Plains All American Pipeline, L.P. $PAA Shares Acquired by BROOKFIELD Corp ON

Key Points

• BROOKFIELD Corp ON has increased its stake in Plains All American Pipeline by 50.2%, acquiring an additional 1,904,261 shares during the first quarter, bringing its total ownership to approximately 0.81% of the company.
• Plains All American Pipeline reported an earnings per share of $0.36 for the last quarter, exceeding analyst estimates of $0.33, despite a 16.6% decline in quarterly revenue year-over-year.
• The company recently declared a quarterly dividend of $0.38 per share, resulting in an annualized yield of 8.8% and a payout ratio of 172.73%.

BROOKFIELD Corp ON boosted its position in Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 50.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,698,359 shares of the pipeline company's stock after purchasing an additional 1,904,261 shares during the quarter. Plains All American Pipeline comprises about 0.6% of BROOKFIELD Corp ON's holdings, making the stock its 22nd largest position. BROOKFIELD Corp ON owned 0.81% of Plains All American Pipeline worth $113,967,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Invesco Ltd. raised its position in shares of Plains All American Pipeline by 6.4% in the first quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company's stock valued at $591,988,000 after buying an additional 1,771,452 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Plains All American Pipeline by 7.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company's stock worth $422,894,000 after acquiring an additional 1,524,185 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Plains All American Pipeline by 7.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,463,963 shares of the pipeline company's stock valued at $329,279,000 after acquiring an additional 1,166,369 shares during the last quarter. Miller Howard Investments Inc. NY lifted its stake in shares of Plains All American Pipeline by 9.6% during the 1st quarter. Miller Howard Investments Inc. NY now owns 2,861,430 shares of the pipeline company's stock worth $57,229,000 after purchasing an additional 250,558 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Plains All American Pipeline by 32.0% during the first quarter. BNP Paribas Financial Markets now owns 2,659,047 shares of the pipeline company's stock worth $53,181,000 after purchasing an additional 645,001 shares during the last quarter. 41.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on PAA. UBS Group set a $25.00 target price on Plains All American Pipeline and gave the company a "buy" rating in a research note on Tuesday, July 15th. Wall Street Zen raised shares of Plains All American Pipeline from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Scotiabank reissued an "outperform" rating on shares of Plains All American Pipeline in a research report on Monday, September 8th. Wolfe Research reissued a "peer perform" rating on shares of Plains All American Pipeline in a research report on Friday, July 25th. Finally, Zacks Research upgraded shares of Plains All American Pipeline to a "hold" rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $20.58.

Plains All American Pipeline Trading Down 0.7%

PAA stock traded down $0.12 during midday trading on Wednesday, reaching $17.25. 797,497 shares of the company's stock traded hands, compared to its average volume of 3,467,212. 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, L.P. has a fifty-two week low of $15.57 and a fifty-two week high of $21.00. The business has a 50-day moving average price of $17.97 and a two-hundred day moving average price of $18.00. The company has a market capitalization of $12.13 billion, a P/E ratio of 23.62 and a beta of 0.80.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last issued its earnings results on Friday, August 8th. The pipeline company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. During the same period in the prior year, the firm posted $0.31 EPS. The business's revenue was down 16.6% on a year-over-year basis. Equities research analysts forecast that Plains All American Pipeline, L.P. will post 1.52 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.8%. The ex-dividend date was Thursday, July 31st. Plains All American Pipeline's dividend payout ratio (DPR) is presently 172.73%.

About Plains All American Pipeline

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.