Plains All American Pipeline, L.P. (NYSE:PAA) Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp increased its holdings in Plains All American Pipeline by 11.2% in Q1, now owning approximately $2.96 million worth of shares.
• Plains All American Pipeline reported earnings per share (EPS) of $0.39 for the last quarter, falling short of analysts' expectations of $0.45.
• The company has announced a quarterly dividend of $0.38 per share, yielding 8.14%, despite a high dividend payout ratio of 163.44%.

Bank of New York Mellon Corp increased its holdings in Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 11.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 147,907 shares of the pipeline company's stock after purchasing an additional 14,956 shares during the period. Bank of New York Mellon Corp's holdings in Plains All American Pipeline were worth $2,958,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in Plains All American Pipeline by 107.0% in the first quarter. Farther Finance Advisors LLC now owns 1,271 shares of the pipeline company's stock valued at $26,000 after buying an additional 657 shares during the last quarter. National Bank of Canada FI bought a new position in shares of Plains All American Pipeline during the fourth quarter valued at approximately $27,000. North Capital Inc. bought a new position in shares of Plains All American Pipeline during the first quarter valued at approximately $61,000. Creative Financial Designs Inc. ADV bought a new position in shares of Plains All American Pipeline during the first quarter valued at approximately $68,000. Finally, Physician Wealth Advisors Inc. bought a new position in shares of Plains All American Pipeline during the fourth quarter valued at approximately $163,000. Institutional investors and hedge funds own 41.78% of the company's stock.

Plains All American Pipeline Price Performance

PAA stock traded down $0.03 during trading on Thursday, reaching $18.29. The company's stock had a trading volume of 781,592 shares, compared to its average volume of 3,606,414. Plains All American Pipeline, L.P. has a 1 year low of $15.57 and a 1 year high of $21.00. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $12.86 billion, a P/E ratio of 25.09 and a beta of 0.68. The company's fifty day moving average is $18.01 and its 200-day moving average is $18.59.

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 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 firm's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 EPS. On average, research analysts expect that Plains All American Pipeline, L.P. will post 1.52 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be paid a dividend of $0.38 per share. 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 8.31%. Plains All American Pipeline's payout ratio is 163.44%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PAA shares. JPMorgan Chase & Co. increased their price objective on Plains All American Pipeline from $19.00 to $20.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Royal Bank Of Canada restated a "sector perform" rating and issued a $20.00 target price on shares of Plains All American Pipeline in a research report on Friday, May 16th. Barclays reiterated an "underweight" rating and set a $18.00 price objective on shares of Plains All American Pipeline in a research report on Friday, May 9th. Mizuho set a $22.00 target price on shares of Plains All American Pipeline and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Finally, UBS Group set a $25.00 price target on shares of Plains All American Pipeline and gave the stock a "buy" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently 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.