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

HITE Hedge Asset Management LLC bought a new position in Pembina Pipeline Co. (NYSE:PBA) (TSE:PPL) during the 4th quarter, Holdings Channel reports. The institutional investor bought 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 investment portfolio, making the stock its 28th biggest position.

Other large investors have also recently bought and sold shares of the company. Sound Income Strategies LLC bought a new stake in Pembina Pipeline during the fourth quarter valued at approximately $27,000. Versant Capital Management Inc purchased a new stake in shares of Pembina Pipeline during the 4th quarter valued at $27,000. Eastern Bank purchased a new stake in shares of Pembina Pipeline during the 4th quarter valued at $29,000. Principal Securities Inc. lifted its holdings in shares of Pembina Pipeline by 2,597.1% during the 4th quarter. Principal Securities Inc. now owns 917 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 883 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its position in Pembina Pipeline by 880.0% in the fourth quarter. Venturi Wealth Management LLC now owns 980 shares of the pipeline company’s stock worth $36,000 after acquiring an additional 880 shares in the last quarter. 55.37% of the stock is owned by institutional investors.

Pembina Pipeline Stock Up 1.5 %

Shares of NYSE PBA opened at $37.96 on Friday. The firm’s fifty day moving average is $37.82 and its 200 day moving average is $38.93. Pembina Pipeline Co. has a 52 week low of $34.13 and a 52 week high of $43.44. 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 cap of $22.04 billion, a price-to-earnings ratio of 15.69 and a beta of 0.89.

Pembina Pipeline Cuts Dividend

The firm also recently declared 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 5.04%. The ex-dividend date of this dividend was Monday, March 17th. Pembina Pipeline’s payout ratio is 86.76%.

Analysts Set New Price Targets

PBA has been the topic of a number of research reports. Citigroup upgraded Pembina Pipeline from a “neutral” rating to a “buy” rating in a research report on Monday, March 10th. TD Securities started coverage on Pembina Pipeline in a report on Wednesday, January 15th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pembina Pipeline currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

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.