M&T Bank Corp Trims Holdings in Pembina Pipeline Corp. $PBA

Key Points

• M&T Bank cut its stake in Pembina Pipeline by 28.8% in Q4, selling 31,813 shares and leaving 78,840 shares valued at about $3.0 million.
• Pembina reported quarterly EPS of $0.56, beating estimates by $0.06, but revenue missed at $1.02 billion versus $1.41 billion expected and was down 10.8% year‑over‑year.
• The company pays a quarterly dividend of $0.71 (annualized $2.84) for a yield of 6.6% and a payout ratio of ~109.5%, while analysts hold a consensus "Hold" with an average price target of $60.00.

M&T Bank Corp trimmed its position in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 28.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 78,840 shares of the pipeline company's stock after selling 31,813 shares during the quarter. M&T Bank Corp's holdings in Pembina Pipeline were worth $3,001,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Pembina Pipeline by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,691,827 shares of the pipeline company's stock valued at $1,079,231,000 after acquiring an additional 576,845 shares in the last quarter. JARISLOWSKY FRASER Ltd boosted its position in Pembina Pipeline by 1,894.9% during the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 8,814,455 shares of the pipeline company's stock valued at $356,468,000 after acquiring an additional 8,372,612 shares in the last quarter. TD Asset Management Inc boosted its position in Pembina Pipeline by 3.9% during the 3rd quarter. TD Asset Management Inc now owns 7,582,203 shares of the pipeline company's stock valued at $306,634,000 after acquiring an additional 283,513 shares in the last quarter. Scotia Capital Inc. boosted its position in Pembina Pipeline by 12.6% during the 3rd quarter. Scotia Capital Inc. now owns 6,425,487 shares of the pipeline company's stock valued at $258,724,000 after acquiring an additional 717,773 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Pembina Pipeline by 1.5% during the 3rd quarter. Legal & General Group Plc now owns 4,378,276 shares of the pipeline company's stock valued at $177,064,000 after acquiring an additional 64,250 shares in the last quarter. 55.37% of the stock is owned by institutional investors.

Pembina Pipeline Stock Performance

Shares of PBA opened at $43.35 on Tuesday. 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 business's 50 day moving average price is $44.18 and its 200-day moving average price is $40.78. Pembina Pipeline Corp. has a 52 week low of $35.45 and a 52 week high of $46.19. The stock has a market cap of $25.20 billion, a P/E ratio of 22.81 and a beta of 0.62.

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 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.06. Pembina Pipeline had a return on equity of 11.17% and a net margin of 21.76%.The firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the previous year, the firm posted $0.92 EPS. The business's revenue for the quarter was down 10.8% compared to the same quarter last year. Equities research analysts anticipate that Pembina Pipeline Corp. will post 2.18 earnings per share for the current fiscal year.

Pembina Pipeline Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend was Monday, March 16th. Pembina Pipeline's payout ratio is currently 109.47%.

Analysts Set New Price Targets

Several research firms have weighed in on PBA. Weiss Ratings raised Pembina Pipeline from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. BMO Capital Markets reaffirmed a "market perform" rating on shares of Pembina Pipeline in a research report on Wednesday, April 8th. Zacks Research raised Pembina Pipeline from a "strong sell" rating to a "hold" rating in a research report on Friday, January 23rd. Wall Street Zen raised Pembina Pipeline from a "sell" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, TD Securities reissued a "hold" rating on shares of Pembina Pipeline in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $60.00.

About Pembina Pipeline

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.

Want to see what other hedge funds are holding PBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.