Pembina Pipeline Corp. $PBA Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its Pembina Pipeline stake by 7.3% in the first quarter, selling 297,961 shares and ending with 3.77 million shares valued at about $168.6 million.
• Pembina Pipeline recently beat earnings and revenue expectations for the quarter, reporting EPS of $0.59 versus $0.52 expected and revenue of $1.11 billion versus $1.06 billion expected.
• The company also raised its quarterly dividend to $0.735 per share, implying an annualized yield of 5.7%, though its payout ratio is high at 110.94%.

Bank of Nova Scotia lessened its holdings in Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 7.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,766,410 shares of the pipeline company's stock after selling 297,961 shares during the quarter. Bank of Nova Scotia owned approximately 0.65% of Pembina Pipeline worth $168,554,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Tobam acquired a new stake in shares of Pembina Pipeline during the 4th quarter worth about $28,000. Caitong International Asset Management Co. Ltd purchased a new position in Pembina Pipeline in the third quarter valued at approximately $31,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Pembina Pipeline during the fourth quarter worth approximately $36,000. Larson Financial Group LLC raised its holdings in Pembina Pipeline by 32.4% during the third quarter. Larson Financial Group LLC now owns 1,059 shares of the pipeline company's stock worth $43,000 after purchasing an additional 259 shares in the last quarter. Finally, Fulcrum Asset Management LLP purchased a new stake in shares of Pembina Pipeline during the 3rd quarter worth approximately $46,000. 55.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PBA shares. Weiss Ratings cut shares of Pembina Pipeline from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, July 13th. BMO Capital Markets reissued a "market perform" rating and issued a $68.00 target price on shares of Pembina Pipeline in a research report on Friday, July 3rd. Wall Street Zen lowered Pembina Pipeline from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Pembina Pipeline in a research note on Friday, July 3rd. Finally, Royal Bank Of Canada raised their target price on shares of Pembina Pipeline from $64.00 to $68.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Pembina Pipeline has an average rating of "Hold" and a consensus price target of $64.00.

Pembina Pipeline Stock Performance

Shares of PBA opened at $51.17 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.83 and a debt-to-equity ratio of 0.84. Pembina Pipeline Corp. has a 52-week low of $35.45 and a 52-week high of $51.56. The company has a 50-day simple moving average of $48.28 and a 200-day simple moving average of $44.94. The company has a market capitalization of $29.76 billion, a PE ratio of 26.65 and a beta of 0.57.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last issued its earnings results on Thursday, May 7th. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.07. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. Pembina Pipeline had a net margin of 22.22% and a return on equity of 11.47%. The firm's revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.80 earnings per share. Equities research analysts predict that Pembina Pipeline Corp. will post 2.22 earnings per share for the current fiscal year.

Pembina Pipeline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.735 dividend. The ex-dividend date was Monday, June 15th. This represents a $2.94 annualized dividend and a dividend yield of 5.7%. This is a boost from Pembina Pipeline's previous quarterly dividend of $0.71. Pembina Pipeline's payout ratio is presently 110.94%.

Pembina Pipeline 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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