Lord Abbett & CO. LLC Reduces Stake in 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 decreased its position in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 7.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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.

Several other institutional investors have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Pembina Pipeline by 1,591.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 3,155,558 shares of the pipeline company's stock valued at $116,440,000 after buying an additional 2,968,994 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Pembina Pipeline during the 1st quarter worth about $83,743,000. Mackenzie Financial Corp grew its position in shares of Pembina Pipeline by 10.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,930,847 shares of the pipeline company's stock valued at $514,154,000 after acquiring an additional 1,331,294 shares during the period. Invesco Ltd. grew its position in shares of Pembina Pipeline by 55.2% during the 1st quarter. Invesco Ltd. now owns 2,522,129 shares of the pipeline company's stock valued at $100,961,000 after acquiring an additional 897,386 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Pembina Pipeline by 21.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,616,105 shares of the pipeline company's stock valued at $96,665,000 after purchasing an additional 460,646 shares in the last quarter. 55.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PBA shares. BMO Capital Markets reiterated an "outperform" rating on shares of Pembina Pipeline in a research report on Monday, August 11th. National Bankshares upgraded Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a research report on Thursday, June 26th. National Bank Financial upgraded Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, June 25th. Barclays reissued an "overweight" rating on shares of Pembina Pipeline in a research note on Tuesday, June 3rd. Finally, Jefferies Financial Group lowered shares of Pembina Pipeline from a "buy" rating to a "hold" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Pembina Pipeline currently has a consensus rating of "Moderate Buy" and an average target price of $56.00.

Pembina Pipeline Price Performance

PBA traded up $0.2150 on Thursday, hitting $37.8150. 1,775,061 shares of the company's stock were exchanged, compared to its average volume of 1,323,411. Pembina Pipeline Corp. has a fifty-two week low of $34.13 and a fifty-two week high of $43.44. The stock has a market cap of $21.97 billion, a price-to-earnings ratio of 17.73 and a beta of 0.78. The firm has a 50-day moving average price of $37.03 and a 200-day moving average price of $37.51. 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 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date is Monday, September 15th. This is a positive change from Pembina Pipeline's previous quarterly dividend of $0.51. Pembina Pipeline's payout ratio is currently 95.77%.

Pembina Pipeline 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.