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

Summit Financial LLC purchased a new position in shares of Pembina Pipeline Co. (NYSE:PBA - Free Report) TSE: PPL during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 84,458 shares of the pipeline company's stock, valued at approximately $3,121,000.

A number of other hedge funds have also bought and sold shares of PBA. PDT Partners LLC bought a new position in Pembina Pipeline during the 3rd quarter valued at $1,329,000. Van ECK Associates Corp boosted its stake in shares of Pembina Pipeline by 8.0% during the fourth quarter. Van ECK Associates Corp now owns 225,684 shares of the pipeline company's stock valued at $8,335,000 after purchasing an additional 16,762 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Pembina Pipeline by 18.2% during the third quarter. JPMorgan Chase & Co. now owns 4,049,470 shares of the pipeline company's stock valued at $167,000,000 after buying an additional 624,958 shares during the period. PNC Financial Services Group Inc. boosted its position in Pembina Pipeline by 1.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 22,903 shares of the pipeline company's stock valued at $846,000 after acquiring an additional 348 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in Pembina Pipeline by 32.3% in the fourth quarter. Jennison Associates LLC now owns 616,992 shares of the pipeline company's stock worth $22,786,000 after purchasing an additional 150,689 shares during the period. Institutional investors own 55.37% of the company's stock.

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Analysts Set New Price Targets

PBA has been the topic of a number of research reports. Citigroup raised shares of Pembina Pipeline from a "neutral" rating to a "buy" rating in a report on Monday, March 10th. Wells Fargo & Company lowered Pembina Pipeline from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Barclays began coverage on shares of Pembina Pipeline in a research report on Thursday, December 12th. They issued an "overweight" rating on the stock. Finally, TD Securities began coverage on Pembina Pipeline in a research note on Wednesday, January 15th. They issued a "buy" rating for the company. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $56.50.

Pembina Pipeline Trading Down 8.0 %

Shares of NYSE PBA traded down $3.23 during midday trading on Friday, reaching $37.17. 939,957 shares of the stock were exchanged, compared to its average volume of 1,260,644. The company has a market capitalization of $21.58 billion, a P/E ratio of 15.32 and a beta of 1.26. The stock has a 50 day moving average price of $37.84 and a 200-day moving average price of $39.29. Pembina Pipeline Co. has a 52-week low of $33.83 and a 52-week high of $43.44. The company has a current ratio of 0.65, a quick ratio of 0.51 and a debt-to-equity ratio of 0.79.

Pembina Pipeline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.4783 per share. This represents a $1.91 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date was Monday, March 17th. Pembina Pipeline's payout ratio is 86.76%.

Pembina Pipeline Company 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.