Goldman Sachs Group Inc. Acquires 1,524,185 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Key Points

• Goldman Sachs Group Inc. increased its stake in Plains All American Pipeline by 7.8%, acquiring an additional 1,524,185 shares to reach a total of 21,144,687 shares.
• The pipeline company reported $0.39 earnings per share in its latest quarterly earnings, falling short of the analysts’ estimate of $0.45.
• Plains All American Pipeline announced a quarterly dividend of $0.38 per share, resulting in an annualized dividend yield of 8.5%.

Goldman Sachs Group Inc. lifted its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 7.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund 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 about 3.00% of Plains All American Pipeline worth $422,894,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in Plains All American Pipeline by 107.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,271 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 657 shares in the last quarter. National Bank of Canada FI bought a new stake in Plains All American Pipeline during the 4th quarter valued at $27,000. North Capital Inc. acquired a new position in shares of Plains All American Pipeline during the 1st quarter valued at $61,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Plains All American Pipeline during the 1st quarter valued at $68,000. Finally, Cheviot Value Management LLC acquired a new position in shares of Plains All American Pipeline during the 1st quarter valued at $71,000. Institutional investors own 41.78% of the company's stock.

Wall Street Analyst Weigh In

PAA has been the topic of several research analyst reports. Wells Fargo & Company cut Plains All American Pipeline from an "overweight" rating to an "equal weight" rating in a research report on Friday, May 9th. Scotiabank decreased their target price on Plains All American Pipeline from $20.00 to $19.00 and set a "sector outperform" rating for the company in a research report on Thursday, June 5th. Citigroup set a $18.00 target price on Plains All American Pipeline and gave the stock a "neutral" rating in a research report on Friday. Mizuho set a $22.00 price objective on Plains All American Pipeline and gave the company an "outperform" rating in a research report on Wednesday, June 18th. Finally, UBS Group set a $25.00 price objective on Plains All American Pipeline and gave the company a "buy" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $20.75.

Plains All American Pipeline Stock Down 0.9%

Shares of NYSE:PAA traded down $0.17 on Tuesday, reaching $17.55. The company had a trading volume of 861,861 shares, compared to its average volume of 3,586,215. Plains All American Pipeline, L.P. has a twelve month low of $15.57 and a twelve month high of $21.00. The stock has a 50-day moving average price of $18.21 and a 200 day moving average price of $18.45. The stock has a market capitalization of $12.34 billion, a P/E ratio of 24.03 and a beta of 0.73. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The pipeline company reported $0.36 earnings per share for the quarter, topping 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 period in the previous year, the company earned $0.31 earnings per share. The firm's revenue was down 16.6% compared to the same quarter last year. 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 business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.7%. Plains All American Pipeline's payout ratio is currently 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.