Lee Financial Co Sells 22,698 Shares of Plains All American Pipeline, L.P. $PAA

Key Points

• Lee Financial Co has reduced its stock position in Plains All American Pipeline, L.P. by 51.7%, selling 22,698 shares to hold a total of 21,177 shares valued at approximately $424,000.
• In contrast, other institutional investors such as Invesco and Goldman Sachs increased their positions in Plains All American Pipeline, with Invesco acquiring an additional 1,771,452 shares, representing a 6.4% stake increase.
• The company recently reported $0.36 earnings per share, exceeding analysts’ expectations of $0.33, despite a 16.6% year-over-year decline in revenue.

Lee Financial Co lessened its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 51.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,177 shares of the pipeline company's stock after selling 22,698 shares during the period. Lee Financial Co's holdings in Plains All American Pipeline were worth $424,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its position in shares of Plains All American Pipeline by 31.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 43,970 shares of the pipeline company's stock worth $879,000 after purchasing an additional 10,412 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Plains All American Pipeline by 5.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 56,334 shares of the pipeline company's stock worth $1,127,000 after purchasing an additional 2,891 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Plains All American Pipeline by 32.1% in the 1st quarter. Stratos Wealth Partners LTD. now owns 28,283 shares of the pipeline company's stock worth $566,000 after purchasing an additional 6,874 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Plains All American Pipeline in the 1st quarter worth about $218,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Plains All American Pipeline by 61.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 76,070 shares of the pipeline company's stock worth $1,521,000 after purchasing an additional 28,916 shares during the last quarter. Hedge funds and other institutional investors own 41.78% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PAA shares. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $20.00 price target on shares of Plains All American Pipeline in a research report on Friday, May 16th. UBS Group set a $25.00 price target on Plains All American Pipeline and gave the stock a "buy" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. set a $20.00 price target on Plains All American Pipeline in a research report on Friday, August 8th. Raymond James Financial reissued a "strong-buy" rating on shares of Plains All American Pipeline in a research report on Friday, May 9th. Finally, Scotiabank decreased their target price on Plains All American Pipeline from $19.00 to $18.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $20.67.

Plains All American Pipeline Stock Performance

NYSE:PAA traded up $0.03 during mid-day trading on Friday, reaching $17.62. The company's stock had a trading volume of 3,628,148 shares, compared to its average volume of 3,585,390. Plains All American Pipeline, L.P. has a 12-month low of $15.57 and a 12-month high of $21.00. The firm's fifty day moving average price is $18.23 and its two-hundred day moving average price is $18.31. 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 stock has a market cap of $12.39 billion, a P/E ratio of 24.14 and a beta of 0.73.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last issued its 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%.The company's revenue was down 16.6% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. On average, equities analysts forecast that Plains All American Pipeline, L.P. will post 1.52 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date was Thursday, July 31st. 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.