CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Pembina Pipeline Co. (NYSE:PBA - Free Report) TSE: PPL by 19.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,675,327 shares of the pipeline company's stock after acquiring an additional 269,062 shares during the period. Pembina Pipeline accounts for about 4.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 12th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.29% of Pembina Pipeline worth $61,903,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in PBA. Sound Income Strategies LLC purchased a new stake in shares of Pembina Pipeline in the 4th quarter valued at approximately $27,000. Cardinal Capital Management Inc. lifted its stake in Pembina Pipeline by 1.3% during the fourth quarter. Cardinal Capital Management Inc. now owns 2,920,900 shares of the pipeline company's stock worth $107,675,000 after purchasing an additional 37,595 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Pembina Pipeline by 24.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 33,622 shares of the pipeline company's stock worth $1,242,000 after buying an additional 6,514 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Pembina Pipeline by 11.7% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,935 shares of the pipeline company's stock valued at $108,000 after buying an additional 308 shares in the last quarter. Finally, Eastern Bank purchased a new stake in shares of Pembina Pipeline in the 4th quarter valued at $29,000. 55.37% of the stock is currently owned by hedge funds and other institutional investors.
Pembina Pipeline Stock Down 0.3 %
NYSE PBA traded down $0.12 during trading on Friday, reaching $37.07. 1,130,949 shares of the company's stock were exchanged, compared to its average volume of 1,018,607. Pembina Pipeline Co. has a 1 year low of $32.81 and a 1 year high of $43.44. The stock has a market cap of $21.52 billion, a P/E ratio of 15.32 and a beta of 1.25. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.51 and a current ratio of 0.65. The company has a 50 day moving average price of $38.39 and a two-hundred day moving average price of $39.65.
Pembina Pipeline Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 7.44%. This is an increase from Pembina Pipeline's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, December 16th. Pembina Pipeline's dividend payout ratio is 80.58%.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on PBA. Barclays started coverage on Pembina Pipeline in a report on Thursday, December 12th. They set an "overweight" rating for the company. Wells Fargo & Company cut Pembina Pipeline from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. TD Securities began coverage on Pembina Pipeline in a research note on Wednesday, January 15th. They issued a "buy" rating for the company. Finally, Raymond James started coverage on Pembina Pipeline in a research report on Friday, October 11th. They set an "outperform" rating for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $56.50.
Read Our Latest Stock Report on Pembina Pipeline
Pembina Pipeline Profile
(
Free Report)
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.
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