CIBC Private Wealth Group LLC lifted its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 30.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,936,982 shares of the pipeline company's stock after buying an additional 1,162,933 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.70% of Plains All American Pipeline worth $92,470,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Plains All American Pipeline by 58.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company's stock valued at $125,439,000 after purchasing an additional 2,677,951 shares in the last quarter. ING Groep NV boosted its stake in Plains All American Pipeline by 194.5% during the fourth quarter. ING Groep NV now owns 3,892,637 shares of the pipeline company's stock worth $66,486,000 after buying an additional 2,570,700 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in Plains All American Pipeline in the 3rd quarter valued at approximately $11,634,000. Raymond James Financial Inc. purchased a new stake in shares of Plains All American Pipeline in the 4th quarter valued at $11,247,000. Finally, Duff & Phelps Investment Management Co. boosted its stake in shares of Plains All American Pipeline by 14.0% in the fourth quarter. Duff & Phelps Investment Management Co. now owns 2,436,900 shares of the pipeline company's stock valued at $41,622,000 after purchasing an additional 300,000 shares during the period. Hedge funds and other institutional investors own 41.78% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on PAA. Morgan Stanley boosted their target price on shares of Plains All American Pipeline from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 25th. Wells Fargo & Company lowered shares of Plains All American Pipeline from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Raymond James boosted their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, January 28th. Barclays upped their price target on Plains All American Pipeline from $18.00 to $19.00 and gave the stock an "underweight" rating in a report on Thursday, January 16th. Finally, Wolfe Research raised Plains All American Pipeline from a "peer perform" rating to an "outperform" rating and set a $22.00 target price on the stock in a research note on Friday, January 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $20.23.
Read Our Latest Report on PAA
Plains All American Pipeline Stock Performance
Shares of Plains All American Pipeline stock traded up $0.15 on Wednesday, reaching $20.28. The stock had a trading volume of 2,025,401 shares, compared to its average volume of 3,060,030. The stock has a market cap of $14.27 billion, a P/E ratio of 27.78 and a beta of 1.62. The business's 50-day moving average price is $19.99 and its two-hundred day moving average price is $18.49. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. Plains All American Pipeline, L.P. has a fifty-two week low of $16.21 and a fifty-two week high of $21.00.
Plains All American Pipeline Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.50%. This is a positive change from Plains All American Pipeline's previous quarterly dividend of $0.32. The ex-dividend date was Friday, January 31st. Plains All American Pipeline's payout ratio is 208.22%.
Plains All American Pipeline Company Profile
(
Free Report)
Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.
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