Prospect Financial Services LLC Sells 11,857 Shares of Plains All American Pipeline, L.P. $PAA

Prospect Financial Services LLC cut its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 16.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,519 shares of the pipeline company’s stock after selling 11,857 shares during the period. Prospect Financial Services LLC’s holdings in Plains All American Pipeline were worth $1,072,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PAA. Invesco Ltd. raised its holdings in shares of Plains All American Pipeline by 6.4% during the 1st quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company’s stock worth $591,988,000 after buying an additional 1,771,452 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Plains All American Pipeline by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company’s stock worth $422,894,000 after acquiring an additional 1,524,185 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Plains All American Pipeline by 7.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,463,963 shares of the pipeline company’s stock valued at $329,279,000 after purchasing an additional 1,166,369 shares in the last quarter. BROOKFIELD Corp ON increased its position in Plains All American Pipeline by 50.2% during the 1st quarter. BROOKFIELD Corp ON now owns 5,698,359 shares of the pipeline company’s stock worth $113,967,000 after purchasing an additional 1,904,261 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Plains All American Pipeline by 32.0% in the 1st quarter. BNP Paribas Financial Markets now owns 2,659,047 shares of the pipeline company’s stock valued at $53,181,000 after purchasing an additional 645,001 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PAA. JPMorgan Chase & Co. lowered their price target on shares of Plains All American Pipeline from $21.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, September 18th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $22.00 target price (down previously from $24.00) on shares of Plains All American Pipeline in a report on Friday, October 24th. Citigroup set a $18.00 target price on Plains All American Pipeline and gave the company a “neutral” rating in a research report on Friday, August 8th. Zacks Research raised Plains All American Pipeline to a “hold” rating in a research note on Monday, August 11th. Finally, Scotiabank dropped their price objective on shares of Plains All American Pipeline from $20.00 to $19.00 and set a “sector outperform” rating for the company in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.45.

Plains All American Pipeline Trading Up 0.3%

PAA opened at $16.56 on Friday. Plains All American Pipeline, L.P. has a twelve month low of $15.57 and a twelve month high of $21.00. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The company has a fifty day moving average of $16.80 and a 200-day moving average of $17.42. The stock has a market cap of $11.65 billion, a PE ratio of 22.68 and a beta of 0.74.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. During the same quarter in the previous year, the company earned $0.37 EPS. The firm’s revenue was down 7.0% on a year-over-year basis. On average, sell-side analysts predict that Plains All American Pipeline, L.P. will post 1.52 EPS for the current year.

Plains All American Pipeline Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date of this dividend is Friday, October 31st. Plains All American Pipeline’s dividend payout ratio is 125.62%.

Plains All American Pipeline Company Profile

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.