HighTower Advisors LLC Boosts Holdings in Plains All American Pipeline Lp $PAA

HighTower Advisors LLC raised its holdings in Plains All American Pipeline Lp (NASDAQ:PAA) by 6.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 430,162 shares of the company’s stock after acquiring an additional 24,328 shares during the period. HighTower Advisors LLC’s holdings in Plains All American Pipeline were worth $7,726,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in PAA. Texas Yale Capital Corp. raised its position in shares of Plains All American Pipeline by 10.4% in the third quarter. Texas Yale Capital Corp. now owns 637,343 shares of the company’s stock worth $10,873,000 after acquiring an additional 60,000 shares during the period. Citigroup Inc. raised its position in shares of Plains All American Pipeline by 17.8% in the third quarter. Citigroup Inc. now owns 535,200 shares of the company’s stock worth $9,131,000 after acquiring an additional 80,788 shares during the period. JPMorgan Chase & Co. raised its position in shares of Plains All American Pipeline by 15.5% in the third quarter. JPMorgan Chase & Co. now owns 7,198,958 shares of the company’s stock worth $122,814,000 after acquiring an additional 967,059 shares during the period. Berkley W R Corp acquired a new position in shares of Plains All American Pipeline in the third quarter worth about $32,871,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Plains All American Pipeline by 75.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 125,525 shares of the company’s stock worth $2,092,000 after acquiring an additional 54,171 shares during the period. 41.78% of the stock is owned by hedge funds and other institutional investors.

Plains All American Pipeline Stock Down 2.4%

PAA opened at $23.57 on Wednesday. Plains All American Pipeline Lp has a twelve month low of $15.69 and a twelve month high of $24.26. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.88 and a current ratio of 0.94. The stock’s 50-day moving average is $22.16. The firm has a market cap of $16.63 billion, a P/E ratio of 17.99, a PEG ratio of 3.20 and a beta of 0.51.

Plains All American Pipeline (NASDAQ:PAA) last released its quarterly earnings results on Friday, May 8th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.02). Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The company had revenue of $12.47 billion for the quarter. During the same period in the previous year, the business posted $0.39 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts expect that Plains All American Pipeline Lp will post 1.59 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 7.1%. The ex-dividend date was Friday, May 1st. Plains All American Pipeline’s dividend payout ratio is 127.48%.

Analyst Ratings Changes

PAA has been the subject of a number of analyst reports. Citigroup upped their price objective on shares of Plains All American Pipeline from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Morgan Stanley upped their price objective on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Bank of America downgraded shares of Plains All American Pipeline from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research report on Wednesday, January 28th. Wells Fargo & Company upped their price objective on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Finally, Truist Financial initiated coverage on shares of Plains All American Pipeline in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $22.54.

Plains All American Pipeline Company Profile

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.