Mackenzie Financial Corp Sells 613,913 Shares of Pembina Pipeline Corp. (NYSE:PBA)

Key Points

• Mackenzie Financial Corp reduced its stake in Pembina Pipeline Corp by 4.4%, now holding approximately 2.29% of the company valued at $532.6 million.
• Pembina Pipeline's stock has a consensus rating of "Moderate Buy" with a price target of $56.00, amid varying ratings from different analysts.
• The company recently raised its quarterly dividend to $0.5109, translating to an annualized yield of 5.56%, up from the previous $0.48.

Mackenzie Financial Corp reduced its holdings in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 4.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,316,934 shares of the pipeline company's stock after selling 613,913 shares during the quarter. Mackenzie Financial Corp owned 2.29% of Pembina Pipeline worth $532,640,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings 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 buying an additional 1,824 shares in the last quarter. Bank of Nova Scotia Trust Co. lifted its holdings in shares of Pembina Pipeline by 20.9% during 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 purchasing an additional 58,366 shares during the last quarter. Catalyst Capital Advisors LLC boosted its position in shares of Pembina Pipeline by 18.0% in the 1st quarter. Catalyst Capital Advisors LLC now owns 445,057 shares of the pipeline company's stock valued at $17,816,000 after purchasing an additional 67,797 shares during the period. Korea Investment CORP increased its stake in Pembina Pipeline by 32.7% in the 4th quarter. Korea Investment CORP now owns 440,818 shares of the pipeline company's stock worth $16,279,000 after purchasing an additional 108,529 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Pembina Pipeline during the 4th quarter worth about $459,000. 55.37% of the stock is owned by institutional investors and hedge funds.

Pembina Pipeline Stock Down 0.0%

Shares of Pembina Pipeline stock traded down $0.01 on Thursday, hitting $37.10. 451,008 shares of the company traded hands, compared to its average volume of 1,334,954. Pembina Pipeline Corp. has a 12-month low of $34.13 and a 12-month high of $43.44. The company has a quick ratio of 0.52, a current ratio of 0.64 and a debt-to-equity ratio of 0.75. The company has a market cap of $21.55 billion, a PE ratio of 16.79 and a beta of 0.76. The company has a 50-day moving average price of $37.28 and a 200 day moving average price of $37.53.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last issued its earnings results on Thursday, May 8th. The pipeline company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.23. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.47 billion. Pembina Pipeline had a return on equity of 12.61% and a net margin of 23.73%. The business's revenue was up 48.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 EPS. Sell-side analysts predict that Pembina Pipeline Corp. will post 2.15 earnings per share for the current year.

Pembina Pipeline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.5109 dividend. This represents a $2.04 annualized dividend and a yield of 5.51%. This is an increase from Pembina Pipeline's previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Monday, June 16th. Pembina Pipeline's payout ratio is currently 93.67%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PBA shares. Barclays reissued an "overweight" rating on shares of Pembina Pipeline in a research report on Tuesday, June 3rd. National Bank Financial upgraded Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a report on Wednesday, June 25th. National Bankshares upgraded Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a report on Thursday, June 26th. Finally, Jefferies Financial Group downgraded Pembina Pipeline from a "buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $56.00.

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.