Angeles Wealth Management LLC Buys Shares of 192,807 Plains All American Pipeline Lp $PAA

Key Points

• Angeles Wealth Management LLC bought a new stake in Plains All American Pipeline, acquiring 192,807 shares valued at about $4.3 million in the first quarter.
• The stock was trading up 1.7% at $23.75, near its 52-week high of $24.26, with a market cap of $16.76 billion and a dividend yield of 7.0%.
• Plains All American Pipeline recently missed quarterly EPS estimates by $0.02, and analysts currently have a Hold consensus rating with an average price target of $23.08.

Angeles Wealth Management LLC acquired a new stake in shares of Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 192,807 shares of the company's stock, valued at approximately $4,305,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAA. Goldman Sachs Group Inc. lifted its holdings in Plains All American Pipeline by 17.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock worth $360,097,000 after purchasing an additional 3,033,216 shares during the period. Morgan Stanley boosted its stake in Plains All American Pipeline by 40.2% during the 4th quarter. Morgan Stanley now owns 9,881,248 shares of the company's stock valued at $177,467,000 after purchasing an additional 2,833,161 shares in the last quarter. Cohen & Steers Inc. boosted its stake in Plains All American Pipeline by 97.9% during the 4th quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company's stock valued at $44,941,000 after purchasing an additional 1,237,877 shares in the last quarter. BROOKFIELD Corp ON increased its position in shares of Plains All American Pipeline by 18.9% during the 2nd quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the company's stock valued at $124,112,000 after purchasing an additional 1,076,291 shares during the period. Finally, Berkley W R Corp increased its position in shares of Plains All American Pipeline by 39.3% during the 4th quarter. Berkley W R Corp now owns 2,684,307 shares of the company's stock valued at $48,210,000 after purchasing an additional 757,505 shares during the period. Institutional investors own 41.78% of the company's stock.

Plains All American Pipeline Trading Up 1.7%

NASDAQ PAA opened at $23.75 on Friday. The firm's 50 day moving average price is $22.60 and its two-hundred day moving average price is $21.32. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.88 and a current ratio of 0.94. Plains All American Pipeline Lp has a twelve month low of $15.69 and a twelve month high of $24.26. The stock has a market cap of $16.76 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 10.77 and a beta of 0.50.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its earnings results on Friday, May 8th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). The business had revenue of $12.47 billion during the quarter. Plains All American Pipeline had a net margin of 2.53% and a return on equity of 12.17%. The firm's quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 EPS. Equities analysts anticipate that Plains All American Pipeline Lp will post 1.55 EPS for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.4175 dividend. The ex-dividend date is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.0%. Plains All American Pipeline's dividend payout ratio is currently 127.48%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Zacks Research lowered Plains All American Pipeline from a "hold" rating to a "strong sell" rating in a report on Friday, July 10th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Plains All American Pipeline in a report on Friday, April 17th. Morgan Stanley upped their price target on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the company an "equal weight" rating in a report on Wednesday, May 20th. UBS Group restated a "buy" rating on shares of Plains All American Pipeline in a research report on Tuesday, June 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $23.08.

Plains All American Pipeline Profile

Plains All American Pipeline NASDAQ: PAA is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.

Want to see what other hedge funds are holding PAA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains All American Pipeline Lp (NASDAQ:PAA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.