Bank of New York Mellon Corp Increases Stake in Pembina Pipeline Corp (PBA)
Bank of New York Mellon Corp lifted its holdings in Pembina Pipeline Corp (NYSE:PBA) (TSE:PPL) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 424,915 shares of the pipeline company’s stock after purchasing an additional 5,769 shares during the quarter. Bank of New York Mellon Corp owned 0.08% of Pembina Pipeline worth $14,915,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in PBA. CIBC Asset Management Inc lifted its position in shares of Pembina Pipeline by 64.6% in the third quarter. CIBC Asset Management Inc now owns 7,100,744 shares of the pipeline company’s stock worth $248,486,000 after purchasing an additional 2,787,001 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Pembina Pipeline by 133.4% during the second quarter. The Manufacturers Life Insurance Company now owns 3,121,883 shares of the pipeline company’s stock worth $103,718,000 after buying an additional 1,784,451 shares during the last quarter. Duff & Phelps Investment Management Co. acquired a new position in Pembina Pipeline during the third quarter worth $41,290,000. Jennison Associates LLC increased its holdings in Pembina Pipeline by 502.2% during the second quarter. Jennison Associates LLC now owns 1,271,009 shares of the pipeline company’s stock worth $42,096,000 after buying an additional 1,059,961 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Pembina Pipeline by 43.6% during the second quarter. Goldman Sachs Group Inc. now owns 2,901,307 shares of the pipeline company’s stock worth $96,091,000 after buying an additional 880,831 shares during the last quarter. 42.34% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on PBA. Zacks Investment Research upgraded shares of Pembina Pipeline from a “sell” rating to a “hold” rating in a report on Wednesday. Macquarie downgraded shares of Pembina Pipeline from an “outperform” rating to a “neutral” rating in a report on Wednesday, November 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $39.00.
The company also recently announced a dec 17 dividend, which will be paid on Monday, January 15th. Investors of record on Sunday, December 31st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a yield of 4.84%. Pembina Pipeline’s payout ratio is 169.70%.
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Pembina Pipeline Profile
Pembina Pipeline Corporation is an energy transportation and service provider. The Company operates through four segments. The Conventional Pipelines segment consists of the tariff-based operations of pipelines and related facilities to deliver crude oil, condensate and natural gas liquids (NGL) in Alberta, British Columbia, Saskatchewan, and North Dakota, United States.
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