Sippican Capital Advisors lowered its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 7.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 18,020 shares of the pipeline company’s stock after selling 1,525 shares during the period. Sippican Capital Advisors’ holdings in Plains All American Pipeline, L.P. were worth $473,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of PAA. Founders Capital Management acquired a new stake in Plains All American Pipeline, L.P. during the first quarter worth $101,000. Trust Co. of Vermont boosted its stake in Plains All American Pipeline, L.P. by 1,260.0% in the first quarter. Trust Co. of Vermont now owns 3,400 shares of the pipeline company’s stock worth $107,000 after buying an additional 3,150 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Plains All American Pipeline, L.P. by 23.3% in the first quarter. Parkside Financial Bank & Trust now owns 4,228 shares of the pipeline company’s stock worth $134,000 after buying an additional 800 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Plains All American Pipeline, L.P. during the first quarter worth $139,000. Finally, Princeton Portfolio Strategies Group LLC acquired a new stake in Plains All American Pipeline, L.P. during the first quarter worth $153,000. 44.09% of the stock is owned by hedge funds and other institutional investors.
Shares of Plains All American Pipeline, L.P. (PAA) traded up 0.99% during mid-day trading on Friday, reaching $26.52. The company’s stock had a trading volume of 1,096,066 shares. The firm’s 50 day moving average price is $25.72 and its 200-day moving average price is $29.09. Plains All American Pipeline, L.P. has a 1-year low of $23.21 and a 1-year high of $33.95. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of 24.65 and a beta of 0.95.
Plains All American Pipeline, L.P. (NYSE:PAA) last released its earnings results on Monday, May 8th. The pipeline company reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.09. The company had revenue of $6.67 billion for the quarter, compared to analyst estimates of $5.34 billion. Plains All American Pipeline, L.P. had a net margin of 4.26% and a return on equity of 9.52%. Plains All American Pipeline, L.P.’s revenue for the quarter was up 62.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, analysts predict that Plains All American Pipeline, L.P. will post $1.63 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 8.30%. The ex-dividend date is Thursday, July 27th. Plains All American Pipeline, L.P.’s payout ratio is currently 239.13%.
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PAA has been the subject of a number of recent research reports. Scotiabank restated a “buy” rating and issued a $36.00 price target on shares of Plains All American Pipeline, L.P. in a research note on Thursday, April 27th. Deutsche Bank AG cut their price target on Plains All American Pipeline, L.P. from $39.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, May 30th. UBS AG restated a “buy” rating and issued a $33.00 price target (down previously from $34.00) on shares of Plains All American Pipeline, L.P. in a research note on Wednesday, May 10th. Mizuho upgraded Plains All American Pipeline, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, July 10th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $27.00 price objective on shares of Plains All American Pipeline, L.P. in a report on Friday, June 23rd. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Plains All American Pipeline, L.P. presently has an average rating of “Buy” and an average target price of $32.52.
About Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Company’s transportation segment operations consist of activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges.
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