Goldman Sachs Group Inc. Acquires 3,033,216 Shares of Plains All American Pipeline Lp $PAA

Key Points

• Goldman Sachs increased its stake in Plains All American Pipeline by 17.8% in the fourth quarter, adding 3,033,216 shares and bringing its total holdings to about 20.0 million shares valued at roughly $360.1 million.
• Wall Street sentiment on PAA is mixed: analysts currently rate the stock a consensus “Hold” with an average price target of $22.64, though several firms recently raised targets and maintained positive ratings.
• The company reported Q1 earnings of $0.39 per share, missing estimates by $0.02, while revenue rose 8.7% year over year to $12.47 billion. Plains also paid a quarterly dividend of $0.4175 per share, implying a 7.4% yield.

Goldman Sachs Group Inc. lifted its holdings in Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 17.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,049,972 shares of the company's stock after acquiring an additional 3,033,216 shares during the period. Goldman Sachs Group Inc. owned approximately 2.84% of Plains All American Pipeline worth $360,097,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. grew its stake in shares of Plains All American Pipeline by 40.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $41,000 after buying an additional 655 shares during the period. Aventura Private Wealth LLC acquired a new stake in shares of Plains All American Pipeline in the 4th quarter valued at about $42,000. Fulcrum Asset Management LLP acquired a new stake in shares of Plains All American Pipeline in the 3rd quarter valued at about $50,000. Farther Finance Advisors LLC grew its stake in shares of Plains All American Pipeline by 342.7% in the 4th quarter. Farther Finance Advisors LLC now owns 4,068 shares of the company's stock valued at $73,000 after buying an additional 3,149 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of Plains All American Pipeline by 93.2% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,232 shares of the company's stock valued at $78,000 after buying an additional 2,041 shares during the period. 41.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PAA has been the subject of several research reports. Stifel Nicolaus raised their target price on Plains All American Pipeline from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, March 6th. Royal Bank Of Canada raised their target price on Plains All American Pipeline from $20.00 to $21.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 17th. US Capital Advisors downgraded Plains All American Pipeline from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Citigroup raised their target price on Plains All American Pipeline from $20.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Finally, Scotiabank raised their target price on Plains All American Pipeline from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $22.64.

Plains All American Pipeline Stock Performance

PAA stock opened at $22.60 on Friday. The firm has a market cap of $15.94 billion, a P/E ratio of 17.25, a P/E/G ratio of 10.49 and a beta of 0.50. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.94 and a quick ratio of 0.88. Plains All American Pipeline Lp has a 52-week low of $15.69 and a 52-week high of $24.26. The company's 50-day moving average is $22.33.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). The company had revenue of $12.47 billion for the quarter. Plains All American Pipeline had a net margin of 2.53% and a return on equity of 12.17%. The business's revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 EPS. As a group, sell-side analysts forecast that Plains All American Pipeline Lp will post 1.56 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were paid a $0.4175 dividend. 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 payout ratio is presently 127.48%.

Plains All American Pipeline 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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