CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Lowers Stock Position in Plains All American Pipeline, L.P. (NYSE:PAA)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its position in Plains All American Pipeline, L.P. (NYSE:PAA) by 51.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 218,774 shares of the pipeline company’s stock after selling 231,053 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Plains All American Pipeline were worth $3,737,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAA. Wilmington Savings Fund Society FSB purchased a new position in shares of Plains All American Pipeline in the 3rd quarter worth about $27,000. Future Financial Wealth Managment LLC acquired a new position in Plains All American Pipeline during the third quarter valued at approximately $28,000. Sunbelt Securities Inc. grew its stake in Plains All American Pipeline by 53.2% during the second quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock worth $68,000 after buying an additional 1,318 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Plains All American Pipeline by 16.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,094 shares of the pipeline company’s stock worth $109,000 after buying an additional 856 shares during the period. Finally, Avior Wealth Management LLC increased its position in shares of Plains All American Pipeline by 100.0% in the third quarter. Avior Wealth Management LLC now owns 8,000 shares of the pipeline company’s stock worth $139,000 after acquiring an additional 4,000 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PAA shares. Barclays upped their price target on shares of Plains All American Pipeline from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Friday, January 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $19.00 target price on shares of Plains All American Pipeline in a report on Friday, November 15th. Wells Fargo & Company cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Finally, Morgan Stanley lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.92.

Plains All American Pipeline Price Performance

Shares of PAA stock opened at $20.39 on Friday. The firm has a fifty day moving average of $18.08 and a two-hundred day moving average of $17.79. The firm has a market cap of $14.35 billion, a P/E ratio of 18.21 and a beta of 1.64. Plains All American Pipeline, L.P. has a 1-year low of $15.02 and a 1-year high of $21.00. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The business had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. During the same period last year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, research analysts anticipate that Plains All American Pipeline, L.P. will post 1.17 earnings per share for the current fiscal year.

Plains All American Pipeline Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.45%. This is an increase from Plains All American Pipeline’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, January 31st. Plains All American Pipeline’s payout ratio is 113.39%.

Plains All American Pipeline 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.