Summit Financial LLC Buys Shares of 84,458 Pembina Pipeline Co. (NYSE:PBA)

Summit Financial LLC purchased a new position in shares of Pembina Pipeline Co. (NYSE:PBA) (TSE:PPL) in the fourth quarter, HoldingsChannel reports. The firm purchased 84,458 shares of the pipeline company’s stock, valued at approximately $3,121,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cerity Partners LLC increased its holdings in Pembina Pipeline by 60.1% in the 3rd quarter. Cerity Partners LLC now owns 32,186 shares of the pipeline company’s stock valued at $1,327,000 after purchasing an additional 12,081 shares during the last quarter. FMR LLC boosted its position in shares of Pembina Pipeline by 1,396.8% during the third quarter. FMR LLC now owns 547,448 shares of the pipeline company’s stock worth $22,573,000 after buying an additional 510,873 shares during the period. Glenmede Trust Co. NA grew its stake in shares of Pembina Pipeline by 252.6% in the third quarter. Glenmede Trust Co. NA now owns 7,051 shares of the pipeline company’s stock valued at $291,000 after buying an additional 5,051 shares in the last quarter. PDT Partners LLC purchased a new stake in shares of Pembina Pipeline in the 3rd quarter valued at $1,329,000. Finally, Erste Asset Management GmbH acquired a new position in Pembina Pipeline during the 3rd quarter worth about $664,000. 55.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on PBA. TD Securities initiated coverage on shares of Pembina Pipeline in a research note on Wednesday, January 15th. They set a “buy” rating on the stock. Wells Fargo & Company downgraded shares of Pembina Pipeline from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Citigroup raised shares of Pembina Pipeline from a “neutral” rating to a “buy” rating in a research report on Monday, March 10th. Finally, Barclays started coverage on Pembina Pipeline in a research report on Thursday, December 12th. They set an “overweight” rating on the stock. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Pembina Pipeline Stock Up 0.2 %

Shares of Pembina Pipeline stock opened at $40.00 on Tuesday. Pembina Pipeline Co. has a 52-week low of $33.83 and a 52-week high of $43.44. The company has a 50 day moving average of $37.65 and a 200 day moving average of $39.28. The company has a quick ratio of 0.51, a current ratio of 0.65 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $23.23 billion, a P/E ratio of 16.53 and a beta of 1.26.

Pembina Pipeline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.4783 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.91 dividend on an annualized basis and a dividend yield of 4.78%. Pembina Pipeline’s payout ratio is currently 86.76%.

Pembina Pipeline 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.