August 11th. Finally, Jefferies Financial Group downgraded Pembina Pipeline from a "buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.00.

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.