Stratos Wealth Partners LTD. cut its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 3.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,992 shares of the pipeline company’s stock after selling 695 shares during the period. Stratos Wealth Partners LTD.’s holdings in Plains All American Pipeline, L.P. were worth $473,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. First Manhattan Co. boosted its position in Plains All American Pipeline, L.P. by 49.4% in the second quarter. First Manhattan Co. now owns 24,938 shares of the pipeline company’s stock valued at $655,000 after buying an additional 8,250 shares in the last quarter. Center Coast Capital Advisors LP boosted its position in Plains All American Pipeline, L.P. by 13.7% in the second quarter. Center Coast Capital Advisors LP now owns 8,099,170 shares of the pipeline company’s stock worth $212,765,000 after buying an additional 977,234 shares during the period. State of New Jersey Common Pension Fund D boosted its position in Plains All American Pipeline, L.P. by 35.4% in the second quarter. State of New Jersey Common Pension Fund D now owns 516,900 shares of the pipeline company’s stock worth $13,579,000 after buying an additional 135,100 shares during the period. Lee Financial Co boosted its position in Plains All American Pipeline, L.P. by 95.7% in the second quarter. Lee Financial Co now owns 25,352 shares of the pipeline company’s stock worth $666,000 after buying an additional 12,400 shares during the period. Finally, Heritage Wealth Advisors boosted its position in Plains All American Pipeline, L.P. by 2.1% in the second quarter. Heritage Wealth Advisors now owns 58,024 shares of the pipeline company’s stock worth $1,527,000 after buying an additional 1,184 shares during the period. 44.01% of the stock is owned by institutional investors and hedge funds.
Plains All American Pipeline, L.P. (NYSE:PAA) last released its quarterly earnings results on Monday, May 8th. The pipeline company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.09. Plains All American Pipeline, L.P. had a net margin of 4.26% and a return on equity of 9.52%. The business had revenue of $6.67 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same period in the previous year, the business earned $0.45 EPS. The business’s revenue was up 62.2% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be issued a $0.55 dividend. The ex-dividend date is Thursday, July 27th. This represents a $2.20 annualized dividend and a dividend yield of 8.59%. Plains All American Pipeline, L.P.’s payout ratio is currently 239.13%.
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A number of equities analysts have commented on PAA shares. Scotiabank reaffirmed a “buy” rating and set a $36.00 price objective on shares of Plains All American Pipeline, L.P. in a research report on Thursday, April 27th. Deutsche Bank AG reduced their price objective on shares of Plains All American Pipeline, L.P. from $39.00 to $34.00 and set a “buy” rating for the company in a research report on Tuesday, May 30th. UBS AG reaffirmed a “buy” rating and set a $33.00 price objective (down from $34.00) on shares of Plains All American Pipeline, L.P. in a research report on Wednesday, May 10th. Mizuho raised shares of Plains All American Pipeline, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday, July 10th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $27.00 price objective on shares of Plains All American Pipeline, L.P. in a research report on Friday, June 23rd. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Plains All American Pipeline, L.P. has a consensus rating of “Buy” and an average price target of $32.83.
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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