Infrastructure Capital Advisors LLC Sells 196,565 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Infrastructure Capital Advisors LLC reduced its stake in Plains All American Pipeline, L.P. (NYSE:PAA) by 5.0% during the third quarter, Holdings Channel.com reports. The fund owned 3,767,012 shares of the pipeline company’s stock after selling 196,565 shares during the period. Plains All American Pipeline makes up about 8.8% of Infrastructure Capital Advisors LLC’s portfolio, making the stock its biggest position. Infrastructure Capital Advisors LLC’s holdings in Plains All American Pipeline were worth $65,433,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Citigroup Inc. increased its holdings in Plains All American Pipeline by 48.9% in the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock worth $59,560,000 after purchasing an additional 1,125,386 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Plains All American Pipeline by 114.9% in the second quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock worth $34,081,000 after purchasing an additional 1,020,277 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Plains All American Pipeline by 241.0% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company’s stock worth $7,813,000 after purchasing an additional 317,927 shares in the last quarter. ING Groep NV increased its holdings in Plains All American Pipeline by 29.1% in the third quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock worth $22,962,000 after purchasing an additional 297,937 shares in the last quarter. Finally, FMR LLC increased its holdings in Plains All American Pipeline by 91.1% in the third quarter. FMR LLC now owns 600,282 shares of the pipeline company’s stock worth $10,427,000 after purchasing an additional 286,222 shares in the last quarter. 41.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on PAA. Bank of America initiated coverage on Plains All American Pipeline in a report on Thursday, October 17th. They set a “neutral” rating and a $18.00 price objective for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 price objective on shares of Plains All American Pipeline in a research report on Friday, November 15th. Finally, Morgan Stanley cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.82.

Plains All American Pipeline Stock Up 2.4 %

Shares of NYSE PAA opened at $18.09 on Friday. Plains All American Pipeline, L.P. has a one year low of $14.46 and a one year high of $19.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The business’s fifty day moving average price is $17.38 and its 200-day moving average price is $17.54. The stock has a market capitalization of $12.73 billion, a PE ratio of 11.98 and a beta of 1.61.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The firm had revenue of $12.74 billion for the quarter, compared to analysts’ expectations of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 EPS. On average, equities research analysts anticipate that Plains All American Pipeline, L.P. will post 1.27 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.3175 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a yield of 7.02%. Plains All American Pipeline’s dividend payout ratio (DPR) is 113.39%.

About Plains All American Pipeline

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.