HITE Hedge Asset Management LLC Sells 15,965 Shares of Pembina Pipeline Co. (NYSE:PBA)

HITE Hedge Asset Management LLC lowered its position in shares of Pembina Pipeline Co. (NYSE:PBA) (TSE:PPL) by 9.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 147,169 shares of the pipeline company’s stock after selling 15,965 shares during the period. HITE Hedge Asset Management LLC’s holdings in Pembina Pipeline were worth $5,460,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PBA. Canada Pension Plan Investment Board increased its stake in shares of Pembina Pipeline by 56.9% in the second quarter. Canada Pension Plan Investment Board now owns 8,387,525 shares of the pipeline company’s stock valued at $311,142,000 after buying an additional 3,043,200 shares during the period. Capital World Investors bought a new stake in Pembina Pipeline during the fourth quarter valued at $32,541,000. ClearBridge Investments Ltd grew its holdings in Pembina Pipeline by 12.3% during the 1st quarter. ClearBridge Investments Ltd now owns 7,173,059 shares of the pipeline company’s stock worth $253,496,000 after acquiring an additional 784,814 shares during the period. Kayne Anderson Capital Advisors LP lifted its stake in shares of Pembina Pipeline by 31.1% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 2,969,440 shares of the pipeline company’s stock valued at $104,940,000 after purchasing an additional 704,249 shares during the period. Finally, 1832 Asset Management L.P. grew its stake in Pembina Pipeline by 93.7% during the first quarter. 1832 Asset Management L.P. now owns 1,374,359 shares of the pipeline company’s stock worth $48,570,000 after purchasing an additional 664,843 shares during the period. Institutional investors and hedge funds own 55.37% of the company’s stock.

Pembina Pipeline Stock Up 0.6 %

Pembina Pipeline stock opened at $41.35 on Wednesday. Pembina Pipeline Co. has a 1-year low of $28.15 and a 1-year high of $41.58. The firm has a market capitalization of $24.00 billion, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 5.67 and a beta of 1.25. The company has a current ratio of 0.68, a quick ratio of 0.55 and a debt-to-equity ratio of 0.77. The firm’s fifty day moving average price is $39.32 and its two-hundred day moving average price is $37.28.

Pembina Pipeline (NYSE:PBA) (TSE:PPL) last released its quarterly earnings results on Thursday, August 8th. The pipeline company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.21. Pembina Pipeline had a return on equity of 13.68% and a net margin of 23.50%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the firm posted $0.45 EPS. Pembina Pipeline’s quarterly revenue was up 30.5% compared to the same quarter last year. On average, equities research analysts predict that Pembina Pipeline Co. will post 2.42 earnings per share for the current fiscal year.

Pembina Pipeline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Monday, September 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date of this dividend is Monday, September 16th. Pembina Pipeline’s payout ratio is 88.70%.

Analysts Set New Price Targets

PBA has been the subject of several research analyst reports. UBS Group assumed coverage on shares of Pembina Pipeline in a research note on Wednesday, September 11th. They issued a “neutral” rating for the company. Citigroup boosted their target price on Pembina Pipeline from $53.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. Four research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $56.50.

Pembina Pipeline Company Profile

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.