Goldman Sachs Group Inc. Grows Stock Position in Plains All American Pipeline, L.P. $PAA

Key Points

• Goldman Sachs Group Inc. has increased its stake in Plains All American Pipeline by 7.8%, acquiring an additional 1,524,185 shares, bringing its total ownership to approximately 21.14 million shares valued at $422.89 million.
• Several institutional investors have also raised their positions in Plains All American Pipeline, with notable increases from Invesco Ltd. and BNP Paribas Financial Markets, indicating strong interest from large investors.
• Plains All American Pipeline announced a quarterly dividend of $0.38 per share, representing an 8.9% dividend yield, despite a decline in revenue of 16.6% year-over-year.

Goldman Sachs Group Inc. increased its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 7.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 21,144,687 shares of the pipeline company's stock after purchasing an additional 1,524,185 shares during the period. Goldman Sachs Group Inc. owned 3.01% of Plains All American Pipeline worth $422,894,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PAA. Invesco Ltd. lifted its holdings in Plains All American Pipeline by 6.4% during the 1st quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company's stock worth $591,988,000 after purchasing an additional 1,771,452 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Plains All American Pipeline by 8.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,297,594 shares of the pipeline company's stock worth $261,283,000 after buying an additional 1,211,286 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Plains All American Pipeline by 32.0% in the first quarter. BNP Paribas Financial Markets now owns 2,659,047 shares of the pipeline company's stock worth $53,181,000 after buying an additional 645,001 shares in the last quarter. Walnut Private Equity Partners LLC purchased a new stake in shares of Plains All American Pipeline in the first quarter worth $10,500,000. Finally, Northern Trust Corp raised its position in shares of Plains All American Pipeline by 89.8% in the first quarter. Northern Trust Corp now owns 987,252 shares of the pipeline company's stock worth $19,745,000 after buying an additional 466,991 shares in the last quarter. Hedge funds and other institutional investors own 41.78% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PAA shares. Wall Street Zen upgraded Plains All American Pipeline from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Mizuho set a $22.00 price objective on Plains All American Pipeline and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Barclays reiterated an "underweight" rating on shares of Plains All American Pipeline in a research report on Friday, August 8th. Wolfe Research reiterated a "peer perform" rating on shares of Plains All American Pipeline in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. set a $20.00 price target on Plains All American Pipeline in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $20.58.

Plains All American Pipeline Price Performance

NYSE PAA traded up $0.11 during trading hours on Friday, reaching $17.46. 2,027,699 shares of the stock traded hands, compared to its average volume of 3,491,412. The stock has a 50 day simple moving average of $18.01 and a two-hundred day simple moving average of $18.03. 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 debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The company has a market cap of $12.28 billion, a price-to-earnings ratio of 23.92 and a beta of 0.80.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The pipeline company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates 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%.During the same quarter in the prior year, the business earned $0.31 EPS. The firm's revenue for the quarter was down 16.6% on a year-over-year basis. On average, analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were issued a $0.38 dividend. The ex-dividend date was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.7%. Plains All American Pipeline's payout ratio is currently 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.