Longfellow Investment Management Co. LLC Buys 281,609 Shares of Plains All American Pipeline Lp $PAA

Key Points

• Longfellow Investment Management boosted its stake in Plains All American Pipeline by 21.5% in Q4, buying 281,609 more shares and bringing its total to 1,594,440 shares worth about $28.6 million.
• Other major institutional investors also increased or initiated positions, and institutional ownership now stands at 41.78% of the company.
• Analysts remain cautious overall: the stock has a consensus Hold rating with an average price target of $22.64, even after several firms recently raised their targets.

Longfellow Investment Management Co. LLC increased its holdings in Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 21.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,594,440 shares of the company's stock after acquiring an additional 281,609 shares during the quarter. Plains All American Pipeline makes up 6.5% of Longfellow Investment Management Co. LLC's portfolio, making the stock its 5th biggest position. Longfellow Investment Management Co. LLC owned 0.23% of Plains All American Pipeline worth $28,636,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PAA. CIBC Bancorp USA Inc. acquired a new position in shares of Plains All American Pipeline in the third quarter worth about $87,462,000. Goldman Sachs Group Inc. lifted its stake in shares of Plains All American Pipeline by 17.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock worth $360,097,000 after acquiring an additional 3,033,216 shares in the last quarter. Berkley W R Corp acquired a new position in shares of Plains All American Pipeline in the third quarter worth about $32,871,000. Alps Advisors Inc. lifted its stake in shares of Plains All American Pipeline by 2.2% in the third quarter. Alps Advisors Inc. now owns 76,066,823 shares of the company's stock worth $1,297,700,000 after acquiring an additional 1,663,908 shares in the last quarter. Finally, BROOKFIELD Corp ON lifted its stake in shares of Plains All American Pipeline by 18.9% in the second quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the company's stock worth $124,112,000 after acquiring an additional 1,076,291 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wells Fargo & Company boosted their price target on Plains All American Pipeline from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 12th. Royal Bank Of Canada boosted their price target on Plains All American Pipeline from $20.00 to $21.00 and gave the stock a "sector perform" rating in a research note on Tuesday, February 17th. Scotiabank boosted their price target on Plains All American Pipeline from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. The Goldman Sachs Group upgraded Plains All American Pipeline from a "sell" rating to a "neutral" rating and upped their price objective for the company from $18.00 to $24.00 in a research note on Wednesday. Finally, Morgan Stanley increased their target price on Plains All American Pipeline from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $22.64.

Plains All American Pipeline Trading Down 1.4%

NASDAQ:PAA opened at $22.60 on Friday. The company has a market capitalization of $15.94 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 10.35 and a beta of 0.50. The company's 50 day moving average is $22.33. Plains All American Pipeline Lp has a 52 week low of $15.69 and a 52 week high of $24.26. 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 (NASDAQ:PAA - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $12.47 billion during the quarter. Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.Plains All American Pipeline's quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the business earned $0.39 earnings per share. As a group, analysts predict that Plains All American Pipeline Lp will post 1.56 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date of this dividend was Friday, May 1st. Plains All American Pipeline's dividend payout ratio (DPR) 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.

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.