PNC Financial Services Group Inc. Buys 28,479 Shares of Pembina Pipeline Corp (PBA)
PNC Financial Services Group Inc. boosted its stake in shares of Pembina Pipeline Corp (NYSE:PBA) (TSE:PPL) by 51.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 83,453 shares of the pipeline company’s stock after purchasing an additional 28,479 shares during the period. PNC Financial Services Group Inc.’s holdings in Pembina Pipeline were worth $2,838,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Stratos Wealth Partners LTD. acquired a new position in Pembina Pipeline during the third quarter valued at approximately $100,000. SG Americas Securities LLC acquired a new position in Pembina Pipeline during the second quarter valued at approximately $178,000. Massachusetts Financial Services Co. MA acquired a new position in Pembina Pipeline during the second quarter valued at approximately $232,000. Natixis acquired a new position in Pembina Pipeline during the second quarter valued at approximately $245,000. Finally, Viking Fund Management LLC boosted its position in Pembina Pipeline by 21.4% during the third quarter. Viking Fund Management LLC now owns 8,500 shares of the pipeline company’s stock valued at $289,000 after purchasing an additional 1,500 shares during the last quarter. 49.02% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. Zacks Investment Research raised Pembina Pipeline from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Thursday, October 4th. ValuEngine raised Pembina Pipeline from a “sell” rating to a “hold” rating in a research report on Saturday, October 6th. Raymond James reaffirmed a “buy” rating on shares of Pembina Pipeline in a research report on Tuesday, November 6th. Credit Suisse Group raised Pembina Pipeline from a “neutral” rating to an “outperform” rating in a research report on Friday, November 16th. Finally, National Bank Financial reaffirmed a “buy” rating on shares of Pembina Pipeline in a research report on Friday, November 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $40.00.
Pembina Pipeline (NYSE:PBA) (TSE:PPL) last released its quarterly earnings data on Thursday, November 1st. The pipeline company reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.13. Pembina Pipeline had a return on equity of 11.01% and a net margin of 18.00%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the firm posted $0.22 earnings per share. The business’s revenue was up 95.7% on a year-over-year basis. As a group, equities research analysts anticipate that Pembina Pipeline Corp will post 1.68 earnings per share for the current fiscal year.
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be given a $0.143 dividend. The ex-dividend date is Friday, December 28th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 5.28%. Pembina Pipeline’s payout ratio is 130.08%.
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 company operates approximately 10,000 kilometers of pipeline network that transports hydrocarbon liquids and extends across Alberta and parts of British Columbia, Saskatchewan, and North Dakota; and owns and operates the Nipisi and Mitsue pipelines, which provide transportation for producers operating in the Pelican Lake and Peace River heavy oil regions of Alberta; transports synthetic crude oil for the Syncrude project and the Horizon project to delivery points near Edmonton, Alberta; and operates Cheecham Lateral, which transports synthetic crude to oil sands producers operating southeast of Fort McMurray, Alberta.
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