Norges Bank Invests $213.70 Million in Pembina Pipeline Corp. $PBA

Norges Bank purchased a new position in shares of Pembina Pipeline Corp. (NYSE:PBA) (TSE:PPL) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,609,272 shares of the pipeline company’s stock, valued at approximately $213,701,000. Norges Bank owned 0.97% of Pembina Pipeline at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PBA. MUFG Securities EMEA plc purchased a new position in Pembina Pipeline during the 2nd quarter valued at about $52,514,000. Dimensional Fund Advisors LP boosted its holdings in Pembina Pipeline by 61.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,328,709 shares of the pipeline company’s stock valued at $94,207,000 after acquiring an additional 887,413 shares during the period. Scotia Capital Inc. boosted its holdings in Pembina Pipeline by 12.6% during the 3rd quarter. Scotia Capital Inc. now owns 6,425,487 shares of the pipeline company’s stock valued at $258,724,000 after acquiring an additional 717,773 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in Pembina Pipeline by 187.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 917,125 shares of the pipeline company’s stock valued at $35,002,000 after acquiring an additional 597,971 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Pembina Pipeline by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,691,827 shares of the pipeline company’s stock valued at $1,079,231,000 after acquiring an additional 576,845 shares during the period. 55.37% of the stock is currently owned by hedge funds and other institutional investors.

Pembina Pipeline Price Performance

PBA stock opened at $48.82 on Wednesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.83 and a quick ratio of 0.68. Pembina Pipeline Corp. has a 1 year low of $35.45 and a 1 year high of $50.10. The firm has a market capitalization of $28.38 billion, a P/E ratio of 25.43 and a beta of 0.57. The business’s 50-day moving average is $45.64 and its two-hundred day moving average is $42.30.

Pembina Pipeline (NYSE:PBA) (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. Pembina Pipeline had a return on equity of 11.47% and a net margin of 22.22%.The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the company earned $0.80 EPS. The business’s quarterly revenue was down 7.7% on a year-over-year basis. Analysts anticipate that Pembina Pipeline Corp. will post 2.28 earnings per share for the current fiscal year.

Pembina Pipeline Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.735 per share. This is a boost from Pembina Pipeline’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.94 annualized dividend and a dividend yield of 6.0%. Pembina Pipeline’s dividend payout ratio is 108.33%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. BMO Capital Markets reaffirmed a “market perform” rating on shares of Pembina Pipeline in a research report on Tuesday, May 26th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Pembina Pipeline in a research report on Tuesday, May 26th. TD Securities raised Pembina Pipeline from a “hold” rating to a “buy” rating in a research report on Tuesday, May 26th. Royal Bank Of Canada increased their price target on Pembina Pipeline from $64.00 to $68.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. increased their price target on Pembina Pipeline from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $62.67.

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.