HITE Hedge Asset Management LLC Buys New Shares in Pembina Pipeline Co. (NYSE:PBA)

HITE Hedge Asset Management LLC purchased a new position in shares of Pembina Pipeline Co. (NYSE:PBA - Free Report) TSE: PPL in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 433,818 shares of the pipeline company's stock, valued at approximately $16,028,000. Pembina Pipeline accounts for approximately 1.2% of HITE Hedge Asset Management LLC's portfolio, making the stock its 28th biggest holding. HITE Hedge Asset Management LLC owned approximately 0.07% of Pembina Pipeline at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Pembina Pipeline during the fourth quarter worth about $171,860,000. Arrowstreet Capital Limited Partnership bought a new position in Pembina Pipeline in the 4th quarter worth approximately $73,073,000. Hillsdale Investment Management Inc. grew its stake in Pembina Pipeline by 338.7% in the 4th quarter. Hillsdale Investment Management Inc. now owns 1,289,706 shares of the pipeline company's stock valued at $47,598,000 after buying an additional 995,735 shares in the last quarter. AGF Management Ltd. raised its holdings in Pembina Pipeline by 612.7% during the 4th quarter. AGF Management Ltd. now owns 1,080,853 shares of the pipeline company's stock valued at $40,025,000 after acquiring an additional 929,206 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Pembina Pipeline by 30.4% during the fourth quarter. Geode Capital Management LLC now owns 3,539,660 shares of the pipeline company's stock worth $133,449,000 after acquiring an additional 824,232 shares in the last quarter. Hedge funds and other institutional investors own 55.37% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PBA. TD Securities started coverage on Pembina Pipeline in a research note on Wednesday, January 15th. They set a "buy" rating on the stock. Citigroup raised shares of Pembina Pipeline from a "neutral" rating to a "buy" rating in a report on Monday, March 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Pembina Pipeline has an average rating of "Moderate Buy" and a consensus target price of $56.00.

Pembina Pipeline Price Performance

Shares of NYSE:PBA traded down $0.22 on Wednesday, hitting $38.06. The company's stock had a trading volume of 321,218 shares, compared to its average volume of 1,266,889. The company has a market capitalization of $22.10 billion, a PE ratio of 15.73 and a beta of 0.89. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.65 and a quick ratio of 0.51. The company has a 50-day simple moving average of $37.89 and a 200 day simple moving average of $38.82. Pembina Pipeline Co. has a 1 year low of $34.13 and a 1 year high of $43.44.

Pembina Pipeline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.4783 dividend. This represents a $1.91 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date was Monday, March 17th. Pembina Pipeline's dividend payout ratio is currently 86.76%.

About Pembina Pipeline

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.