Alps Advisors Inc. Sells 1,249,273 Shares of Plains All American Pipeline Lp $PAA

Key Points

• Alps Advisors reduced its Plains All American Pipeline stake by 1.25 million shares, or 1.8%, but still held 69.26 million shares worth about $1.64 billion at quarter-end—7.3% of its portfolio.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $26.07. Recent ratings include two Strong Buys, eight Buys, six Holds and two Sells.
• Plains reported quarterly EPS of -$0.04, missing the $0.40 consensus, despite revenue rising 31.1% year over year. It declared a $0.4175 quarterly dividend, equivalent to a 7.0% annualized yield.

Alps Advisors Inc. trimmed its position in Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,261,580 shares of the company's stock after selling 1,249,273 shares during the period. Plains All American Pipeline comprises 7.3% of Alps Advisors Inc.'s portfolio, making the stock its 6th biggest holding. Alps Advisors Inc. owned about 9.82% of Plains All American Pipeline worth $1,642,885,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PAA. NEOS Investment Management LLC increased its holdings in Plains All American Pipeline by 34.6% during the 2nd quarter. NEOS Investment Management LLC now owns 774,913 shares of the company's stock worth $17,250,000 after purchasing an additional 199,296 shares during the last quarter. Manning & Napier Advisors LLC grew its holdings in shares of Plains All American Pipeline by 33.3% during the 1st quarter. Manning & Napier Advisors LLC now owns 200,000 shares of the company's stock worth $4,466,000 after acquiring an additional 50,000 shares during the period. DV Trading LLC grew its holdings in Plains All American Pipeline by 148.1% during the 1st quarter. DV Trading LLC now owns 82,454 shares of the company's stock valued at $1,841,000 after buying an additional 49,221 shares in the last quarter. Tidal Investments LLC increased its position in shares of Plains All American Pipeline by 754.8% in the 2nd quarter. Tidal Investments LLC now owns 87,636 shares of the company's stock valued at $1,951,000 after acquiring an additional 77,384 shares during the period. Finally, Mizuho Markets Americas LLC purchased a new stake in shares of Plains All American Pipeline in the 1st quarter valued at approximately $16,819,000. 41.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Plains All American Pipeline from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, October 27th. Royal Bank Of Canada raised their price target on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the company a "sector perform" rating in a research report on Monday, August 17th. Barclays upped their price target on Plains All American Pipeline from $23.00 to $24.00 and gave the stock an "underweight" rating in a research report on Monday, September 21st. Truist Financial upped their price objective on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Zacks Research raised shares of Plains All American Pipeline from a "hold" rating to a "strong-buy" rating in a report on Monday, November 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.07.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $23.92 on Friday. Plains All American Pipeline Lp has a 1 year low of $16.35 and a 1 year high of $26.98. The business has a fifty day moving average of $25.23 and a 200 day moving average of $22.94. The firm has a market capitalization of $16.88 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 9.09 and a beta of 0.58. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.10.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last posted its earnings results on Friday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.44). The company had revenue of $15.17 billion during the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The business's quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. As a group, research analysts expect that Plains All American Pipeline Lp will post 1.73 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a $0.4175 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.67 annualized dividend and a yield of 7.0%. Plains All American Pipeline's payout ratio is presently 46.26%.

Plains All American Pipeline Profile

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides logistics services for crude oil and natural gas liquids (NGLs). Rather than primarily exploring for or producing hydrocarbons, the company operates assets that help gather, transport, store and deliver energy commodities from production areas to refineries, processing facilities and other markets.

The company's operations include pipeline transportation systems, gathering networks, storage facilities, rail and truck transportation, and terminal and export infrastructure.

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