The Manufacturers Life Insurance Company Reduces Stock Holdings in Pembina Pipeline Corp. $PBA

Key Points

• The Manufacturers Life Insurance Company cut its Pembina Pipeline position by 9.2% in the first quarter, selling 904,294 shares and retaining 8.92 million shares valued at approximately $399.1 million. Institutional investors and hedge funds collectively own 55.37% of the company.
• Analyst sentiment remains mixed: six analysts rate Pembina Pipeline a Buy, four a Hold and one a Sell, producing a consensus “Hold” rating and an average price target of $64.
• Pembina exceeded quarterly earnings expectations with EPS of $0.59 versus the $0.52 consensus, while revenue declined 7.7% year over year. The company increased its quarterly dividend to $0.735 per share, representing a 5.9% annualized yield.

The Manufacturers Life Insurance Company lessened its position in shares of Pembina Pipeline Corp. (NYSE:PBA - Free Report) TSE: PPL by 9.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,924,666 shares of the pipeline company's stock after selling 904,294 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.54% of Pembina Pipeline worth $399,132,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PBA. Quantinno Capital Management LP lifted its holdings in shares of Pembina Pipeline by 12.1% in the first quarter. Quantinno Capital Management LP now owns 147,404 shares of the pipeline company's stock valued at $6,598,000 after purchasing an additional 15,935 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Pembina Pipeline in the 1st quarter valued at approximately $455,000. Lombard Odier Asset Management Switzerland SA grew its holdings in Pembina Pipeline by 13.3% during the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 19,658 shares of the pipeline company's stock valued at $881,000 after buying an additional 2,300 shares during the last quarter. Entropy Technologies LP acquired a new stake in Pembina Pipeline during the 1st quarter valued at $625,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Pembina Pipeline during the first quarter worth $54,551,000. 55.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. BMO Capital Markets reiterated a "market perform" rating and issued a $68.00 price target on shares of Pembina Pipeline in a report on Friday, July 3rd. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Pembina Pipeline in a research note on Friday, July 3rd. Barclays reiterated an "overweight" rating on shares of Pembina Pipeline in a research report on Thursday, May 21st. TD Securities reaffirmed a "buy" rating on shares of Pembina Pipeline in a research note on Thursday, July 16th. Finally, Scotiabank lowered shares of Pembina Pipeline from a "sector outperform" rating to a "sector perform" rating in a report on Monday, July 20th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Pembina Pipeline has a consensus rating of "Hold" and an average target price of $64.00.

Pembina Pipeline Trading Down 2.8%

Shares of PBA opened at $49.92 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.68 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $29.03 billion, a P/E ratio of 26.00 and a beta of 0.57. The stock's fifty day simple moving average is $48.34 and its 200 day simple moving average is $45.13. Pembina Pipeline Corp. has a twelve month low of $35.45 and a twelve month high of $51.58.

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, beating analysts' consensus estimates of $0.52 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.06 billion. Pembina Pipeline had a return on equity of 11.47% and a net margin of 22.22%.The firm's revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. On average, equities research analysts forecast that Pembina Pipeline Corp. will post 2.2 earnings per share for the current year.

Pembina Pipeline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Monday, June 15th. This is an increase from Pembina Pipeline's previous quarterly dividend of $0.71. Pembina Pipeline's dividend payout ratio (DPR) is presently 110.94%.

Pembina Pipeline Company 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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