Allianz Asset Management GmbH Sells 42,000 Shares of 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 decreased its holdings in 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 filing with the SEC. The institutional investor 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 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Barclays PLC boosted its stake in shares of Plains All American Pipeline by 110.4% in the 4th quarter. Barclays PLC now owns 4,226,335 shares of the pipeline company's stock worth $72,186,000 after buying an additional 2,218,014 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Plains All American Pipeline by 4.6% in the 4th quarter. Invesco Ltd. now owns 27,827,930 shares of the pipeline company's stock worth $475,301,000 after buying an additional 1,224,381 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Plains All American Pipeline by 8.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,297,594 shares of the pipeline company's stock worth $261,283,000 after buying an additional 1,211,286 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Plains All American Pipeline by 30.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,936,982 shares of the pipeline company's stock worth $92,470,000 after buying an additional 1,162,933 shares during the last quarter. Finally, Natixis boosted its stake in shares of Plains All American Pipeline by 33.2% in the 4th quarter. Natixis now owns 2,707,900 shares of the pipeline company's stock worth $46,251,000 after buying an additional 675,000 shares during the last quarter. Institutional investors own 41.78% of the company's stock.

Plains All American Pipeline Stock Performance

Shares of NYSE:PAA traded down $0.04 during trading on Wednesday, hitting $18.69. 2,344,867 shares of the company were exchanged, compared to its average volume of 3,627,357. The company has a market cap of $13.14 billion, a PE ratio of 25.60 and a beta of 0.68. The stock has a 50 day moving average of $18.01 and a 200 day moving average of $18.59. Plains All American Pipeline, L.P. has a 52-week low of $15.57 and a 52-week high of $21.00. 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 (NYSE:PAA - Get Free Report) last posted its earnings results 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 return on equity of 11.69% and a net margin of 1.54%. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The business's quarterly revenue was up .1% compared to the same quarter last year. As a group, equities research analysts predict that Plains All American Pipeline, L.P. will post 1.52 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.13%. The ex-dividend date is Thursday, July 31st. Plains All American Pipeline's dividend payout ratio is presently 163.44%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PAA. Raymond James Financial reissued a "strong-buy" rating on shares of Plains All American Pipeline in a research report on Friday, May 9th. Wells Fargo & Company downgraded shares of Plains All American Pipeline from an "overweight" rating to an "equal weight" rating in a research report on Friday, May 9th. Morgan Stanley reissued an "equal weight" rating and set a $23.00 target price on shares of Plains All American Pipeline in a research report on Friday, May 9th. JPMorgan Chase & Co. increased their target price on shares of Plains All American Pipeline from $19.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Finally, Mizuho set a $22.00 target price on shares of Plains All American Pipeline and gave the company an "outperform" rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Plains All American Pipeline has an average rating of "Hold" and an average price target of $20.75.

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.