Comerica Bank Decreases Holdings in Plains All American Pipeline, L.P. (PAA)

Comerica Bank cut its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 23.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,411 shares of the pipeline company’s stock after selling 3,113 shares during the quarter. Comerica Bank’s holdings in Plains All American Pipeline were worth $206,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PAA. BB&T Investment Services Inc. acquired a new stake in shares of Plains All American Pipeline during the 2nd quarter valued at about $108,000. IHT Wealth Management LLC bought a new position in shares of Plains All American Pipeline in the 2nd quarter valued at approximately $118,000. Advisory Services Network LLC raised its stake in shares of Plains All American Pipeline by 5.1% in the 2nd quarter. Advisory Services Network LLC now owns 4,624 shares of the pipeline company’s stock valued at $121,000 after acquiring an additional 223 shares in the last quarter. Pathstone Family Office LLC bought a new position in shares of Plains All American Pipeline in the 2nd quarter valued at approximately $127,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Plains All American Pipeline by 14.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,462 shares of the pipeline company’s stock valued at $170,000 after acquiring an additional 806 shares in the last quarter. Hedge funds and other institutional investors own 43.45% of the company’s stock.

Shares of Plains All American Pipeline, L.P. (PAA) traded down $0.56 during mid-day trading on Thursday, reaching $19.19. The company had a trading volume of 4,043,000 shares, compared to its average volume of 2,757,689. The company has a current ratio of 1.00, a quick ratio of 0.78 and a debt-to-equity ratio of 1.20. The firm has a market cap of $14,322.48, a price-to-earnings ratio of 23.80 and a beta of 1.00. Plains All American Pipeline, L.P. has a twelve month low of $18.38 and a twelve month high of $33.75.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings results on Monday, November 6th. The pipeline company reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.01). The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $6.24 billion. Plains All American Pipeline had a net margin of 3.22% and a return on equity of 9.06%. Plains All American Pipeline’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. research analysts anticipate that Plains All American Pipeline, L.P. will post 1.14 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 6.25%. The ex-dividend date of this dividend was Monday, October 30th. Plains All American Pipeline’s dividend payout ratio is 239.13%.

PAA has been the topic of a number of recent analyst reports. BidaskClub downgraded Plains All American Pipeline from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Jefferies Group raised Plains All American Pipeline from a “hold” rating to a “buy” rating and dropped their price target for the stock from $28.00 to $23.00 in a research report on Monday, August 21st. Zacks Investment Research downgraded Plains All American Pipeline from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. UBS raised Plains All American Pipeline from an “outperform” rating to a “strong-buy” rating in a research report on Monday, August 28th. Finally, Robert W. Baird set a $20.00 price target on Plains All American Pipeline and gave the stock a “hold” rating in a research report on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $27.15.

In related news, VP Chris Herbold sold 10,171 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $20.25, for a total value of $205,962.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.30% of the stock is owned by insiders.

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Plains All American Pipeline Profile

Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Company’s transportation segment operations consist of activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges.

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

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