Wells Fargo & Company MN Sells 120,245 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Wells Fargo & Company MN cut its holdings in Plains All American Pipeline, L.P. (NYSE:PAA) by 6.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,799,827 shares of the pipeline company’s stock after selling 120,245 shares during the period. Wells Fargo & Company MN owned about 0.26% of Plains All American Pipeline worth $30,741,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PAA. JPMorgan Chase & Co. raised its position in Plains All American Pipeline by 8.7% during the fourth quarter. JPMorgan Chase & Co. now owns 7,851,712 shares of the pipeline company’s stock valued at $134,107,000 after purchasing an additional 630,141 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of Plains All American Pipeline by 30.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 4,936,982 shares of the pipeline company’s stock valued at $92,470,000 after purchasing an additional 1,162,933 shares during the last quarter. ING Groep NV raised its holdings in Plains All American Pipeline by 194.5% during the 4th quarter. ING Groep NV now owns 3,892,637 shares of the pipeline company’s stock valued at $66,486,000 after buying an additional 2,570,700 shares during the period. Miller Howard Investments Inc. NY lifted its position in Plains All American Pipeline by 1.5% in the fourth quarter. Miller Howard Investments Inc. NY now owns 2,610,872 shares of the pipeline company’s stock worth $44,594,000 after buying an additional 38,062 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. lifted its position in Plains All American Pipeline by 14.0% in the fourth quarter. Duff & Phelps Investment Management Co. now owns 2,436,900 shares of the pipeline company’s stock worth $41,622,000 after buying an additional 300,000 shares during the last quarter. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PAA has been the topic of several recent analyst reports. Scotiabank reduced their target price on shares of Plains All American Pipeline from $23.00 to $22.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Morgan Stanley increased their price objective on shares of Plains All American Pipeline from $19.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 25th. Barclays dropped their target price on Plains All American Pipeline from $19.00 to $18.00 and set an “underweight” rating for the company in a research report on Thursday. Raymond James increased their price target on Plains All American Pipeline from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Wells Fargo & Company cut 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 $20.00 in a report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Plains All American Pipeline currently has an average rating of “Hold” and a consensus price target of $20.15.

Plains All American Pipeline Stock Performance

PAA stock opened at $16.60 on Friday. Plains All American Pipeline, L.P. has a 1-year low of $15.58 and a 1-year high of $21.00. The business has a 50-day moving average price of $19.44 and a 200 day moving average price of $18.45. The company has a market capitalization of $11.68 billion, a P/E ratio of 22.74 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a $0.38 dividend. The ex-dividend date is Thursday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 9.16%. Plains All American Pipeline’s payout ratio is presently 208.22%.

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.