Lee Financial Co Cuts Stock Position in 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 cut its position in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 51.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,177 shares of the pipeline company's stock after selling 22,698 shares during the quarter. Lee Financial Co's holdings in Plains All American Pipeline were worth $424,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PAA. Invesco Ltd. increased its stake in shares of Plains All American Pipeline by 6.4% in the first quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company's stock worth $591,988,000 after buying an additional 1,771,452 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Plains All American Pipeline by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company's stock valued at $422,894,000 after acquiring an additional 1,524,185 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 purchasing an additional 1,211,286 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its position in Plains All American Pipeline by 0.6% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 13,321,966 shares of the pipeline company's stock valued at $227,539,000 after purchasing an additional 75,509 shares during the last quarter. Finally, Eagle Global Advisors LLC lifted its holdings in Plains All American Pipeline by 8.3% in the 4th quarter. Eagle Global Advisors LLC now owns 4,666,185 shares of the pipeline company's stock worth $79,698,000 after buying an additional 358,350 shares during the period. 41.78% of the stock is owned by hedge funds and other institutional investors.

Plains All American Pipeline Stock Performance

PAA stock opened at $17.52 on Monday. The stock has a market capitalization of $12.32 billion, a PE ratio of 24.00 and a beta of 0.73. The stock's 50 day simple moving average is $18.25 and its 200 day simple moving average is $18.37. Plains All American Pipeline, L.P. has a 12-month low of $15.57 and a 12-month high of $21.00. The company has a current ratio of 1.01, a quick ratio of 0.92 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The business's revenue was down 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 EPS. As a group, research analysts forecast that Plains All American Pipeline, L.P. will post 1.52 earnings per share for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was 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 dividend payout ratio (DPR) is presently 172.73%.

Analyst Ratings Changes

Several research firms have recently issued reports on PAA. Royal Bank Of Canada restated a "sector perform" rating and set a $20.00 target price on shares of Plains All American Pipeline in a report on Friday, May 16th. UBS Group set a $25.00 price objective on shares of Plains All American Pipeline and gave the stock a "buy" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Plains All American Pipeline from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Zacks Research upgraded shares of Plains All American Pipeline to a "hold" rating in a report on Monday, August 11th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of Plains All American Pipeline in a research report on Friday, August 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $20.67.

Plains All American Pipeline Company 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.

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