Stock Alert: Pembina Pipeline Losing Almost 20%

(RTTNews) - Shares of Pembina Pipeline Corp. (PBA) are currently losing almost 20 percent in the morning trade on Monday at $27.51, despite the absence of any stock-specific news. At one point the morning trade, the stock was down as much as 33 percent.

However, the U.S. stocks fell on Monday amid lingering concerns about the economic impact of the coronavirus outbreak and the plunge in crude oil prices following indications of a price war between Saudi Arabia and Russia. The trading was halted after the market fell more than 7 percent on Monday morning.

The stock has traded in a range of $23.09 to $40.65 in the past 52 weeks.

Saudi Arabia announced a massive cut to its official selling prices for April and reportedly plans to increase oil production. Crude oil prices are currently down more than 19 percent.

In late February, Pembina Pipeline reported fourth-quarter earnings of C$145 million, a 61 percent decrease from last year. Earnings per share were C$0.21, down from C$0.66 in the prior year. The quarter's results were impacted negatively by an impairment charge of C$300 million on Pembina's convertible preferred interest in Ruby Pipeline.

Revenue for the quarter was reported at C$1.75 billion, up from C$1.73 billion in the prior year.