Pennsylvania Trust Co bought a new position in Plains All American Pipeline, L.P. (NYSE:PAA) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 64,976 shares of the pipeline company’s stock, valued at approximately $1,891,000.
Several other institutional investors and hedge funds also recently modified their holdings of PAA. Mercer Global Advisors Inc. ADV bought a new position in Plains All American Pipeline during the first quarter worth about $3,219,000. Lake Street Financial LLC acquired a new stake in shares of Plains All American Pipeline in the 1st quarter valued at about $1,442,000. Chickasaw Capital Management LLC raised its stake in shares of Plains All American Pipeline by 36.7% in the 1st quarter. Chickasaw Capital Management LLC now owns 8,212,010 shares of the pipeline company’s stock valued at $201,276,000 after purchasing an additional 2,205,531 shares during the period. Dubuque Bank & Trust Co. acquired a new stake in shares of Plains All American Pipeline in the 1st quarter valued at about $224,000. Finally, Jackson Hole Capital Partners LLC acquired a new stake in shares of Plains All American Pipeline in the 4th quarter valued at about $685,000. 47.93% of the stock is owned by institutional investors and hedge funds.
Several research firms have issued reports on PAA. ValuEngine downgraded Plains All American Pipeline from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. Tudor Pickering raised Plains All American Pipeline from a “hold” rating to a “buy” rating in a research note on Wednesday, February 6th. Finally, Evercore ISI began coverage on Plains All American Pipeline in a research note on Tuesday, February 5th. They issued a $24.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $28.29.
Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Tuesday, May 7th. The pipeline company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Plains All American Pipeline had a return on equity of 21.48% and a net margin of 8.51%. The business had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.77 billion. During the same quarter last year, the company posted $0.61 earnings per share. Plains All American Pipeline’s quarterly revenue was down .3% on a year-over-year basis. Research analysts forecast that Plains All American Pipeline, L.P. will post 1.99 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date is Tuesday, April 30th. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.30. Plains All American Pipeline’s payout ratio is currently 76.60%.
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Plains All American Pipeline Company Profile
Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.
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