Brookfield Corp ON Sells 417,975 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Posted by Defense World Staff on Sep 12th, 2023

Brookfield Corp ON lessened its holdings in Plains All American Pipeline, L.P. (NYSE:PAA – Free Report) by 8.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,369,999 shares of the pipeline company’s stock after selling 417,975 shares during the period. Brookfield Corp ON owned 0.63% of Plains All American Pipeline worth $54,494,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. North Star Investment Management Corp. boosted its stake in shares of Plains All American Pipeline by 250.0% during the first quarter. North Star Investment Management Corp. now owns 2,800 shares of the pipeline company’s stock valued at $35,000 after purchasing an additional 2,000 shares during the period. Ameritas Advisory Services LLC purchased a new position in Plains All American Pipeline in the first quarter worth about $44,000. Acadian Asset Management LLC purchased a new position in Plains All American Pipeline in the first quarter worth about $84,000. Counterpoint Mutual Funds LLC purchased a new position in Plains All American Pipeline in the first quarter worth about $104,000. Finally, BDO Wealth Advisors LLC lifted its position in shares of Plains All American Pipeline by 419.4% during the 1st quarter. BDO Wealth Advisors LLC now owns 8,310 shares of the pipeline company’s stock valued at $104,000 after buying an additional 6,710 shares in the last quarter. 41.13% of the stock is currently owned by institutional investors.

Plains All American Pipeline Stock Down 0.1 %

Shares of NYSE PAA opened at $14.70 on Tuesday. The stock has a market cap of $10.27 billion, a PE ratio of 9.07 and a beta of 1.69. The company has a quick ratio of 0.92, a current ratio of 1.00 and a debt-to-equity ratio of 0.64. Plains All American Pipeline, L.P. has a 52-week low of $10.17 and a 52-week high of $15.49. The business has a 50-day moving average price of $14.90 and a 200 day moving average price of $13.68.

Plains All American Pipeline (NYSE:PAA – Get Free Report) last issued its earnings results on Friday, August 4th. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. Plains All American Pipeline had a return on equity of 9.89% and a net margin of 2.53%. The business had revenue of $11.60 billion during the quarter, compared to the consensus estimate of $15.28 billion. During the same period in the prior year, the business posted $0.30 EPS. The company’s revenue for the quarter was down 29.1% on a year-over-year basis. Equities research analysts forecast that Plains All American Pipeline, L.P. will post 1.28 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.2675 per share. This represents a $1.07 annualized dividend and a yield of 7.28%. The ex-dividend date of this dividend was Friday, July 28th. Plains All American Pipeline’s payout ratio is 66.05%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PAA shares. Truist Financial boosted their price target on Plains All American Pipeline from $15.00 to $17.00 in a report on Thursday, May 18th. Raymond James raised their price target on Plains All American Pipeline from $17.00 to $18.00 and gave the company a “strong-buy” rating in a research note on Friday, July 21st. Citigroup lowered Plains All American Pipeline from a “buy” rating to a “neutral” rating and raised their price target for the company from $14.00 to $15.50 in a research note on Wednesday, September 6th. Mizuho raised their price objective on Plains All American Pipeline from $17.00 to $19.00 in a research report on Wednesday, July 12th. Finally, Royal Bank of Canada raised their price target on Plains All American Pipeline from $14.00 to $15.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.58.

Read Our Latest Analysis on PAA

Plains All American Pipeline Profile

(Free Report)

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGL). The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars.