Cornerstone Advisors Inc. Has $49,000 Stock Holdings in Pembina Pipeline Corp (NYSE:PBA)
Cornerstone Advisors Inc. grew its position in shares of Pembina Pipeline Corp (NYSE:PBA) (TSE:PPL) by 41.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,963 shares of the pipeline company’s stock after purchasing an additional 571 shares during the quarter. Cornerstone Advisors Inc.’s holdings in Pembina Pipeline were worth $49,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its stake in shares of Pembina Pipeline by 6.3% during the second quarter. CIBC Asset Management Inc now owns 6,260,984 shares of the pipeline company’s stock valued at $156,037,000 after purchasing an additional 369,987 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Pembina Pipeline by 4.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,715 shares of the pipeline company’s stock valued at $2,832,000 after purchasing an additional 4,426 shares in the last quarter. Vident Investment Advisory LLC boosted its stake in shares of Pembina Pipeline by 2.1% during the second quarter. Vident Investment Advisory LLC now owns 500,495 shares of the pipeline company’s stock valued at $12,472,000 after purchasing an additional 10,155 shares in the last quarter. JustInvest LLC acquired a new stake in shares of Pembina Pipeline during the second quarter valued at about $267,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Pembina Pipeline during the second quarter valued at about $256,000. 56.41% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on PBA shares. CIBC lifted their price target on Pembina Pipeline from $37.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Canaccord Genuity reaffirmed a “buy” rating on shares of Pembina Pipeline in a research note on Tuesday, June 2nd. Zacks Investment Research raised Pembina Pipeline from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research note on Wednesday. ValuEngine raised Pembina Pipeline from a “sell” rating to a “hold” rating in a research note on Friday, May 1st. Finally, Royal Bank of Canada lifted their price objective on Pembina Pipeline from $26.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $46.89.
Pembina Pipeline (NYSE:PBA) (TSE:PPL) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.04). The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.98 billion. Pembina Pipeline had a net margin of 21.49% and a return on equity of 11.30%. The company’s revenue was down 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. Research analysts predict that Pembina Pipeline Corp will post 1.53 EPS for the current fiscal year.
The company also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 24th will be issued a dividend of $0.155 per share. This is an increase from Pembina Pipeline’s previous monthly dividend of $0.15. The ex-dividend date is Thursday, July 23rd. This represents a $1.86 annualized dividend and a dividend yield of 7.64%. Pembina Pipeline’s payout ratio is currently 93.00%.
Pembina Pipeline Profile
Pembina Pipeline Corporation provides transportation and midstream services for the energy industry in North America. It operates through three divisions: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines division operates conventional, transmission, and oil sands and heavy oil pipeline assets with a total capacity of 3 million barrels of oil serving markets and basins across North America through conventional, transmission, and oil sand pipelines assets.
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