BROOKFIELD Corp ON Acquires 1,904,261 Shares of Plains All American Pipeline, L.P. $PAA

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

A number of other institutional investors have also recently bought and sold shares of PAA. Farther Finance Advisors LLC lifted its position in shares of 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 worth $26,000 after buying an additional 657 shares during the last quarter. North Capital Inc. acquired a new stake in shares of Plains All American Pipeline in the first quarter worth about $61,000. National Bank of Canada FI increased its stake in shares of Plains All American Pipeline by 99.4% in the first quarter. National Bank of Canada FI now owns 3,210 shares of the pipeline company's stock worth $64,000 after purchasing an additional 1,600 shares during the period. Creative Financial Designs Inc. ADV bought a new position in shares of Plains All American Pipeline in the first quarter worth about $68,000. Finally, Tortoise Investment Management LLC bought a new position in shares of Plains All American Pipeline in the first quarter worth about $70,000. Institutional investors and hedge funds own 41.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Plains All American Pipeline in a research report on Monday, September 8th. Morgan Stanley lowered their price objective on Plains All American Pipeline from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. Mizuho set a $22.00 target price on Plains All American Pipeline and gave the stock an "outperform" rating in a report on Wednesday, June 18th. JPMorgan Chase & Co. set a $20.00 price objective on Plains All American Pipeline in a report on Friday, August 8th. Finally, Citigroup set a $18.00 price target on Plains All American Pipeline and gave the company a "neutral" rating in a research note on Friday, August 8th. One research 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $20.58.

Plains All American Pipeline Stock Up 0.4%

Shares of NYSE PAA traded up $0.07 during mid-day trading on Tuesday, hitting $17.36. The company had a trading volume of 1,931,802 shares, compared to its average volume of 3,480,262. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. The firm has a 50-day simple moving average of $17.99 and a two-hundred day simple moving average of $18.00. The company has a market capitalization of $12.21 billion, a PE ratio of 23.78 and a beta of 0.80. Plains All American Pipeline, L.P. has a one year low of $15.57 and a one year high of $21.00.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last released its earnings results on Friday, August 8th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%.The firm's quarterly revenue was down 16.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. On average, equities analysts expect that Plains All American Pipeline, L.P. will post 1.52 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 8.8%. The ex-dividend date was Thursday, July 31st. Plains All American Pipeline's payout ratio is presently 172.73%.

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.