CWA Asset Management Group LLC acquired a new position in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 264,647 shares of the pipeline company's stock, valued at approximately $4,597,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its stake in Plains All American Pipeline by 114.9% in the second quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company's stock valued at $34,081,000 after acquiring an additional 1,020,277 shares during the last quarter. Blackstone Inc. lifted its stake in shares of Plains All American Pipeline by 1.4% in the 1st quarter. Blackstone Inc. now owns 23,539,035 shares of the pipeline company's stock valued at $413,345,000 after purchasing an additional 318,944 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Plains All American Pipeline by 241.0% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company's stock worth $7,813,000 after purchasing an additional 317,927 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Plains All American Pipeline during the first quarter worth $4,420,000. Finally, Cetera Investment Advisers bought a new position in Plains All American Pipeline during the first quarter valued at about $2,763,000. Hedge funds and other institutional investors own 41.78% of the company's stock.
Plains All American Pipeline Stock Performance
NYSE PAA traded down $0.50 during midday trading on Friday, hitting $17.28. The company had a trading volume of 5,878,533 shares, compared to its average volume of 2,621,299. The firm has a fifty day simple moving average of $17.39 and a two-hundred day simple moving average of $17.56. Plains All American Pipeline, L.P. has a fifty-two week low of $14.46 and a fifty-two week high of $19.17. The company has a quick ratio of 0.90, a current ratio of 1.00 and a debt-to-equity ratio of 0.64. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of 15.71 and a beta of 1.61.
Plains All American Pipeline (NYSE:PAA - Get Free Report) last released its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.06. The business had revenue of $12.74 billion for the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a return on equity of 11.52% and a net margin of 2.07%. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the business earned $0.35 earnings per share. Equities analysts forecast that Plains All American Pipeline, L.P. will post 1.31 earnings per share for the current fiscal year.
Plains All American Pipeline Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.3175 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.35%. Plains All American Pipeline's payout ratio is 115.45%.
Analyst Ratings Changes
A number of research analysts have recently commented on the company. Royal Bank of Canada reissued a "sector perform" rating and set a $19.00 price objective on shares of Plains All American Pipeline in a report on Wednesday, September 4th. Morgan Stanley lowered shares of Plains All American Pipeline from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, Bank of America assumed coverage on shares of Plains All American Pipeline in a research note on Thursday, October 17th. They issued a "neutral" rating and a $18.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $19.82.
Read Our Latest Research Report on Plains All American Pipeline
About Plains All American Pipeline
(
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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