Pinnacle Associates Ltd. Reduces Holdings in Plains All American Pipeline, L.P. (NYSE:PAA)

Pinnacle Associates Ltd. cut its position in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 6.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 27,190 shares of the pipeline company’s stock after selling 1,796 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Plains All American Pipeline were worth $662,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAA. Belvedere Advisors LLC purchased a new stake in Plains All American Pipeline in the first quarter valued at approximately $30,000. Zions Bancorporation N.A. purchased a new stake in Plains All American Pipeline in the first quarter valued at approximately $48,000. Arcadia Investment Management Corp MI purchased a new stake in Plains All American Pipeline in the second quarter valued at approximately $49,000. Enterprise Financial Services Corp grew its holdings in Plains All American Pipeline by 71.5% in the first quarter. Enterprise Financial Services Corp now owns 2,039 shares of the pipeline company’s stock valued at $50,000 after purchasing an additional 850 shares during the period. Finally, Mcmillion Capital Management Inc. purchased a new stake in Plains All American Pipeline in the second quarter valued at approximately $52,000. Institutional investors and hedge funds own 49.29% of the company’s stock.

In other news, VP Chris Herbold sold 23,337 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.38, for a total transaction of $498,945.06. Following the transaction, the vice president now directly owns 79,564 shares of the company’s stock, valued at $1,701,078.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Emg Investment, Llc sold 8,179,284 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total transaction of $188,941,460.40. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

NYSE PAA opened at $21.22 on Friday. The company’s fifty day simple moving average is $23.40 and its 200-day simple moving average is $23.80. Plains All American Pipeline, L.P. has a 52 week low of $19.33 and a 52 week high of $27.25. The company has a current ratio of 1.00, a quick ratio of 0.87 and a debt-to-equity ratio of 0.89. The stock has a market cap of $16.19 billion, a P/E ratio of 11.29 and a beta of 1.00.

Plains All American Pipeline (NYSE:PAA) last posted its earnings results on Tuesday, August 6th. The pipeline company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.23. Plains All American Pipeline had a net margin of 9.48% and a return on equity of 21.81%. The business had revenue of $8.25 billion for the quarter, compared to analysts’ expectations of $8.07 billion. During the same period in the previous year, the company posted $0.27 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, research analysts expect that Plains All American Pipeline, L.P. will post 2.41 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.79%. Plains All American Pipeline’s payout ratio is currently 76.60%.

A number of research analysts have weighed in on the stock. Wolfe Research raised shares of Plains All American Pipeline from a “peer perform” rating to an “outperform” rating in a research report on Thursday, June 13th. Piper Jaffray Companies assumed coverage on shares of Plains All American Pipeline in a research report on Wednesday, July 17th. They set an “overweight” rating and a $31.00 price target on the stock. Stifel Nicolaus set a $25.00 price target on shares of Plains All American Pipeline and gave the company a “buy” rating in a research report on Wednesday, August 7th. ValuEngine cut shares of Plains All American Pipeline from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada reduced their price target on shares of Plains All American Pipeline to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $28.50.

About Plains All American Pipeline

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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