Wells Fargo & Company Downgrades Pembina Pipeline (NYSE:PBA) to Hold

Pembina Pipeline (NYSE:PBA) (TSE:PPL) was downgraded by research analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

PBA has been the subject of a number of other research reports. UBS Group began coverage on shares of Pembina Pipeline in a report on Wednesday, September 11th. They issued a “neutral” rating for the company. Barclays assumed coverage on Pembina Pipeline in a research report on Thursday, December 12th. They set an “overweight” rating for the company. Citigroup increased their price objective on Pembina Pipeline from $53.00 to $56.00 and gave the company a “neutral” rating in a report on Wednesday, August 28th. Finally, Raymond James initiated coverage on Pembina Pipeline in a report on Friday, October 11th. They set an “outperform” rating for the company. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $56.50.

Pembina Pipeline Price Performance

Shares of PBA stock opened at $36.07 on Wednesday. The firm has a market capitalization of $20.94 billion, a price-to-earnings ratio of 14.90 and a beta of 1.24. 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 stock’s 50-day simple moving average is $41.10 and its 200-day simple moving average is $39.65. Pembina Pipeline has a fifty-two week low of $32.81 and a fifty-two week high of $43.44.

Hedge Funds Weigh In On Pembina Pipeline

A number of large investors have recently bought and sold shares of the business. Toronto Dominion Bank grew its position in shares of Pembina Pipeline by 97.2% in the second quarter. Toronto Dominion Bank now owns 8,938,488 shares of the pipeline company’s stock valued at $331,439,000 after purchasing an additional 4,405,792 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Pembina Pipeline by 56.9% in the 2nd quarter. Canada Pension Plan Investment Board now owns 8,387,525 shares of the pipeline company’s stock worth $311,142,000 after acquiring an additional 3,043,200 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Pembina Pipeline by 71.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,163,711 shares of the pipeline company’s stock worth $130,501,000 after acquiring an additional 1,319,709 shares during the last quarter. Intact Investment Management Inc. raised its holdings in shares of Pembina Pipeline by 83.2% during the 3rd quarter. Intact Investment Management Inc. now owns 1,976,934 shares of the pipeline company’s stock worth $81,498,000 after acquiring an additional 897,940 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in shares of Pembina Pipeline by 2,256.3% in the second quarter. Clearbridge Investments LLC now owns 649,778 shares of the pipeline company’s stock valued at $24,094,000 after purchasing an additional 622,202 shares during the period. Institutional investors and hedge funds own 55.37% of the company’s stock.

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.