Mackenzie Financial Corp Sells 987,986 Shares of Pembina Pipeline Corp. $PBA

Key Points

• Mackenzie Financial Corp reduced its stake in Pembina Pipeline by 7.7%, selling 987,986 shares and now holds 11,799,323 shares (about 2.03%) valued at $476.97 million per its SEC filing.
• Pembina declared a quarterly dividend of $0.71 (annualized $2.84) representing a 6.4% yield, with an ex-dividend date of March 16 and a payout ratio of 109.47%.
• Quarterly results showed EPS of $0.56 (beating by $0.06) but revenue fell to $1.02 billion (down 10.8% YoY) and missed expectations; analysts' consensus is a "Hold" with a $60 target price.

Mackenzie Financial Corp cut its holdings in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 7.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,799,323 shares of the pipeline company's stock after selling 987,986 shares during the quarter. Mackenzie Financial Corp owned approximately 2.03% of Pembina Pipeline worth $476,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Westside Investment Management Inc. raised its holdings in shares of Pembina Pipeline by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 808 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 404 shares in the last quarter. Physician Wealth Advisors Inc. lifted its position in shares of Pembina Pipeline by 441.2% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 920 shares of the pipeline company's stock worth $37,000 after purchasing an additional 750 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Pembina Pipeline during the third quarter valued at approximately $40,000. Mather Group LLC. bought a new position in shares of Pembina Pipeline during the third quarter valued at approximately $45,000. Finally, State of Wyoming purchased a new position in Pembina Pipeline during the second quarter valued at approximately $58,000. 55.37% of the stock is currently owned by institutional investors.

Pembina Pipeline Stock Up 0.2%

Shares of Pembina Pipeline stock opened at $44.67 on Wednesday. The company has a quick ratio of 0.47, a current ratio of 0.61 and a debt-to-equity ratio of 0.80. The company has a market cap of $25.95 billion, a P/E ratio of 23.51 and a beta of 0.68. The firm's 50 day moving average price is $41.46 and its 200-day moving average price is $39.59. Pembina Pipeline Corp. has a 52-week low of $34.13 and a 52-week high of $45.09.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last posted its earnings results on Thursday, February 26th. The pipeline company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.06. Pembina Pipeline had a net margin of 21.76% and a return on equity of 11.17%. The company had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. Pembina Pipeline's revenue for the quarter was down 10.8% compared to the same quarter last year. On average, sell-side analysts predict that Pembina Pipeline Corp. will post 2.15 EPS for the current fiscal year.

Pembina Pipeline Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 6.4%. The ex-dividend date is Monday, March 16th. Pembina Pipeline's dividend payout ratio is currently 109.47%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PBA. Zacks Research raised shares of Pembina Pipeline from a "strong sell" rating to a "hold" rating in a research note on Friday, January 23rd. TD Securities cut Pembina Pipeline from a "buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Weiss Ratings upgraded Pembina Pipeline from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 2nd. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Pembina Pipeline in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $60.00.

Pembina Pipeline Company 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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