Bollard Group LLC Sells 82,377 Shares of Plains All American Pipeline Lp $PAA

Key Points

• Bollard Group LLC reduced its stake in Plains All American Pipeline by 6.8% in the fourth quarter, selling 82,377 shares and leaving it with 1,129,254 shares valued at about $20.3 million.
• Institutional interest remains significant, with hedge funds and other institutions owning 41.78% of the company; several firms, including Goldman Sachs and Morgan Stanley, increased their holdings during the period.
• Analysts are mixed on PAA: the consensus rating is “Hold” with a consensus price target of $22.93, even as some firms raised targets and the stock traded near $22.44 with a 7.4% dividend yield.

Bollard Group LLC decreased its position in shares of Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 6.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,129,254 shares of the company's stock after selling 82,377 shares during the quarter. Plains All American Pipeline makes up 0.5% of Bollard Group LLC's investment portfolio, making the stock its 25th largest position. Bollard Group LLC owned approximately 0.16% of Plains All American Pipeline worth $20,281,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PAA. CIBC Bancorp USA Inc. bought a new position in shares of Plains All American Pipeline during the 3rd quarter worth $87,462,000. Goldman Sachs Group Inc. grew its stake in shares of Plains All American Pipeline by 17.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock worth $360,097,000 after acquiring an additional 3,033,216 shares during the period. Morgan Stanley grew its stake in shares of Plains All American Pipeline by 40.2% during the 4th quarter. Morgan Stanley now owns 9,881,248 shares of the company's stock worth $177,467,000 after acquiring an additional 2,833,161 shares during the period. Berkley W R Corp bought a new position in shares of Plains All American Pipeline during the 3rd quarter worth $32,871,000. Finally, Cohen & Steers Inc. grew its stake in shares of 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 worth $44,941,000 after acquiring an additional 1,237,877 shares during the period. Institutional investors own 41.78% of the company's stock.

Analysts Set New Price Targets

PAA has been the subject of several research reports. Mizuho increased their price target on Plains All American Pipeline from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Barclays raised their target price on Plains All American Pipeline from $18.00 to $21.00 and gave the stock an "underweight" rating in a research note on Friday, April 10th. Morgan Stanley raised their target price on Plains All American Pipeline from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 20th. Scotiabank raised their target price on Plains All American Pipeline from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Finally, Citigroup raised their target price on Plains All American Pipeline from $20.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $22.93.

Plains All American Pipeline Stock Down 0.2%

Shares of NASDAQ PAA opened at $22.44 on Friday. Plains All American Pipeline Lp has a 52 week low of $15.69 and a 52 week high of $24.26. The business has a 50-day moving average of $22.36. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.02. The company has a market cap of $15.83 billion, a P/E ratio of 17.13, a P/E/G ratio of 10.29 and a beta of 0.50.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The company had revenue of $12.47 billion during the quarter. During the same period in the prior year, the company posted $0.39 EPS. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Plains All American Pipeline Lp will post 1.56 EPS for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Friday, May 1st. Plains All American Pipeline's dividend payout ratio (DPR) is 127.48%.

Plains All American Pipeline Company 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.

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