Pembina Pipeline Corp. $PBA Shares Sold by Heronetta Management L.P.

Key Points

• Heronetta Management L.P. sharply reduced its Pembina Pipeline stake by 91% in the first quarter, selling 180,000 shares and leaving it with 17,698 shares valued at about $792,000.
• Institutional ownership remains significant, with 55.37% of the stock held by hedge funds and other institutions; several firms either initiated or increased positions in the company during recent quarters.
• Pembina Pipeline recently raised its quarterly dividend to $0.735 per share, implying a 6.2% annual yield, while analysts currently rate the stock a consensus "Hold" with an average price target of $64.00.

Heronetta Management L.P. trimmed its stake in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 91.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,698 shares of the pipeline company's stock after selling 180,000 shares during the period. Pembina Pipeline comprises 0.7% of Heronetta Management L.P.'s holdings, making the stock its 12th largest position. Heronetta Management L.P.'s holdings in Pembina Pipeline were worth $792,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new stake in Pembina Pipeline in the 1st quarter worth approximately $374,000. Focus Partners Wealth purchased a new position in shares of Pembina Pipeline during the 1st quarter valued at approximately $312,000. Marshall Wace LLP purchased a new position in shares of Pembina Pipeline during the 2nd quarter valued at approximately $253,000. Cresset Asset Management LLC lifted its stake in shares of Pembina Pipeline by 4.1% in the 2nd quarter. Cresset Asset Management LLC now owns 13,684 shares of the pipeline company's stock valued at $513,000 after purchasing an additional 534 shares during the period. Finally, AXA S.A. boosted its holdings in Pembina Pipeline by 17.5% during the second quarter. AXA S.A. now owns 23,418 shares of the pipeline company's stock worth $878,000 after buying an additional 3,488 shares in the last quarter. 55.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PBA shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Pembina Pipeline in a report on Tuesday, June 16th. Wall Street Zen cut Pembina Pipeline from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Pembina Pipeline in a research report on Friday, July 3rd. Barclays reissued an "overweight" rating on shares of Pembina Pipeline in a report on Thursday, May 21st. Finally, JPMorgan Chase & Co. boosted their price objective on Pembina Pipeline from $55.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, March 19th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Pembina Pipeline currently has a consensus rating of "Hold" and an average target price of $64.00.

Pembina Pipeline Price Performance

Shares of Pembina Pipeline stock traded down $0.40 during trading hours on Friday, reaching $47.55. 763,456 shares of the company's stock were exchanged, compared to its average volume of 1,172,378. 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 1 year low of $35.45 and a 1 year high of $50.10. The business has a fifty day moving average of $47.52 and a two-hundred day moving average of $44.09. The company has a market capitalization of $27.65 billion, a P/E ratio of 24.77 and a beta of 0.57.

Pembina Pipeline (NYSE:PBA - Get Free Report) TSE: PPL last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. Pembina Pipeline had a net margin of 22.22% and a return on equity of 11.47%. Pembina Pipeline's revenue was down 7.7% compared to the same quarter last year. During the same period last year, the business earned $0.80 earnings per share. As a group, research analysts predict that Pembina Pipeline Corp. will post 2.23 earnings per share for the current fiscal year.

Pembina Pipeline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a yield of 6.2%. This is a positive change from Pembina Pipeline's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Monday, June 15th. Pembina Pipeline's payout ratio is 110.94%.

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.

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