PNC Financial Services Group Inc. increased its stake in Brookfield Infrastructure Partners L.P. (NYSE:BIP) (TSE:BIP.UN) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,930 shares of the utilities provider’s stock after purchasing an additional 1,554 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Brookfield Infrastructure Partners were worth $2,186,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of BIP. WealthPLAN Partners LLC purchased a new position in Brookfield Infrastructure Partners in the 1st quarter worth about $204,000. Csenge Advisory Group purchased a new position in Brookfield Infrastructure Partners in the 1st quarter worth about $227,000. Chicago Capital LLC purchased a new position in Brookfield Infrastructure Partners in the 2nd quarter worth about $232,000. Community Financial Services Group LLC purchased a new position in Brookfield Infrastructure Partners in the 2nd quarter worth about $288,000. Finally, Cypress Wealth Services LLC purchased a new position in Brookfield Infrastructure Partners in the 2nd quarter worth about $301,000. 37.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on BIP. ValuEngine cut Brookfield Infrastructure Partners from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Royal Bank of Canada lifted their price target on Brookfield Infrastructure Partners from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, August 3rd. Credit Suisse Group set a $46.00 target price on Brookfield Infrastructure Partners and gave the company a “buy” rating in a research note on Thursday, September 13th. Zacks Investment Research cut Brookfield Infrastructure Partners from a “hold” rating to a “sell” rating in a research note on Monday, September 10th. Finally, Bank of America started coverage on Brookfield Infrastructure Partners in a research note on Tuesday, July 10th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $46.70.
Brookfield Infrastructure Partners (NYSE:BIP) (TSE:BIP.UN) last released its earnings results on Thursday, August 2nd. The utilities provider reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.55). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $833.00 million. Brookfield Infrastructure Partners had a net margin of 8.25% and a return on equity of 3.29%. As a group, equities analysts forecast that Brookfield Infrastructure Partners L.P. will post 3.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, August 31st were paid a $0.47 dividend. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $1.88 annualized dividend and a dividend yield of 4.79%. Brookfield Infrastructure Partners’s payout ratio is 124.50%.
Brookfield Infrastructure Partners Profile
Brookfield Infrastructure Partners L.P. engages in utility, transport, energy, and communications infrastructure businesses. The company's Utilities segment operates approximately 2,000 kilometers (km) of natural gas transportation pipelines in the states of Rio de Janeiro, Sao Paulo, and Minas Gerais; approximately 12,000 km of electricity transmission lines in North and South America; approximately 3.3 million electricity and natural gas connections in the United Kingdom and Colombia; and a port facility that exports metallurgical and thermal coal in Australia.
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