Cumberland Partners Ltd Sells 77,025 Shares of Pembina Pipeline Corp. (PBA)
Cumberland Partners Ltd cut its position in Pembina Pipeline Corp. (NYSE:PBA) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,521,700 shares of the company’s stock after selling 77,025 shares during the period. Pembina Pipeline Corp. comprises about 6.5% of Cumberland Partners Ltd’s investment portfolio, making the stock its 2nd largest position. Cumberland Partners Ltd’s holdings in Pembina Pipeline Corp. were worth $45,924,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in PBA. Norges Bank acquired a new position in shares of Pembina Pipeline Corp. during the fourth quarter worth $56,847,000. Commonwealth Equity Services Inc increased its position in shares of Pembina Pipeline Corp. by 5.9% in the first quarter. Commonwealth Equity Services Inc now owns 163,677 shares of the company’s stock worth $4,416,000 after buying an additional 9,076 shares during the last quarter. Virginia Retirement System acquired a new position in shares of Pembina Pipeline Corp. during the first quarter worth $1,412,000. Addenda Capital Inc. increased its position in shares of Pembina Pipeline Corp. by 69.9% in the first quarter. Addenda Capital Inc. now owns 48,224 shares of the company’s stock worth $1,314,000 after buying an additional 19,844 shares during the last quarter. Finally, CIBC World Markets Inc. increased its position in shares of Pembina Pipeline Corp. by 2.5% in the first quarter. CIBC World Markets Inc. now owns 5,676,115 shares of the company’s stock worth $153,142,000 after buying an additional 139,697 shares during the last quarter. Hedge funds and other institutional investors own 46.58% of the company’s stock.
Pembina Pipeline Corp. (NYSE:PBA) traded up 1.22% on Thursday, hitting $30.69. 154,492 shares of the stock were exchanged. Pembina Pipeline Corp. has a 12 month low of $17.88 and a 12 month high of $32.31. The firm has a market cap of $12.03 billion, a P/E ratio of 37.34 and a beta of 0.68. The company has a 50-day moving average of $30.24 and a 200 day moving average of $29.15.
Pembina Pipeline Corp. (NYSE:PBA) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by $0.05. Pembina Pipeline Corp. had a net margin of 10.63% and a return on equity of 7.13%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company earned $0.09 EPS. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. Equities research analysts expect that Pembina Pipeline Corp. will post $0.87 earnings per share for the current fiscal year.
The company also recently declared a sep 16 dividend, which will be paid on Saturday, October 15th. Stockholders of record on Sunday, September 25th will be issued a dividend of $0.16 per share. This represents a dividend yield of 4.93%. The ex-dividend date of this dividend is Wednesday, September 21st. Pembina Pipeline Corp.’s payout ratio is 179.27%.
A number of equities analysts have recently weighed in on PBA shares. Zacks Investment Research downgraded Pembina Pipeline Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 31st. Credit Suisse Group AG cut shares of Pembina Pipeline Corp. from an “outperform” rating to a “neutral” rating in a report on Monday, June 20th. GMP Securities reaffirmed a “buy” rating on shares of Pembina Pipeline Corp. in a report on Monday, June 27th. National Bank Financial cut shares of Pembina Pipeline Corp. from an “outperform” rating to a “sector perform” rating in a report on Monday, July 18th. Finally, RBC Capital Markets reaffirmed an “outperform” rating and issued a $45.00 price target (up previously from $42.00) on shares of Pembina Pipeline Corp. in a report on Wednesday, August 10th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Pembina Pipeline Corp. has a consensus rating of “Buy” and an average target price of $41.75.
Pembina Pipeline Corp. Company Profile
Pembina Pipeline Corporation (Pembina) is a transportation and midstream service provider. The Company operates through four segments: Conventional Pipelines, Oil Sands & Heavy Oil, Gas Services and Midstream. Pembina owns and operates an integrated system of pipelines that transport various hydrocarbon liquids, including conventional and synthetic crude oil, heavy oil and oil sands products, condensate (diluent) and natural gas liquids (NGL) produced in western Canada and ethane produced in North Dakota.
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