GraniteShares Advisors LLC Sells 39,015 Shares of Plains All American Pipeline Lp $PAA

Key Points

• GraniteShares Advisors reduced its Plains All American Pipeline stake by 26.7% in the third quarter, selling 39,015 shares and retaining 106,863 shares valued at approximately $2.54 million.
• PAA shares opened at $25.67, near their 52-week high of $26.98. The company reported $0.41 in quarterly EPS, below the $0.50 analyst consensus, despite revenue rising 66.3% year over year.
• Plains All American Pipeline declared a quarterly dividend of $0.4175 per share, equating to an annualized yield of about 6.5%. Analyst sentiment is mixed, with a consensus “Hold” rating and a $26.07 price target.

GraniteShares Advisors LLC lessened its position in shares of Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 26.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,863 shares of the company's stock after selling 39,015 shares during the quarter. Plains All American Pipeline comprises 1.7% of GraniteShares Advisors LLC's holdings, making the stock its 24th biggest position. GraniteShares Advisors LLC's holdings in Plains All American Pipeline were worth $2,535,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BROOKFIELD Corp ON boosted its stake in Plains All American Pipeline by 428.2% in the first quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company's stock valued at $82,430,000 after acquiring an additional 2,992,549 shares in the last quarter. Mizuho Markets Americas LLC acquired a new position in shares of Plains All American Pipeline during the first quarter worth $16,819,000. NEOS Investment Management LLC increased its position in shares of Plains All American Pipeline by 34.6% during the second quarter. NEOS Investment Management LLC now owns 774,913 shares of the company's stock worth $17,250,000 after purchasing an additional 199,296 shares in the last quarter. Angeles Wealth Management LLC purchased a new stake in shares of Plains All American Pipeline during the 1st quarter valued at $4,305,000. Finally, Infrastructure Capital Advisors LLC lifted its holdings in shares of Plains All American Pipeline by 4.4% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company's stock valued at $69,000,000 after purchasing an additional 130,164 shares during the last quarter. Hedge funds and other institutional investors own 41.78% of the company's stock.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $25.67 on Tuesday. The stock has a market cap of $18.11 billion, a PE ratio of 7.11, a price-to-earnings-growth ratio of 9.42 and a beta of 0.57. The business has a 50-day simple moving average of $25.25 and a 200-day simple moving average of $22.83. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. Plains All American Pipeline Lp has a 52-week low of $16.00 and a 52-week high of $26.98.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.09). The company had revenue of $17.69 billion during the quarter. Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%. The firm's revenue was up 66.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. On average, equities analysts expect that Plains All American Pipeline Lp will post 1.73 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. Plains All American Pipeline's dividend payout ratio (DPR) is presently 46.26%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PAA shares. Weiss Ratings cut Plains All American Pipeline from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Wednesday, October 14th. Wall Street Zen lowered Plains All American Pipeline from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Raymond James Financial reiterated a "strong-buy" rating and issued a $28.00 price target on shares of Plains All American Pipeline in a research note on Monday, October 19th. Mizuho raised their price target on Plains All American Pipeline from $27.00 to $30.00 and gave the stock an "outperform" rating in a report on Monday, September 21st. Finally, Truist Financial raised their price target on Plains All American Pipeline from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $26.07.

Plains All American Pipeline Profile

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides logistics services for crude oil and natural gas liquids (NGLs). Rather than primarily exploring for or producing hydrocarbons, the company operates assets that help gather, transport, store and deliver energy commodities from production areas to refineries, processing facilities and other markets.

The company's operations include pipeline transportation systems, gathering networks, storage facilities, rail and truck transportation, and terminal and export infrastructure.

Want to see what other hedge funds are holding PAA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains All American Pipeline Lp (NASDAQ:PAA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.