Plains All American Pipeline, L.P. (NYSE:PAA) Shares Sold by Summit Financial LLC

Summit Financial LLC lowered its stake in Plains All American Pipeline, L.P. (NYSE:PAA) by 4.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,735 shares of the pipeline company’s stock after selling 1,511 shares during the period. Plains All American Pipeline makes up approximately 0.1% of Summit Financial LLC’s portfolio, making the stock its 25th biggest holding. Summit Financial LLC’s holdings in Plains All American Pipeline were worth $724,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in PAA. Bank of Montreal Can increased its holdings in shares of Plains All American Pipeline by 30.4% in the first quarter. Bank of Montreal Can now owns 7,168,945 shares of the pipeline company’s stock valued at $175,711,000 after purchasing an additional 1,671,285 shares during the period. Chickasaw Capital Management LLC increased its holdings in shares of Plains All American Pipeline by 19.1% in the second quarter. Chickasaw Capital Management LLC now owns 9,784,469 shares of the pipeline company’s stock valued at $238,252,000 after purchasing an additional 1,572,459 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Plains All American Pipeline by 9.8% during the first quarter. CIBC Private Wealth Group LLC now owns 7,987,029 shares of the pipeline company’s stock worth $195,762,000 after acquiring an additional 712,077 shares during the period. Parametric Portfolio Associates LLC grew its holdings in Plains All American Pipeline by 39.8% during the first quarter. Parametric Portfolio Associates LLC now owns 1,454,612 shares of the pipeline company’s stock worth $35,653,000 after acquiring an additional 414,482 shares during the period. Finally, Marshall Wace LLP acquired a new position in Plains All American Pipeline during the first quarter worth $8,245,000. 48.81% of the stock is currently owned by institutional investors and hedge funds.

Plains All American Pipeline stock traded down $0.11 during trading hours on Thursday, hitting $21.41. The stock had a trading volume of 69,345 shares, compared to its average volume of 2,453,795. The company has a quick ratio of 0.90, a current ratio of 1.02 and a debt-to-equity ratio of 0.91. The company has a market cap of $15.53 billion, a PE ratio of 11.38 and a beta of 1.00. Plains All American Pipeline, L.P. has a 1-year low of $19.33 and a 1-year high of $27.60. The firm has a fifty day simple moving average of $23.85.

Plains All American Pipeline (NYSE:PAA) last posted its earnings results on Tuesday, August 6th. The pipeline company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.23. The company had revenue of $8.25 billion for the quarter, compared to analyst estimates of $8.07 billion. Plains All American Pipeline had a return on equity of 22.39% and a net margin of 9.48%. Plains All American Pipeline’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 earnings per share. On average, research analysts expect that Plains All American Pipeline, L.P. will post 2.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 6.73%. The ex-dividend date was Tuesday, July 30th. Plains All American Pipeline’s dividend payout ratio (DPR) is 76.60%.

PAA has been the topic of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on Plains All American Pipeline to $27.00 and set a “sector perform” rating on the stock in a report on Friday, June 14th. ValuEngine lowered Plains All American Pipeline from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating in a report on Thursday, June 13th. Stifel Nicolaus set a $25.00 price objective on Plains All American Pipeline and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, Piper Jaffray Companies initiated coverage on Plains All American Pipeline in a report on Wednesday, July 17th. They set an “overweight” rating and a $31.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $28.50.

In other Plains All American Pipeline news, insider Emg Investment, Llc sold 8,179,284 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total value of $188,941,460.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Plains All American Pipeline 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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Institutional Ownership by Quarter for Plains All American Pipeline (NYSE:PAA)

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