Allianz Asset Management GmbH Reduces Stock Holdings in Plains All American Pipeline, L.P. (NYSE:PAA)

Key Points

• Allianz Asset Management GmbH reduced its holdings in Plains All American Pipeline by 8.5%, now owning 450,030 shares worth approximately $9 million after selling 42,000 shares during the first quarter.
• Analysts have mixed ratings on Plains All American Pipeline, with the average price target set at $20.75, reflecting a range from $18.00 to $23.00 based on various research reports.
• The company recently announced a quarterly dividend of $0.38, resulting in an annualized yield of 8.14%, despite a payout ratio of approximately 163.44%.

Allianz Asset Management GmbH trimmed its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 8.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 450,030 shares of the pipeline company's stock after selling 42,000 shares during the quarter. Allianz Asset Management GmbH owned 0.06% of Plains All American Pipeline worth $9,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Chancellor Financial Group WB LP purchased a new position in Plains All American Pipeline during the 1st quarter worth $219,000. Lindbrook Capital LLC lifted its stake in shares of Plains All American Pipeline by 3.9% during the first quarter. Lindbrook Capital LLC now owns 67,803 shares of the pipeline company's stock worth $1,356,000 after buying an additional 2,522 shares during the period. Kestra Private Wealth Services LLC acquired a new stake in shares of Plains All American Pipeline during the first quarter worth $252,000. Private Advisor Group LLC lifted its stake in shares of Plains All American Pipeline by 2.3% during the first quarter. Private Advisor Group LLC now owns 171,807 shares of the pipeline company's stock worth $3,436,000 after buying an additional 3,872 shares during the period. Finally, Apollon Wealth Management LLC lifted its stake in shares of Plains All American Pipeline by 65.7% during the first quarter. Apollon Wealth Management LLC now owns 79,887 shares of the pipeline company's stock worth $1,598,000 after buying an additional 31,670 shares during the period. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PAA has been the subject of a number of research reports. Citigroup lowered their price target on Plains All American Pipeline from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Barclays restated an "underweight" rating and issued a $18.00 price objective on shares of Plains All American Pipeline in a research note on Friday, May 9th. JPMorgan Chase & Co. raised their price objective on Plains All American Pipeline from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $23.00 price objective on shares of Plains All American Pipeline in a report on Friday, May 9th. Finally, Wall Street Zen raised shares of Plains All American Pipeline from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $20.75.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $18.68 on Friday. The stock has a market cap of $13.14 billion, a PE ratio of 25.59 and a beta of 0.68. The business has a 50-day simple moving average of $17.91 and a 200-day simple moving average of $18.59. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. Plains All American Pipeline, L.P. has a 52-week low of $15.57 and a 52-week high of $21.00.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last issued its quarterly earnings data on Friday, May 9th. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.06). Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The company's revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. On average, equities analysts expect that Plains All American Pipeline, L.P. will post 1.52 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.14%. Plains All American Pipeline's payout ratio is 163.44%.

Plains All American Pipeline Company 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.

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