First Republic Investment Management Inc. reduced its stake in Plains All American Pipeline, L.P. (NYSE:PAA – Free Report) by 41.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,391 shares of the pipeline company’s stock after selling 40,258 shares during the quarter. First Republic Investment Management Inc.’s holdings in Plains All American Pipeline were worth $809,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of PAA. Cambridge Investment Research Advisors Inc. bought a new position in Plains All American Pipeline in the 1st quarter valued at about $130,000. Cetera Advisor Networks LLC raised its holdings in Plains All American Pipeline by 45.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 16,943 shares of the pipeline company’s stock valued at $182,000 after acquiring an additional 5,296 shares during the period. XTX Topco Ltd acquired a new position in shares of Plains All American Pipeline during the 1st quarter worth approximately $181,000. Clearbridge Investments LLC increased its holdings in shares of Plains All American Pipeline by 2.7% during the first quarter. Clearbridge Investments LLC now owns 7,317,092 shares of the pipeline company’s stock worth $78,732,000 after purchasing an additional 194,589 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Plains All American Pipeline by 38.9% during the first quarter. Invesco Ltd. now owns 17,415,219 shares of the pipeline company’s stock worth $187,388,000 after purchasing an additional 4,880,244 shares during the period. 41.13% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. Raymond James raised their target price on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the stock a “strong-buy” rating in a report on Friday, July 21st. Morgan Stanley raised their target price on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, July 20th. StockNews.com assumed coverage on shares of Plains All American Pipeline in a report on Thursday, October 5th. They set a “hold” rating on the stock. TD Securities raised their target price on shares of Plains All American Pipeline from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Finally, The Goldman Sachs Group began coverage on shares of Plains All American Pipeline in a report on Thursday, October 5th. They set a “sell” rating and a $13.50 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.35.
Plains All American Pipeline Stock Performance
NYSE PAA opened at $15.70 on Monday. The firm’s fifty day moving average price is $15.21 and its two-hundred day moving average price is $14.23. The stock has a market cap of $10.96 billion, a PE ratio of 11.89 and a beta of 1.66. Plains All American Pipeline, L.P. has a fifty-two week low of $11.16 and a fifty-two week high of $16.05. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.00.
Plains All American Pipeline (NYSE:PAA – Get Free Report) last posted its earnings results on Friday, August 4th. The pipeline company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. The firm had revenue of $11.60 billion for the quarter, compared to analysts’ expectations of $15.28 billion. Plains All American Pipeline had a net margin of 2.53% and a return on equity of 9.89%. The company’s revenue was down 29.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 earnings per share. On average, equities analysts expect that Plains All American Pipeline, L.P. will post 1.28 EPS for the current fiscal year.
Plains All American Pipeline Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st will be issued a dividend of $0.2675 per share. The ex-dividend date is Monday, October 30th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 6.82%. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 66.05%.
Plains All American Pipeline Company Profile
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.
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