CIBC Asset Management Inc Lowers Stake in Pembina Pipeline Corp. $PBA

CIBC Asset Management Inc decreased its stake in shares of Pembina Pipeline Corp. (NYSE:PBA) (TSE:PPL) by 3.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,316,080 shares of the pipeline company’s stock after selling 231,456 shares during the quarter. CIBC Asset Management Inc owned approximately 1.26% of Pembina Pipeline worth $296,118,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PBA. Mather Group LLC. purchased a new position in shares of Pembina Pipeline during the third quarter worth approximately $45,000. State of Wyoming bought a new position in Pembina Pipeline in the second quarter worth approximately $58,000. Ameritas Advisory Services LLC bought a new position in Pembina Pipeline in the second quarter worth approximately $66,000. First Horizon Advisors Inc. increased its holdings in Pembina Pipeline by 172.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,832 shares of the pipeline company’s stock worth $69,000 after purchasing an additional 1,159 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Pembina Pipeline during the 2nd quarter worth $104,000. 55.37% of the stock is owned by hedge funds and other institutional investors.

Pembina Pipeline Trading Up 2.0%

Shares of NYSE PBA opened at $40.53 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.53 and a quick ratio of 0.41. The stock has a market capitalization of $23.55 billion, a P/E ratio of 20.26 and a beta of 0.66. Pembina Pipeline Corp. has a 1-year low of $34.13 and a 1-year high of $42.40. The business has a fifty day moving average price of $38.27 and a 200 day moving average price of $38.14.

Pembina Pipeline (NYSE:PBA) (TSE:PPL) last posted its earnings results on Thursday, November 6th. The pipeline company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.14). The company had revenue of $911.47 million during the quarter, compared to analysts’ expectations of $1.42 billion. Pembina Pipeline had a net margin of 22.17% and a return on equity of 11.59%. Pembina Pipeline’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. Equities research analysts expect that Pembina Pipeline Corp. will post 2.15 EPS for the current fiscal year.

Pembina Pipeline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 7.0%. The ex-dividend date was Monday, December 15th. Pembina Pipeline’s payout ratio is 101.50%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PBA. Weiss Ratings reissued a “hold (c)” rating on shares of Pembina Pipeline in a research report on Monday, December 29th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Pembina Pipeline in a research note on Tuesday, December 16th. TD Securities dropped their target price on shares of Pembina Pipeline from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. Finally, Zacks Research downgraded shares of Pembina Pipeline from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.00.

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.