Eventide Asset Management LLC Lowers Stock Holdings in Pembina Pipeline Corp. $PBA

Key Points

• Eventide Asset Management LLC reduced its holdings in Pembina Pipeline Corp. by 34.0% during the first quarter, now owning 30,173 shares valued at $1,205,000.
• Pembina Pipeline announced a quarterly dividend increase to $0.71 per share, resulting in an annualized yield of 7.5%, effective September 29th.
• Analysts have varied opinions on Pembina Pipeline, with Wells Fargo downgrading it to a "strong sell" while others maintain positive views, resulting in an average rating of "Moderate Buy".

Eventide Asset Management LLC cut its position in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 34.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,173 shares of the pipeline company's stock after selling 15,541 shares during the quarter. Eventide Asset Management LLC's holdings in Pembina Pipeline were worth $1,205,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PBA. Northern Trust Corp boosted its stake in shares of Pembina Pipeline by 46.5% in the 4th quarter. Northern Trust Corp now owns 425,745 shares of the pipeline company's stock worth $15,731,000 after buying an additional 135,177 shares during the last quarter. Cetera Investment Advisers boosted its position in Pembina Pipeline by 3.5% in the fourth quarter. Cetera Investment Advisers now owns 45,455 shares of the pipeline company's stock worth $1,680,000 after purchasing an additional 1,536 shares during the last quarter. Crestline Management LP boosted its position in Pembina Pipeline by 36.5% in the fourth quarter. Crestline Management LP now owns 49,949 shares of the pipeline company's stock worth $1,846,000 after purchasing an additional 13,347 shares during the last quarter. Cresset Asset Management LLC grew its stake in Pembina Pipeline by 45.7% in the 4th quarter. Cresset Asset Management LLC now owns 13,644 shares of the pipeline company's stock valued at $504,000 after purchasing an additional 4,278 shares during the period. Finally, Dunhill Financial LLC increased its position in shares of Pembina Pipeline by 100.0% during the 4th quarter. Dunhill Financial LLC now owns 1,350 shares of the pipeline company's stock valued at $50,000 after purchasing an additional 675 shares during the last quarter. Hedge funds and other institutional investors own 55.37% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays reissued an "overweight" rating on shares of Pembina Pipeline in a report on Tuesday, June 3rd. National Bankshares upgraded shares of Pembina Pipeline from a "sector perform" rating to an "outperform" rating in a research note on Thursday, June 26th. National Bank Financial raised shares of Pembina Pipeline from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, June 25th. Raymond James Financial reaffirmed an "outperform" rating on shares of Pembina Pipeline in a report on Monday, August 11th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Pembina Pipeline in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Pembina Pipeline has an average rating of "Moderate Buy".

Pembina Pipeline Stock Performance

Shares of PBA stock traded up $0.26 during trading on Tuesday, reaching $38.32. 1,189,783 shares of the company's stock traded hands, compared to its average volume of 1,339,978. The firm's 50-day moving average is $37.11 and its 200 day moving average is $37.65. The company has a market capitalization of $22.26 billion, a P/E ratio of 17.99 and a beta of 0.79. Pembina Pipeline Corp. has a 1 year low of $34.13 and a 1 year high of $43.44. The company has a current ratio of 0.77, a quick ratio of 0.62 and a debt-to-equity ratio of 0.81.

Pembina Pipeline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 7.4%. This is a boost from Pembina Pipeline's previous quarterly dividend of $0.51. The ex-dividend date is Monday, September 15th. Pembina Pipeline's dividend payout ratio (DPR) is presently 95.77%.

About Pembina Pipeline

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.